Hi,
I found a website that explains how to program a NFT. Looks interesting and not too hard. For fun and learning I want to create a NFT connected to a real world collectible item and see what I can do with it. Does anyone have experience with this already?
https://developers.rsk.co/tutorials/tokens/create-a-collectable-token/
Hi @amadeobrands i finally found the thread… I have already been delving in to the NFT world before coming to this assignment. I bought a shit picture of some girl that i liked the headband she was wearing. I tried to put it up for sale and … Well of course it never sold… Here is he link
https://opensea.io/assets/0xf3e778f839934fc819cfa1040aabacecba01e049/11042/
I wonder if Cars etc can be put up as a real world asset to get acsess to a flash loan to inject in to another money market to gain apy over the year… If that could work then could you finance youre next vehicle?
What will happen is that NFT will hold information only the holder of the NFT can display and in this way ownership of objects will be easy to verify.
I think bringing RWA into blockchain is a very interesting topic yet still lots of work to do in order to make it possible. For now all we can see are the small projects and bricks that are coming together but in fact it takes a longer time to be able to reach something fully decentralised.
For example when we talk about a market like property, we are still tied up with the traditional path of the market which is involved with human factor.
With all the applications that are being created so far, I think we can expect such a move in about 3-5 years.
This tech will go faster then you think check: https://defi.crescofin.ch/
Why still have a savings account with a bank???
Also check: https://centrifuge.io/
I think it will go like this
Firstly, Amadeo, thank you for the lectures on how to bring real world assets on the blockchain. So much so interesting content, but what they are doing at Centrifuge completely blew my mind off. I firmly believe this is the less than 1 % knowledge out there, important to understand the DeFi r/evolution.
For now I yet haven’t interacted with the protocols, but I find it interesting e.g. when visiting https://www.wiv.io/ and saw they have also Whisky coming, to purchase it, let’s say for a gift and send the ownership – digital collectible to someone.
The possiblity of purchasing art – a piece of it, makes it really possible for everybody to access what was before unaccessible, because of it’s high value. That is a new & interesting concept as well.
What I find interesting on opensea (https://opensea.io/collection/vidtag) is what Vid (a video social journal where you can create video memories - https://vid.camera/) is doing, selling tags, you will be later using in the app earning with them, when everybody else is using them.
I agree on your opinion, we should strive towards a system where KYC/AML is not needed, what I was also thinking about while reading https://bankless.substack.com/p/ether-a-new-model-for-money where Ether is explained as a capital asset, transformable/consumable asset and store-of-value asset. We pay gas as we pay taxes, so ‘double paying’ in a new DeFi economy does not make sense at all. Easpecially because of how the traditional finance system in corrupted. And it is also what R.S. Adams concludes in https://bankless.substack.com/p/how-dai-gets-to-300b that ‘some day we will reach the point where code truly will become law and settlement can move on chain making us one step closer to a trustless asset.’
I looked online and couldn’t find what I was looking for - my idea had to do with farm shares. I was thinking about RealT with their tokenized properties and thought about extending that idea towards farm shares. There’s agricultural issues all over the world that have to do with lack of funding. Because of the remote nature, farmers anywhere in the world would be able to tokenize their crops or portions of land to incentivize individuals to invest.
Well like opensea we have rarible.
Rarible - create and sell digital collectibles secured with blockchain
Lex Sokolin (Global Fintech Co-Head, ConsenSys) announces #Codefi at Ethereal Tel Aviv was great – I am loking up the Books: Neal Stephenson’s book CRYPTONOMICOn and and Charles Storss’s Accelerondo. Lex Machina and : LEX CRYPTOGRAPHIA great concepts and really like the paper (SSRN-id2580664 ) DECENTRALIZED BLOCKCHAIN TECHNOLOGY AND THE RISE OF LEX CRYPTOGRAPHIAby Aaron Wright* & Primavera De Filippi** , which I think I fell doen ther rabbit hole of from (SSRN-id3485436 )’s footnote of Anachy, State and Blockchain Utopia Rule of Law Vs Cryptographica, by Dr Thibault Scharepel
I found to be a bit over my head at fiorst pass the paper: Operational resilience: concepts,
design and analysis
Alexander A. Ganin1,2, Emanuele Massaro1,3,†, Alexander Gutfraind4, Nicolas Steen1,
Jeffrey M. Keisler5, Alexander Kott6, Rami Mangoubi7 & Igor Linkov1 but I have it on deck for later re-eread and and of course, a MUST read is It’s the settlement assurances, stupid
How to evaluate blockchains
Nic Carter
Nic Carter all for me at least are awesome – really awesome!
(also Funny how ConsenSys fellow name is Lex - lol!.)
My personal rabbit hole is translating this blockchain and DeFi and Fintech spaces via these legal and epistemological papers - AND their footnote references - are a rabbit hole for me, as you can see!
