What, exactly is a NFT?
Discussion
ReverendCounter said:
Has someone made an NFT from the definition of NFTs?Anyway, they are the same as anything. If someone's prepared to give you money for it, it's worth money. If they are not, it's not. Try not to own it when they are not.
FrankAbagnale said:
Durzel said:
Greater fool theory and wash trading doesn’t mean a market is sane or sustainable.
Ponzi schemes can run for years and participants can end up making a profit. Again, doesn’t mean it’s legitimate.
A bunch of cryptobros all agreeing that “digital scarcity” is actually a good thing, when digitisation allowing for infinite, identical copies is basically “a good thing” is just grotesque. Late stage capitalism.
I don't really see how an NFT marketplace/trading fits the definiton of Ponzi scheme to be honest. It's a nice soundbite though.Ponzi schemes can run for years and participants can end up making a profit. Again, doesn’t mean it’s legitimate.
A bunch of cryptobros all agreeing that “digital scarcity” is actually a good thing, when digitisation allowing for infinite, identical copies is basically “a good thing” is just grotesque. Late stage capitalism.
Edited by Durzel on Thursday 10th February 21:53
FrankAbagnale said:
Digitisation does allow for identical copies, but digitisation also allows for immediate verification of an owner of the original digital footprint.
I'm struggling to understand what benefit there is to verification of a digital asset by the public domain, though. Take digital games for example, Sony/Microsoft are the arbiters of that marketplace, and they are the entities that verify ownership. There is no benefit to the ownership of my digital game being on the blockchain, that I can think of, when this is and has always been accomplished by a centralised database maintained by Sony/Microsoft.Furthermore, one of the things people who are pro-NFT often claim - without technical understanding - is that it means (somehow) that people can own their skins, DLC, games, etc. They can't though, because they are the gatekeepers for the actual content. Even if we both agreed that I could sell you my "Spiderman PS5" game as an NFT, you still wouldn't be able to play it without Sony's consent and enablement.
FrankAbagnale said:
I find No. 20 (Yellow Expanse) selling for $200m an incredible amount of money for a yellow painting, but it's just a different group of people creating demand and driving prices. But when it's the social elite, it's cultured.
Art is basically public money laundering anyway. I would agree with the above comment that something has a value if people decide it has a value, which is basically where I see NFTs now. There are enough people that believe to sustain values, but I personally think it's unsustainable.FrankAbagnale said:
Either way, I'm happy people find value, pleasure, and are engaging in any hobby they choose. I'll leave them to it.
A fair point.I would disagree slightly, however, because this stuff doesn't exist in a bubble. The rise of NFTs has emboldened the worst of the worst gaming companies (I'm looking at you Ubisoft) into jumping on the bandwagon and selling closed source NFTs on one particular game, so basically just DLC that has been rebranded as "NFT" to get in on the gold rush.
So, the perniciousness of NFTs is starting to pervade gaming, and that has the potential to impact everyone.
All fair points.
I’m on the fence about the viability and future of NFTs with a huge caveat of a significant $ holding! Only time will tell whether the market proves to be sustainable, or the application of the technology becomes widespread.
In the mean time, I’m on board for the ride.
I’m on the fence about the viability and future of NFTs with a huge caveat of a significant $ holding! Only time will tell whether the market proves to be sustainable, or the application of the technology becomes widespread.
In the mean time, I’m on board for the ride.
With digital assets being so easy to copy the Cent NFT marketplace has stopped all transactions due to 'rampant counterfeiting'.
https://www.pcgamer.com/uk/nft-marketplace-halts-t...
"While Cent has 150,000 users, the same problem has been noted at bigger NFT marketplaces, like OpenSea, which is currently the largest NFT marketplace in the world. OpenSea recently put in place a 50-item limit on its tool for free minting of NFTs since, as was explained on Twitter, "Over 80% of the items created with this tool were plagiarized works, fake collections, and spam." OpenSea removed the limit again after complaints from users."
https://www.pcgamer.com/uk/nft-marketplace-halts-t...
"While Cent has 150,000 users, the same problem has been noted at bigger NFT marketplaces, like OpenSea, which is currently the largest NFT marketplace in the world. OpenSea recently put in place a 50-item limit on its tool for free minting of NFTs since, as was explained on Twitter, "Over 80% of the items created with this tool were plagiarized works, fake collections, and spam." OpenSea removed the limit again after complaints from users."
