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Shapeways is a cool site for people who don't have their own 3D printer and who want to play around with 3D design.
However, I doubt there is any substantially useful or valuable thing that it can create to actually sell -- these objects are quite expensive except as one-offs and nothing more than toy designs seems to be possible. So in turn, I doubt that there will be any substantial amount of business conducted through design assignments on the site, since there will be little commercial motivation for amateurs to design the kind of objects that Shapeways can print out.
there are quite a few things you can make besides toy designs. There are people making improved parts for R/C helicopters, but also jewelry (Shapeways offers metal). So there is quite a wide range of applications.
The limiting factor is skills to use 3D software. You might see something, that you want, but lack the skills to adapt it to your exact specs. The Shapeways co-creator platform links people with the need, with people with the skill to adapt. The latter group also has the option to make some money with that skill.
In general one-off designs, or designs printed to please some individual hobbyist and no one else, don't seem like they are very likely candidates for this designer program, but on the other hand, if you need a hundred or a thousand or more parts for some industrial application, I would have thought a conventional machine shop could do a better job.
It's interesting that people are using the service for actual machining tasks, like for custom RC model parts as you indicate. That is a non-toy application (even if the parts wind up being used in toys!) because the component actually does something and yields a useful object that presumably is otherwise not generally available.
I would suppose that a professional machinist with a mill and lathe could produce a superior part from scratch at a lower cost with better materials, but on the other hand, I have no idea where I would find a "freelance machinist" to do this work if I wanted such a thing, so Shapeways may well be filling a real commercial niche in this area if there is significant demand for this kind of thing.
From surfing the Shapeways gallery, I found a bunch of very nice little designs mixed with a bunch of junk made by people just playing around with the service. However, those nice little designs didn't seem like they would be very appealing for most people to actually buy. I mean, a 3" klein bottle or a stella octangula is a pretty thing, but would I pay $100 for it? Not so sure.
You raise some very important points that needs to be addressed. We are used to a world pf "real-world-value". But look at stones - diamonds, they are of no real use but have real world value. 98% or people cannot tell the difference between a natural diamond and good quality synthetic ones which has considerably less real world value.
However, the point you make is valid. Value needs to be created for people to buy. This is a challenge. Personalization and making one offs is a way of creating significant real world value.
This is early stage in 3D printing. If you had looked at pack-man and computers in late 60's wonder if you would have seen a future for computers in games ? remember that only hackers and nerds were excited by this stuff then.
Any user created site has 99% of low quality stuff. Zazzle boasts 17 billion designs, the ones that float on top are good as any you can find in shops. So the challenge is to create a large body of work and have a way to filter the best.
Shapeways is an ambitions undertaking, as it combing the crowd sourcing of product ideas with new manufacturing technology which is still in its early stages and primarily used for prototyping. But this is likely to change. The challenge now is similar to the challenges faced by those who developed pack-man, what kind of cool stuff can be made given all the constraints and limitations ?
Any ideas on this one ?