Kind of a common question but I'm still curious.
Ask HN: What do you think about NFTs?
1–10 of 14 posts
Re: Ask HN: What do you think about NFTs?
#2The good:
Many people already buy worthless digital content like sticker packs, game character art / items, access to things - buying an NFT could be the same thing, but better (and transferrable).
NFTs represent an interesting way for artists to directly connect to their fans.
NFTs allow artists to sell new forms of content vs their existing channels (ie a musician selling a music video or access to something else).
NFTs can provide ongoing "royalties" to the artist, which is potentially a complete game changer wrt the artists income over time.
The bad:
Right now most successful NFTs are basically total shit, content wise. This is a bad look for the industry.
NFTs are too expensive for casual consumption (especially fees).
NFTs are mostly successful as a result of existing followers or marketing, not their own merit (bad discoverability).
NFTs are mostly for bragging rights at this time.
NFTs can be easily stolen in some cases (compared to real world assets).
Re: Ask HN: What do you think about NFTs?
#3Dumb.
Re: Ask HN: What do you think about NFTs?
#4An attempt to impose artificial scarcity on otherwise practically limitless resources.
Doomed to fail unless imposed by the state.
Re: Ask HN: What do you think about NFTs?
#5I believe there to be many interesting future use cases for NFTs. One such example could be transaction receipts between consumers and businesses. Imagine having an irrefutable proof of your transaction that does not face the risk of being lost like a paper copy. Concert or sporting event tickets could be good use cases for NFTs as well. There are many more ideas people will come up with.
I think the tradable digital art use case that we see today is perhaps the dumbest use case for NFTs that we will ever see.
Re: Ask HN: What do you think about NFTs?
#6The good: Many people already buy worthless digital content like sticker packs, game character art / items, access to things - buying an NFT could be the same thing, but better (and transferrable). NFTs represent an interesting way for artists to directly connect to their fans. NFTs allow artists to sell new forms of content vs their existing channels (ie a musician selling a music video or access to something else).…
> NFTs can be easily stolen in some cases (compared to real world assets).
I can't see an argument for NFTs being more easily stolen than real world assets. I'd argue the opposite is true.
Re: Ask HN: What do you think about NFTs?
#7It's working to get people on board with the concept of owning digital property which is fundamentally flawed since computers work to copy digital data. It will result in yet another method of enforcing DRM. But this time, it's possible that governments and large platforms will work together to enforce a policy where digital proof is required to upload certain content or digital assets
Here are a couple of interesting posts I came across around the topic of blockchain and DRM:
https://cointelegraph.com/news/digital-rights-management-in-...
Re: Ask HN: What do you think about NFTs?
#8Ownership and traceability of digital assets via storage on a blockchain opens up some interesting new opportunities for creators of those assets to be compensated.
Check out https://tea.xyz where Max Howell (creator of brew) is applying the model to open source software.
Re: Ask HN: What do you think about NFTs?
#9I believe there to be many interesting future use cases for NFTs. One such example could be transaction receipts between consumers and businesses. Imagine having an irrefutable proof of your transaction that does not face the risk of being lost like a paper copy. Concert or sporting event tickets could be good use cases for NFTs as well. There are many more ideas people will come up with. I think the tradable digital…
what are the potential abuse cases for recording your transactions on a public ledger?
Re: Ask HN: What do you think about NFTs?
#10An attempt to impose artificial scarcity on otherwise practically limitless resources. Doomed to fail unless imposed by the state.
Wow. Just like DeBeers.