If I may volunteer my opinion. that the regulations ideas surrounding the “wild west” that is this space today is a double edge sword; meaning that privacy is key yet what I find slowly missing from regulations that I have read as of late the disappearance of the terms Private Property rights – it is just m? and being seemingly replaced by a term of personal property, which may seem an acceptable to some but for a stickletr for internt behind the vocabuilary of meaning, is what concerns me!
And tho regulation is necessary for adoption of this industry by thr incumbsntd of the greater incumbabnt of the larger worlk Financial markets, they will do what they will do, yet it is up to us to gain our foothold today for Preivate property anmd laternatives top their power grabs.
If any of you read Saif Ammous’s the Bitcoin standard, your know that Gold was the meium of exchange which we the people gave them to maneg and since they conspired to lease out our gold and make their fractional reserve and debasement games to steal our wealth while the regulated themselves to stronger than governements, and now, if you see the latest IMF report the Fed resefve of the USA saud , and retracted when the moderator brought it p that his actual words whivch she heard what that his worst fear was to wake up one day and his reserve currency status was replaced by digital money.
SO, I suggest before hisdtyory repeats itself and WSE ALLOW THEM AGAIN to make rules and corner these legal markets, and write us out of our wealth through their proven confiscation means, let’s get smart and be even smarted. In negotiation, the advantage often goes to the one one gors first.
As much as Mike Saylor is doing great things for adoption of the little and the big guys, to nby the bitcoin before the rest of the families wake up form the their Matrix mind drugs, and if we don’t help shape what WILL be regulated, they stand to corner these markets or regulations only to ruin it by leaving their loop holes for their “accredited investors” buddies and make all of this non approachable for other that follows and future generation - we must think long term!
My efforts to study the USA’s State of Wyoming as what appears to be THE favorable jurisdiction to model, as potential test case, for each of in our respective countries, through all of us, so as to gain the upper hand, for if one is not for or will not support a positive regulation, I will call it, than you stand the risk of being regulated – as in you can forget cashing out of bitcoin to pay for the Ferrari or the house or your next meal. Some may call them Black swan, but only if you DONNOT onsider what is likely.
The links in this assignment are vast and I’ve saved for continued earning. For following crypto prognosticators and YouTube traders; with their hyped click bait heading adrenal spiking video editing is not doing anyone any good, least for me! Only to gain a grain of salt perspective and mostly benefit their affiliate links and personal pockets. Who needs them when the Blockchain Market and DeFi learning and becoming a contributing actor is better than “such other TeleVision”
For many years i have search like Diogenes not just for an honest human but for one who is willing to move from devoting their time to learning the statistics that is American Baseball and understanding the world event of who was traded from one team to another for million of dollars or Euro , in America and beyond, to this football team or another. I can say that not since this COVID has that been futile exercise. And I have told them all this: what with only a fraction of this know how, in my not so humble opinion, that they poay cadence to their Lotto and Sport betting financial and personal energy of the most limited resource in this world – since now we also have bitcoin - could be better applied to understanding one’s own retirement, their regulatory tax code, wealth investing style or investing at all to now include what we are doing is immersing ourselves in this emerging market that is blockchain framework, most of these people - me included - would have been far better off, sooner, for themselves and their families.
Thank you and sorry if I couldn’t bore much more with my longwinded opinions – hope you got something out of this – if not, I am open to suggestions of where I can improve to better hope to approach that honest man which Diogenes, the Dog, was so long ago looking for
not sure if you have heard of Sikoba pay. Its not really a protocol that tokenizes assets or acts as a Defi lego. However, they have a very interesting IOU debt settlement network that could work in developing countries to reduce money dependency and create credit lines between trusted parties.
I have come across digital art marketplaces such as Rarible and Nifty Gateway. However, I have not been able to find other real world protocols that show ownership of in-real-life assets on the blockchain other than RealT and Opensea which I came across during this course. I would be interested in purchasing something with Opensea, but unfortunately gas fees are quite heavy at the moment especially in the midst of a bull cycle 
so I will avoid purchasing something. However, once the hype dies out I definitely want to interact with more protocols, aside from the regular DEXs I utilise.
On the point of KYC/AML…
As much as I want no KYC and AML on the Blockchain, I think KYC is initially necessary in order to prove ownership of an asset put on the blockchain to be sold, such as real estate. The question is how can we verify ownership in a decentralized way? We want to ensure that the identities that own the real world asset are whom they claim to be to ensure that the real owner owns the asset and not some imposter.
Maybe this is not currently a problem, and if it is not then do let me know.
It’s amazing to be in 2021 looking back at this discussion. Governments have taken big steps to bring KYC/AML into the crypto space which have changed it for the early pioneers. While I’d sad to see that early spirit changing we can also start to see the benefits of a more regulated ecosystem where suddenly traditional players can start to play in their space making it super exciting. I think the challenge will be to get get amount of regulation in to the Goldilocks zone.
