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NFTs Are a Dangerous Trap

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Re: NFTs Are a Dangerous Trap

#101

Post by jb775 »

Osmose wrote: post #10
snissn wrote: post #5

It’s easy for a famous entrenched artist who mass produces their work thanks to legacy infrastructure to talk down on this but I’m seeing lots of independent creator artist friends making some money for their work

What property of NFTs has suddenly made them make money where previously they weren't? Like how did adding NFTs to the mix suddenly make their art start selling?

Well for one, NFTs on art create a unique money laundering strategy.

Drug dealer buys an art NFT for $1k (using legit money), sells the NFT plus a bag of drugs to someone for $10k. They just made $9k in "artwork" profit, which is clean money....and since the value of art is always subjective, it can't really be questioned. On top of that, all monetary exchanges and transactions can be handled via smart contracts, so this reduces risk to everyone involved.

Re: NFTs Are a Dangerous Trap

#102

Post by root_axis »

jb775 wrote: post #77

I think the immediate value of NFTs lies in industries where you need to keep the producer honest to protect against artificial scarcity. For example, what stops baseball card printers from re-printing "rare" cards? And how do we know they're not hoarding some of the best cards for a few years, then selling them individually? I could see NFTs being demanded in situations like this to force producers to create digital…

NFTs are not useful for securing anything in the real world because there is no way to verify that the thing in the real world is uniquely connected to the NFT.

Re: NFTs Are a Dangerous Trap

#104

Post by tal8d »

It is odd, I've been involved in the cryptocurrency scene from the beginning, and I've seen the whole "Bitcoin kills Mother Gaia" talking point pop up every couple of years - but I've never seen such prolonged parroting as this last cycle. It is a silly complaint, because it never considers the wastefulness of the status quo. But it is an interesting method of attack, trying to conceal the fact that it is a call for others to act against their own interests, while also tickling their envy. It could be a dangerous gambit though, while most people can't see far enough ahead to realize that global carbon caps effectively freeze the international market's structure, they can see when somebody is ham-fistedly screwing with their money.

Re: NFTs Are a Dangerous Trap

#105

Post by foolfoolz »

this severely underestimates their value. the baseball card analogy is good. there’s only a few that become valuable. the top shots nfts are good example, only some replays from the last 10 years are ones people care about. and those will retain value

Re: NFTs Are a Dangerous Trap

#106

Post by root_axis »

anonporridge wrote: post #8

The possibilities of NFTs fascinate me, especially for portable, digital identities and assets that transcend any specific virtual realm and can't be arbitrarily erased by any central authority. But I also won't put a single sat in any of them right now.

NFTs do not exist outside of the blockchain, a central authority would not care in the least about the NFT, they would simply target the actual asset in the realm of their authority.

Re: NFTs Are a Dangerous Trap

#107

Post by fiddlerwoaroof »

anonymoushn wrote: post #86
chadcmulligan wrote: post #81

Hitchhikers guide to the galaxy: Earth - a small planet in the outer reaches of spiral galaxy M7529, so far the only planet on record that the semi-intelligent biped inhabitants managed to overheat so badly that they became extinct. Overheating has happened before, of course, however the method of overheating is unique - the inhabitants invented a method of identifying uniqueness by making large calculations and atta…

I'm hoping we can do our NFT trading on non-PoW chains within the next couple years. This should reduce the environmental impact to that of baseball cards.

One random idea I had was to use cryptomining to “soak up” excess power: so, for example, you could build nuclear out to meet peak load and then set up mining rigs to use the difference between peak and the current load, subsidizing the cost of power production.

It’s probably a bad idea for other reasons, but it’s one way to reduce the environmental impact of PoW

Re: NFTs Are a Dangerous Trap

#108

Post by ping_pong »

cloudking wrote: post #100

There seems to be a mix of legit use cases and mania going on with the NFT craze. I can see use cases like NBA Top Shot being legit, here you have essentially the digitization of trading cards (a proven collectable market) backed by a major sports league. The top shot "moments" have some unique advantages over traditional trading cards in that they can't be damaged/stolen/lost, can be traded instantly online, and may…

Wait so you can create an NFT on a tweet that you don't own? You're just claiming ownership in this NFT universe but it doesn't entitle you to anything related to the tweet does it? Meaning Jack Dorsey who "owns" the tweet didn't create an NFT on the tweet, a 3rd party did?

Re: NFTs Are a Dangerous Trap

#109

Post by cloudking »

ping_pong wrote: post #108
cloudking wrote: post #100

There seems to be a mix of legit use cases and mania going on with the NFT craze. I can see use cases like NBA Top Shot being legit, here you have essentially the digitization of trading cards (a proven collectable market) backed by a major sports league. The top shot "moments" have some unique advantages over traditional trading cards in that they can't be damaged/stolen/lost, can be traded instantly online, and may…

Wait so you can create an NFT on a tweet that you don't own? You're just claiming ownership in this NFT universe but it doesn't entitle you to anything related to the tweet does it? Meaning Jack Dorsey who "owns" the tweet didn't create an NFT on the tweet, a 3rd party did?

In this system https://v.cent.co/ anyone can bid for a tweet, and it's up to the actual Twitter user who created the tweet to verify ownership and mint/sell the NFT via their system. All you own by buying it is the token, the real owner of the tweet could delete it any time :) see what I mean about mania?

Re: NFTs Are a Dangerous Trap

#110

Post by tablespoon »

jamesgreenleaf wrote: post #37

NFTs make perfect sense for representing a claim on things that can be used, like event tickets or in-game virtual goods. But as certificates layered on top of collectibles... I'm not so sure. With something like CryptoKitties, you can do something with the tokens (play a virtual pet game). But with something like CryptoPunks you're essentially paying for digital beanie babies, which are worse than real ones since an…

> You can brag about owning such-and-such an image, but only as long as enough other people desire images from that particular set. When a set's popularity wanes, so does your token's value, and your ability to show it off.

And only as long as people recognize your NFT claim to ownership as even being valid. Other people may view that brag as being as sad as someone bragging about their land holdings on the moon: https://lunarland.com/.

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