181–190 of 268 posts
It’s one of my favorite pieces because the niche and how I acquired it, directly from the artist.
This NFT stuff... whooooosh
It's stupid at face value. No pyramid required. You cannot intrinsically link real world items to tokens. The source of truth is the real world, not the token. Add an unlimited supply of unique things, and how could anyone expect to make money from this?
Real world item (person): Honus Wagner Link item: 1909 T206 baseball card Value: $2 million Why don't you start printing these baseball cards and sell them? Ha, but you say the baseball card is a real physical item, and a NFT is not. Well, an NFT is as real as the movie I watch on YouTube, the song I listen to on Spotify, and the numbers my bank shows. But now you say the baseball card was part of a game, and so it's…
Unfortunately getting used to that for crypto topics on HN.
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>You cannot intrinsically link real world items to tokens. Patents & trademarks?
With NFTs it's just like getting rid of the "shackles" of a government-controlled fiat currency: you no longer can rely on the guns and legal system of that country to enforce any sort of exclusivity.
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What capableweb said is correct. NFTs do not confer any ownership of, rights over, or special access to anything else, real-world out digital. When you buy an NFT of an artwork, you aren't buying the artwork, you are only buying the NFT. As far as I know, the inventors of NFTs do not claim that they do. But it seems like a lot of people talking about and perhaps buying NFTs don't understand that.
In your description, what's the difference between an NFT and a gag USD million bill with Bush, Obama, Trump or Biden's face on it? This makes it even harder to understand why anyone should care. Hell, it starts to make the people who thought Beanie Babies were a long term investment seem smart.
[0] https://twitter.com/memotv/status/1369594107488829441?s=19
Jacob Collier was going to sell an nft that granted lifetime access to any of his concerts. That seemed like a not terrible use case for an nft. He changed his mind when people pointed out the environmental impact of cryptocurrency.
Did anyone point out the environmental impact of concerts?
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In your description, what's the difference between an NFT and a gag USD million bill with Bush, Obama, Trump or Biden's face on it? This makes it even harder to understand why anyone should care. Hell, it starts to make the people who thought Beanie Babies were a long term investment seem smart.
I think the point is that people believe NFTs are something other than that, so they buy them. Imagine there was a news story every morning about somebody different buying a gag bill for millions of dollars whose only important quality was that it would be very difficult to forge another. Literally the same situation. But also literally the art market, so there's that.
How much of art's value stems from that enjoyment? You're right, probably a negligible amount. For investors, the only important property of physical art is that it's extremely hard to forge.
Jacob Collier was going to sell an nft that granted lifetime access to any of his concerts. That seemed like a not terrible use case for an nft. He changed his mind when people pointed out the environmental impact of cryptocurrency.
Did anyone point out the environmental impact of concerts?
Heard about the 1970's gas crisis, that there was a move to ban auto racing, because of the "obvious waste" of racing cars circling tracka at Some studies were done. It turns out that auto racing didn't even make the charts in terms of fuel usage. What had the greatest environmental/fuel impact?
Bowling. Yup, bowling. Competition leagues meeting daily in every micro-town and neighborhood, all the driving to & from the lanes... A couple dozen cars driving several hundred miles at 5mpg, once in the nation each week for the top series, even with 10K cars, doesn't make a dent.
I'd expect concert tours, with a few big concerts per week, compared to constant heat generation of ETH miners is similarly gnat-on-an-elephant scale.
The problem with NFTs is that they're not linked to any real legal contract. You basically buy a pointer to a file, not the file. Not even usage rights. For NFTs to become more than a Ponzi, they have to be bound to legal contracts.
AFAIK, you buy a pointer to an URL, not to a file. I imagine a lot of these NFTs are going to be pointing to a bunch of 404s in the upcoming years.