Currently the NFT markets are suffering of censorship and privacy lacks: You need to fund a wallet, wich used to buy a NFT stored on the same address.
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With Monero, web3 users could send XMR and receive their NFT on a virgin history account (then a possibility to isolate NFT holdings).
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NFT artists & sellers won’t have to worry about being tracked because of Monero.
We have moneromarket.io, you can list digital items there.
Interesting
As long as the NFTs don’t get saved onto the monero blockchain I’m fine with the idea :) (honestly I really don’t care about NFTs)
I don’t care too about NFTs haha, but all that lack of privacy in Web3 is concerning but bullish for our lovely XMR 😆
I don’t think Monero can fix the censorship issue with NFTs because it is caused by a centralization of listing/display. Since Monero can’t interface natively with smart contracts on another network it would also be difficult to make a decentralized marketplace and realistically it would probably need to be centralized itself. The problem of who pays the network fees for the NFT transfer remains, and once it’s on an unused wallet, someone still has to send more Eth or whatever there if they want to move it again.
- Display can be fixed with torrenting magnet URLs.
- For the hosting, someone can do it as OpenSea does while a decentralized market would be better.
- Network fees only are the problems of used networks. Using monero in this context will remove fees & traces for getting a NFT in a virgin wallet. User will have to fund it’s wallet from XMR swaps
Display can be fixed with torrenting magnet URLs.
By centralization of display what I mean is along the lines of the sort of censorship that is actually applied here: popular exchange frontends and client software not displaying blacklisted NFTs. This is ultimately a social and market issue rather than a technical problem; it’s already possible to buy sell and transfer NFTs facing this sort of censorship because the smart contracts themselves are not censored (or else uncensored copy markets could easily be published), but it doesn’t matter because if they are banned on the frontends most people recognize and use the price will tank anyway; few people care about NFTs except as a speculative asset and possibly for clout, take that potential away and there is nothing left.
Ultimately I think what it comes down to is that the property of non-fungibility itself is directly at odds with privacy, decentralization, and censorship resistance. The value of an NFT anonymously traded can’t really be evaluated because its history of trades could easily be (and often is) all fake wash trading, so there’s always going to be a trend towards less or non-anonymous trading to establish provenance. Maybe if they did something beyond being a simple token representing an image, idk.
Front-ends are problem when a market haves a centralized design, if it were P2P like bisq then you can censor it 🤷♂️ Trade-history haves no legitimacy to value a NFT, otherwise I could just make XMR to USDT swaps and buy my NFT with million volumes 🤔 And yes NFTs are speculative assets, speculation involves money: somewhere Monero could contribute by being used as a currency
