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Earlier quoted context omitted.
This NFT is not "The Brooklyn Bridge", this NFT is "Remember when John Cleese sold the Brooklyn Bridge NFT". Do you think nobody wants the bragging rights of owning that? I certainly do, but not for $50k, which it already has.
I will remember this. I even bookmarked that tweet, and it cost me nothing.
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> Do you think nobody wants the bragging rights of owning that? It would be nice to believe that eventually we evolve beyond bragging about being an idiot. > I certainly do ...
Exactly. There’s little I’d like less than bragging about having spent my life savings on a JPEG that everyone has but that I “own”...
You don't buy a jpeg, you buy the unique item that John Cleese sold.
Same for movie props. You can buy a nice lightsaber below $200. The ones that were used in the movies... a bit more.
Given there’s a $50k bid for this, I can’t decide if the joke backfired, or succeeded brilliantly. It’s a no-lose proposition for Cleese, I guess!
This is already a famous NFT. "Remember when John Cleese sold the Brooklyn Bridge? Look, I have that NFT that he sold!". Heck, I would even pay money for that. First of all for the bragging rights, and second of all because I'm sure plenty of people would pay for it. But $50k is a bit over my budget ;). But in no way am I surprised that there is somebody out there that wants to pay this amount. If anyone is surprised…
Shit's on fire, yo.
The original conceptual framework for NFT-like instruments is Nick Szabo's "Secure Property Titles with Owner Authority": https://nakamotoinstitute.org/secure-property-titles/ At the very end he says: > Largely unaddressed above is the problem of divergence between actual conditions and directory rights. [...] When divergence becomes too great, a solution to address the unreality of the title registry is needed. Almo…
In the case of real property the clearinghouse for this is the local courthouse. Deeds, liens, etc... all flow through the local (city/county) clerk. If you can create NFT's such that transfer requires two signatures (one of those being the jurisdiction of the real property) then it would function little different than how property transfers happen today. Furthermore NFT transfers signed by the court could reduce or…
What are the obvious solutions for stolen keys or people dying with access lost? (which don't translate to the blockchain not mattering at all)
Earlier quoted context omitted.
This NFT is not "The Brooklyn Bridge", this NFT is "Remember when John Cleese sold the Brooklyn Bridge NFT". Do you think nobody wants the bragging rights of owning that? I certainly do, but not for $50k, which it already has.
I suppose one can “brag” about most anything. Seems to me, though, that a brag about “owning” an arbitrary sequence of bytes is pretty damn empty. Overcome a challenge that presses your personal limitations? Worthy of a brag: you took up the task, persevered, and conquered. Open your wallet to purchase something? I just don’t see that there’s any legitimate boasting to be had there: any damn fool with the same money…
Bragging with an expensive Rolex is very different than bragging with the NFT of a terrible image of the Brooklyn Bridge by John Cleese who sold it as a joke.
The original conceptual framework for NFT-like instruments is Nick Szabo's "Secure Property Titles with Owner Authority": https://nakamotoinstitute.org/secure-property-titles/ At the very end he says: > Largely unaddressed above is the problem of divergence between actual conditions and directory rights. [...] When divergence becomes too great, a solution to address the unreality of the title registry is needed. Almo…
I disagree, but this is a common objection which is worth addressing. Specifically I disagree that NFTs are grounded in that particular conceptual framework. NFTs aren't attempting to be bearer instruments which convey ownership of some physical good, or even of a piece of intellectual property. Those require a corresponding Ricardian contract. This remains a good idea, but, to put it mildly, there are unsolved probl…
It's more like a pointer to a JPEG of a baseball card.
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> Physical art is different. (hang with me here, but..) No, it is not. Picasso died dirt poor, he never beneficiated in large sums from his paintings. It just happen he was crazy enough to make a name and now people brag about him.
This is famously not the case. Picasso was quite famous during his life and died wealthy.
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Of course, it is closer to the author. I am fully aware of what I am saying: things have value not only because of what they are or what they are made of, they have value for other reasons. NFT people claim things only have value because of what they are, an art piece has value because it is an art piece, because it is beautiful to look at or whatever, and that visual property can be stored on the blockchain. That is…
I think there is a flaw in your reasoning but it's hard to be sure because your last sentence is rather hard to parse. > They are missing 99% of the reasons things have value, Can you clarify? > they cannot understand two seemingly identical things having widely different values. We're not talking about the value in a piece of art - or even the value of owning an original piece of art. Ownership itself is a social co…
This is a perfect example of what NFTs really are, a mechanism to monetize attention, not ownership. Yes, they could be used to represent ownership; but, that's not what the current incarnation actually is. Anyone could have made a Brooklyn Bridge NFT (I've seen many make this joke). But, the value of the NFT is based on who is selling it and how compelling the narrative around the NFT is. The valuation of the NFT is…
Social media looks to be on the verge of transitioning into something catastrophically superficial. The pendulum will fully swing to “capturing the moment” then selling it on the way pornographers do, and it will be equally smutty.
Everyone might as well soon be doing what CNN and Fox News are doing, and profiting from it on an individual level powered by NFTs.
We are staring down at the proliferation of digusting levels of objectification of social interactions powered by the financialization of everything.
The people responsible for pushing this for profit should be shamed and disgraced, but will instead likely by rewarded with billions in newly created — and unseizable — wealth.
Truly, humanity is a cancer.