The article lists several art marketplaces. Do the respect the unique identity of a peice across them or could two competing marketplaces both sell “the one and only Mona Lisa”?
A Guide to NFTs, and How They Are About to Revolutionize Pretty Much Everything
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Re: A Guide to NFTs, and How They Are About to Revolutionize Pretty Much Everything
#12The important thing I see in the NFT space is the potential for "speculation all the way down" to occur. You can make tokens for the research paper you just wrote, own one and sell the others. The owners who bought the token have a strong incentive to increase the value of their investment so they create derivative work - new research, inventions, etc. They, too, issue NFTs. On and on this process goes until you reach the finished good or service, at which point the speculative value of everything that went into it is realized. Wouldn't you like to own the ideas of an Einstein? If the original author was a crackpot, of course, the value chain breaks down somewhere in the middle and the token is forgotten. But on the whole, this would be a way of measuring credit that wasn't previously feasible.
In contrast our existing system is an "exploitation" economy instead of a "speculation" economy; the momentary value has high correspondence to enforcement of your property rights through the state and industrial apparatus(laws, marketing, distribution, etc.), and if you cannot afford enforcement you may well never see a dime, while the process of enforcement itself constricts efficient usage. Not everything makes sense as an NFT, but many things could.
Re: A Guide to NFTs, and How They Are About to Revolutionize Pretty Much Everything
#13If you reduce NFT art down it is basically just a way to make digital art work like physical art. It didn't work that way before because you can copy anything digital, but the use of crypto + proof that you own the work adds that uniqueness present in the real world but not the digital world. This is all done so the value of the art can be increased and solidified.
I don't understand how NFTs change anything, though? Like, why do I care that Bob technically "owns" the file that I have a bit-for-bit identical version of?
You? You don't care. The people who pay do. It makes them feel special and gives them something show off.
I think of it like having your name in the credits of a movie. Nobody should care about that, but they do.
Re: A Guide to NFTs, and How They Are About to Revolutionize Pretty Much Everything
#14> Yes, NFTs are “non-fungible tokens”. And sure, understanding what fungibility means is helpful (and we’ll get to that shortly). But it doesn’t quite get to the meat of the thing.
> A better answer?
> NFTs are a type of token that are going to completely revolutionize entire industries by changing the way we share and consume pretty much everything.
That's not a better answer. That's not even a good answer. That's at best puffery.
Re: A Guide to NFTs, and How They Are About to Revolutionize Pretty Much Everything
#15There are two parts of NFTs, a really cool development and what most people will see. The first reason to buy an NFT is to support the artist in a way that may have value down the line if the artist's work gets more popular. There are a lot of digital artists who I would throw $50 to get some digital print with that in mind, or multiples of that to own something unique of theirs. The second reason to buy an NFT is as part of an insane crypto-ponzi-pump-and-dump scheme. The latter will overshadow NFTs until things settle down / crypto implodes.
Re: A Guide to NFTs, and How They Are About to Revolutionize Pretty Much Everything
#16This is like a namecoin for digitally produced content. This doesn't seem like anything new.
The bag the people promoting it would like to hand you is a new bag.
Re: A Guide to NFTs, and How They Are About to Revolutionize Pretty Much Everything
#17If you reduce NFT art down it is basically just a way to make digital art work like physical art. It didn't work that way before because you can copy anything digital, but the use of crypto + proof that you own the work adds that uniqueness present in the real world but not the digital world. This is all done so the value of the art can be increased and solidified.
It still won't. If you look at history we have been always shifting towards information storage that is easier and thus less energy intensive to copy.
Art by definition has done the opposite. Unique pieces that are HARD to copy (IIRC art only gains value once the artist is dead) and thus can gain value.
This feels to me like a weird version of DRM which has no real world use case.
Re: A Guide to NFTs, and How They Are About to Revolutionize Pretty Much Everything
#18The article lists several art marketplaces. Do the respect the unique identity of a peice across them or could two competing marketplaces both sell “the one and only Mona Lisa”?
They respect the unique identity.
Re: A Guide to NFTs, and How They Are About to Revolutionize Pretty Much Everything
#19If you reduce NFT art down it is basically just a way to make digital art work like physical art. It didn't work that way before because you can copy anything digital, but the use of crypto + proof that you own the work adds that uniqueness present in the real world but not the digital world. This is all done so the value of the art can be increased and solidified.
I don't understand how NFTs change anything, though? Like, why do I care that Bob technically "owns" the file that I have a bit-for-bit identical version of?
It's a social game. Being able to say that you own a meme (a "rare pepe" for example) can win you some popularity. I think popularity translates to influence and that influence has value. The market is trying to figure out what that value is.
Re: A Guide to NFTs, and How They Are About to Revolutionize Pretty Much Everything
#20If you reduce NFT art down it is basically just a way to make digital art work like physical art. It didn't work that way before because you can copy anything digital, but the use of crypto + proof that you own the work adds that uniqueness present in the real world but not the digital world. This is all done so the value of the art can be increased and solidified.
I don't understand how NFTs change anything, though? Like, why do I care that Bob technically "owns" the file that I have a bit-for-bit identical version of?
The 3 ways to look at this are from a literal perspective, a legal perspective, and an 'artistic' perspective.
Literally, this changes nothing. A copy is the same artwork as any other.
Legally, having ownership (or partial) of artwork can be enforceable.
Artistically speaking, this seems to mean a lot to a lot of people's sense of value. I guess that's important. It's less important to me but I definitely see where they're coming from.