As for bringing real-world assets onto the blockchain, this course has just opened my eyes to the necessity to do that as well as the mechanisms of doing that. I feel like I finally get it. The possibilities are endless. If I rethink about the company where I work, we do research. Those ideas could be brought onto blockchains for funding during development allowing us to build better products (not just fastest/cheapest).
There are hundreds of products that can be implemented into a blockchain. This would help everyone profit from such endeavors ,but this technology is moving faster and faster, for this reason I would love to share with you all the possibilities. But be as it may be, any information I provide may be used for profit without me, lol. The sad part of business and the real-world is Money. And everybody wants it. But I am happy to see that open source technology is helping everyone around the world, or at least those who are aware of it. The real issue here are the attempts to govern and regulate something that is not entirely understood by those same forces whom which have made the world it is today. Everyone needs to remember that this technological advancement’s root is transparency. It was was a great assignment question, I will write my answer down on paper instead.
On real world assets on the blockchain I found a brand new platform:
It is the world first end to end blockchain powered real estate investment ecosystem. LABS stand for Liquid Asset Backed Securities. Investors will be able to invest in real estate in fractional shares. Blockchain is allowing for borderless investment through the blockchain.
Although fractionalizing real estate already exists in the “RealT” platform, this platform/ecosystem takes it one step further. They have a worldwide investment reach and they also have a collateralised lending platform and a dedicated real estate focused licensed security exchange and a staking for rewards platform for staked LABS tokens.
Of course NFT’s are very hot right now as real world assets. Ridiculous prices are being paid for „digital art“ and other items that are made into NFT’s. You can literally mint anything into an NFT. A picture of your grandmother or as Jack Dorsey did, his first Tweet which already has bids for up to $2.500.000. I do not think that a lot of these NFT’s will be able to maintain their value as more NFT’s come to the market. At the moment NFT’s are completely overhyped.
The only problem with real world assets on the blockchain is TRUST. How do you know that a particular asset like wine or real estate is really there and is what they say it is. You would have to trust a central entity to verify and guarantee authenticity. This could be done through accountants and lawyers of course. But these are exactly the type of middlemen we’re trying to get rid of in DeFi.
KYC/AML
Although I’m a big proponent of privacy it does bring many problems to DeFi and the blockchain. Many people are being scammed and because the crypto addresses are all anonymous no recourse can be taken. The same problem with hacking. Many millions are being stolen from DeFi platforms through hacks every day and they are not recoverable because all crypto addresses are anonymous. This facilitates crime.
On the other hand people have a right to anonymity and prying eyes from governments and central banks.
Very interesting world this DeFi. The pace of development is staggering. I love it and this course too.
Many thanks fort he great content Amadeo. Rock me Amadeo!
Hi Amadeo, my question is possibly quite a naive one. In the case of art exchange, if the owner of an artwork puts it up on the site, either as collateral for a loan, or to fractionalise the ownership, how do we have any guarantee that he/she won’t privately sell the artwork offline without informing art exchange? I ask this question specifically about art exchange, but am interested in the general case as well - how do we create these links effectively between the digital and real worlds to prevent these possibilities of abuse?
Thanks,
Richard
In general, artist is pulling its art from the exchange from ledger so it is like rug pull of devs teams from defi space.
There should be insurance that pays you fair price if it is sold privately.
Alternatively, depends on the nature of contract, you can sue artist (not sure if it is even possible if it is anonymous).
In defi space there are already in place contracts that take care of that. However, it is much difficult for physical art, it actually means that you take the art and put is somewhere that it is not possible for artist or exchange to sell it privately.
I hope it all makes sense.
I’m seeing the phrase “code is law” here and there. I think this is another revolution in the making, thanks to the crypto industry.
Regarding the translation of real world assets (RWAs) into non-fungible tokens (NFTs): I think there needs to be some standardization for asset evaluation. Will the standard be national/global? AI could solve this problem; objective and practically unbiased evaluation, if given a large enough data set to be “trained” on.
I think we won’t need KYC/AML because of zk-snarks and other related zkps.
That being said, there will always be imitators, imposters, and fraudsters who create dupes of popular items for their own profit. Customers will demand, as they always do, protection for their ignorance/lack of due diligence. This is where independent 3rd parties will step in and verify items on the blockchain and their provenance. So maybe some KYC element will be necessary in some areas of the market in the end.
I do think there is a NFT bubble growing right now, just like the dotcom bubble.
But are NFTs here to stay? Yes, undoubtedly. Invoice financing, collectibles such as Pokemon and baseball cards are all huge untapped markets at the moment.
NFT tweets seem a bit ridiculous to me, but the world is a wild place.
What will people choose to value in the future?
My suggestion was to use classic art work but add your unique image to it…Example https://opensea.io/accounts/drjonesart
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