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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

#31

Post by ReadEvalPost »

sneak wrote: post #25
ReadEvalPost wrote: post #15

There 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…

The concept of exclusivity is one of the rights of ownership, generally. There's none of that when you "purchase" an NFT that represents a "digital print", and, while it does support the artist (just like a direct payment would), there is precisely zero to indicate that such an NFT would increase in value with an artist's popularity. It's not like if you pay 10x for it as the second owner you get to hang it on your w…

> is precisely zero to indicate that such an NFT would increase in value with an artist's popularity.

That's definitely how art works in the real world, I don't know why it would change here.

> Also, precisely zero of that value increase would go to "support the artist" - all of the profit would go to the original speculator.

Hold up, this is exactly why NFTs are interesting. They're contracts. When minting ones, you can specify that you get N% of the purchase price when its sold again.

Re: A Guide to NFTs, and How They Are About to Revolutionize Pretty Much Everything

#32

Post by [deleted] »

ReadEvalPost wrote: post #31
sneak wrote: post #25

Earlier quoted context omitted.

The concept of exclusivity is one of the rights of ownership, generally. There's none of that when you "purchase" an NFT that represents a "digital print", and, while it does support the artist (just like a direct payment would), there is precisely zero to indicate that such an NFT would increase in value with an artist's popularity. It's not like if you pay 10x for it as the second owner you get to hang it on your w…

> is precisely zero to indicate that such an NFT would increase in value with an artist's popularity. That's definitely how art works in the real world, I don't know why it would change here. > Also, precisely zero of that value increase would go to "support the artist" - all of the profit would go to the original speculator. Hold up, this is exactly why NFTs are interesting. They're contracts. When minting ones, you…

[deleted]

Re: A Guide to NFTs, and How They Are About to Revolutionize Pretty Much Everything

#33

Post by jakelazaroff »

ReadEvalPost wrote: post #31
sneak wrote: post #25

Earlier quoted context omitted.

The concept of exclusivity is one of the rights of ownership, generally. There's none of that when you "purchase" an NFT that represents a "digital print", and, while it does support the artist (just like a direct payment would), there is precisely zero to indicate that such an NFT would increase in value with an artist's popularity. It's not like if you pay 10x for it as the second owner you get to hang it on your w…

> is precisely zero to indicate that such an NFT would increase in value with an artist's popularity. That's definitely how art works in the real world, I don't know why it would change here. > Also, precisely zero of that value increase would go to "support the artist" - all of the profit would go to the original speculator. Hold up, this is exactly why NFTs are interesting. They're contracts. When minting ones, you…

> That's definitely how art works in the real world, I don't know why it would change here.

There’s no scarcity. In the physical world, any copies are simply approximations. In the digital world, they’re exactly identical.

Re: A Guide to NFTs, and How They Are About to Revolutionize Pretty Much Everything

#34

Post by tablespoon »

jakelazaroff wrote: post #6
A12-B wrote: post #4

If 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?

> 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?

Yeah. And Bob just has some blockchain token that signifies nothing, except maybe to enthusiasts of this NFT technology. There's no actual ownership of the file there, not even "technically."

I suppose you could create a Torrens title system that uses NFTs, but all the force will come from the law not the NFT technology.

Re: A Guide to NFTs, and How They Are About to Revolutionize Pretty Much Everything

#35

Post by basch »

jakelazaroff wrote: post #10
scotty79 wrote: post #7

Earlier quoted context omitted.

Same values that original hand painted Monalisa has over any other hand painted Mona Lisa. It's the one.

How so? Unless the disk to which the file was originally written physically changes hands, they're all exactly identical copies.

Baseball cards are a better example. It's rare because a limited quantity were printed, not because the capacity to make more was lacking.

Maybe what NFTs lack is the ability for people to arbitrarily destroy them. Maybe some kind of dice roll that deletes some every blue moon. Or a "light mine on fire button." Some kind of rot that degrades it over time.

https://sorare.com/ was on https://techmeme.com today

Re: A Guide to NFTs, and How They Are About to Revolutionize Pretty Much Everything

#36

Post by jakelazaroff »

basch wrote: post #35
jakelazaroff wrote: post #10

Earlier quoted context omitted.

How so? Unless the disk to which the file was originally written physically changes hands, they're all exactly identical copies.

Baseball cards are a better example. It's rare because a limited quantity were printed, not because the capacity to make more was lacking. Maybe what NFTs lack is the ability for people to arbitrarily destroy them. Maybe some kind of dice roll that deletes some every blue moon. Or a "light mine on fire button." Some kind of rot that degrades it over time. https://sorare.com/ was on https://techmeme.com today

Baseball cards are rare because they're scarce. Digital assets are plentiful; you can reproduce them infinitely, and there's no such thing as being "out of print".

Given that NFTs assert ownership over normal files, I don't see how it would be possible to arbitrarily destroy them.

Re: A Guide to NFTs, and How They Are About to Revolutionize Pretty Much Everything

#37

Post by basch »

jakelazaroff wrote: post #36
basch wrote: post #35

Earlier quoted context omitted.

Baseball cards are a better example. It's rare because a limited quantity were printed, not because the capacity to make more was lacking. Maybe what NFTs lack is the ability for people to arbitrarily destroy them. Maybe some kind of dice roll that deletes some every blue moon. Or a "light mine on fire button." Some kind of rot that degrades it over time. https://sorare.com/ was on https://techmeme.com today

Baseball cards are rare because they're scarce. Digital assets are plentiful; you can reproduce them infinitely, and there's no such thing as being "out of print". Given that NFTs assert ownership over normal files, I don't see how it would be possible to arbitrarily destroy them.

Did you look at https://sorare.com/

They are creating scarcity. Only one card for a player created that season. It's less a digital picture and more "this is limited because we can verify the date it was created and how many we made." It even has an element of fantasy sports or pokemon, in that the cards are useful in a game and you can play with them. An element of scarcity is not only necessary to give the digital assets value, but also to make the competition function.

Re: A Guide to NFTs, and How They Are About to Revolutionize Pretty Much Everything

#38

Post by jakelazaroff »

basch wrote: post #37
jakelazaroff wrote: post #36

Earlier quoted context omitted.

Baseball cards are rare because they're scarce. Digital assets are plentiful; you can reproduce them infinitely, and there's no such thing as being "out of print". Given that NFTs assert ownership over normal files, I don't see how it would be possible to arbitrarily destroy them.

Did you look at https://sorare.com/ They are creating scarcity. Only one card for a player created that season. It's less a digital picture and more "this is limited because we can verify the date it was created and how many we made." It even has an element of fantasy sports or pokemon, in that the cards are useful in a game and you can play with them. An element of scarcity is not only necessary to give the digital…

Yes, but I don’t understand it. It sounds like these cards are only available in an app? In which case, sure, they can create scarcity because they control consumption, but they don’t need NFTs to do that.

On the other hand — if these cards are just like, JPG files, (which seems to be what most other commenters on here are talking about) then they can’t verify how many exist. It’s infinite and unknowable. Any time someone downloads the file, saves it to a flash drive, whatever, they’re making a copy.

What am I missing here?

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