It’s more simple than that. Ownership of an NFT essentially confers ownership of the NFT, that’s it, and even that assumes you actually respect and recognise that declaration. There would be nothing stopping competing services from each recognising their customer as owner of a given asset.
The underlying “art” is owned by whoever holds the copyright, if it exists. UK (everywhere?) laws don’t recognise NFTs as conferring copyright, so while you could mint an exact replica of a piece of digital art, or other asset, the creator and whomever they have licensed the art to, and in what format, dictates the actual ownership.
Actually enforcing this copyright, however, for your typical small time artist on Deviantart or whatever, is another matter. From what I’ve been led to believe OpenSea are remarkably intransigent when it comes to takedown requests, not surprising given their business model depends on continued sales and resales.
The underlying “art” is owned by whoever holds the copyright, if it exists. UK (everywhere?) laws don’t recognise NFTs as conferring copyright, so while you could mint an exact replica of a piece of digital art, or other asset, the creator and whomever they have licensed the art to, and in what format, dictates the actual ownership.
Actually enforcing this copyright, however, for your typical small time artist on Deviantart or whatever, is another matter. From what I’ve been led to believe OpenSea are remarkably intransigent when it comes to takedown requests, not surprising given their business model depends on continued sales and resales.
More uses of NFT - https://www.bbc.co.uk/news/business-60369879
boyse7en said:
I might be missing the point, but won't NFTs be useful for things like contracts, house deeds or Wills as these things become gradually digital? I'm sure there are other instances where knowing which is the authentic and original digital document is important.
Real-world application https://www.provendb.com/solutions/compliance.. just isn't sexy and tradable in "you're going to be a millionaire" do this now or you're going to miss out social media kind of way..Alfa are using NFT's for the new Tonale service history https://mashable.com/article/alfa-romeo-tonale-nft
Edited by nekrum on Monday 14th February 15:25
nekrum said:
Real-world application https://www.provendb.com/solutions/compliance.. just isn't sexy and tradable in "you're going to be a millionaire" do this now or you're going to miss out social media kind of way..
Alfa are using NFT's for the new Tonale service history https://mashable.com/article/alfa-romeo-tonale-nft
My crusty old 2013 Audi had a digital service record. One that the public didn't need to know about or maintain.Alfa are using NFT's for the new Tonale service history https://mashable.com/article/alfa-romeo-tonale-nft
Edited by nekrum on Monday 14th February 15:25
If Alfa thinks that it's going to sell more cars, then they must be pretty desperate, but there's a lot of desperate "we need to get in on this even though none of us understand it" going on right now.
FourWheelDrift said:
It's all a bad game of pass the parcel where each person pays more then the preceding one until the one holding it at the end who's paid the most for it opens the parcel and finds it's empty.
That's actually a pretty good metaphor, although at least the person playing pass the parcel and not getting the "prize" has some wrapping paper they could in theory do something with.https://pinkwug.live/comics/a-bigger-sucker
This is an interesting take from someone who knows what they’re talking about (founder of Signal):
https://moxie.org/2022/01/07/web3-first-impression...
It’s worse than I thought in that it’s not actually decentralised at all since nearly everyone views it through the lens of a small number of companies.
https://moxie.org/2022/01/07/web3-first-impression...
It’s worse than I thought in that it’s not actually decentralised at all since nearly everyone views it through the lens of a small number of companies.
Toxic environment - https://www.vice.com/en/article/akvn5a/bored-apes-...
mackie1 said:
This is an interesting take from someone who knows what they’re talking about (founder of Signal):
https://moxie.org/2022/01/07/web3-first-impression...
It’s worse than I thought in that it’s not actually decentralised at all since nearly everyone views it through the lens of a small number of companies.
This is a great read, and highlighted a few things I knew already and some stuff I didn't which is scary (e.g. TLS session reuse across multiple "anonymous" wallets, etc)https://moxie.org/2022/01/07/web3-first-impression...
It’s worse than I thought in that it’s not actually decentralised at all since nearly everyone views it through the lens of a small number of companies.
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