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The NFT market bubble has popped?

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Re: The NFT market bubble has popped?

#111

Post by Grustaf »

yoz-y wrote: post #46
habosa wrote: post #20

NFTs are dumb however some of the NFT markets have one cool thing that I hope sticks around: the artist gets a cut of all future sales. If you sell your NFT art for $10 and then someone resells it for $1M, you will get some percentage of the $1M. We've all heard the stories of "collector buys 10 Jackson Pollock's for $10 in the 70s, sells the collection for $100M today". Wouldn't it be nice if the artist could benefi…

I'm a bit torn about this. For example it is generally believed that say SONY should not get a cut if I resell a CD I've bought. Why should this be different for paintings?

1. If it is known from the start that this is how it works, you can just avoid those CDs.

2. CDs are copies, NFTs are sort of originals, so it's pretty different.

Re: The NFT market bubble has popped?

#112

Post by prepend »

tomp wrote: post #50
jaggirs wrote: post #25

Earlier quoted context omitted.

It makes no less sense than a painting. If you accept that an original painting has more value than a perfectly good copy, whilst being undistinguishable for anyone except a few experts, you should realize NFT's have the exact same arrangement, except 'originality' is determined by the blockchain instead of an expert.

NFTs are like taking a Picasso, making a copy, shredding the original, and signing a paper that says the copy is actually the “real one”. 100% the same thing

I’m not aware of any NFTs that work this way. No not 100%.

If there were destructive scans of a Picasso where the only thing digital was the NFT, then yes.

It would also be kind of neat in a terror kind of way to actually shred the Picasso and issue an NFT.

The problem is that I still have copies that look just like the Picasso. Infinite.

If NFTs start being linked with rights, then that might work. Like the copyright ownership is conveyed to the owner of the NFT.

It’s kind of like buying a numbered print of a painting and trusting the artist to not make more.

Re: The NFT market bubble has popped?

#113

Post by Grustaf »

kharak wrote: post #41

I personally rather like the idea of NFTs. NFTs could become gamechangers, in the literal meaning of the word. The project Enjin for instances focuses on NFTs in the gaming world. One selling point is, that you might be able to collect items in one game and transfer it to another. Collect a rare trophy in Fortnite and show it off in your Steam VR Home, the trophies uniqueness and legitimacy verifiable by everyone. Of…

You don't need NFTs to transfer stuff between games, it doesn't even make it simpler. I suppose you could argue that it somewhat simplifies the part where the player proves to the game what he owns, but the real issue is for the games to decide to cooperate in the first place, so if they cooperate on recognizing ownership, and the definition of the trophies, then they are already cooperating.

Re: The NFT market bubble has popped?

#114

Post by fnord77 »

roytries wrote: post #89
kharak wrote: post #41

I personally rather like the idea of NFTs. NFTs could become gamechangers, in the literal meaning of the word. The project Enjin for instances focuses on NFTs in the gaming world. One selling point is, that you might be able to collect items in one game and transfer it to another. Collect a rare trophy in Fortnite and show it off in your Steam VR Home, the trophies uniqueness and legitimacy verifiable by everyone. Of…

I don't understand how NFTs or blockchain in general helps in any way for this, or many other examples of this. All an NFT is is an encrypted hyperlink in the blockchain. The hyperlink points to a resource on someone's server. I think people forget that the NFT doesn't store the real thing. All an NFT is is basically an encrypted DNS server with some ownership data attached to it. Right now you could showcase your Fo…

> All an NFT is is an encrypted hyperlink in the blockchain.

So if someone moves urls around on the server or if the company goes bust, that link is dead.

Re: The NFT market bubble has popped?

#115

Post by southerntofu »

lotsofpulp wrote: post #87
southerntofu wrote: post #86

Earlier quoted context omitted.

> Are there sufficient people interested in ... ? There's people interested in caring for others and/or growing food on the countryside. Cleaning toilets is a task nobody does by pleasure but i don't see a reason there should be a specific class in society handling undesired tasks for the others. Why can't we take turns doing what HAS TO be done? I've lived in communities for about two decades now and it's never ever…

> Why can't we take turns doing what HAS TO be done? What happens when someone does not take their turn?

Depends on the reason. You may be temporarily/long-term disabled. Or maybe you were having a really bad week and you'll be happy to take your turn next week (maybe you even said so in advanced and arranged to swap your shift with somebody else?).

Or maybe you just don't care to exploit other people you live with, in which case you're free to go and do that elsewhere because that's the norm in all of capitalist societies.

Re: The NFT market bubble has popped?

#116

Post by Grustaf »

csomar wrote: post #33
josalhor wrote: post #4

The bubble has popped, but these graphs show that we are still at January-February levels of bubble. I am not sure if the market has fully collapsed (Unfortunately?).

One thing I learned trading and navigating crypto markets, is that a $0 price type of collapse is not possible with a scarce token. If Bitcoin goes to 0, then anyone can buy all the possibly available bitcoins and then decide what the price will be later on. This makes it impossible for the price to reach 0 unless the protocol is hacked. A 90-95% decline from the height could safely be considered a total collapse. So…

> then decide what the price will be later on

The price is not something anyone can just "decide". If the price goes to 0 it's because nobody wants bitcoins. When that is the case, you can't just buy up bitcoins and "decide" that they cost 1 m. Well you could, but nobody would suddenly pay that much.

Re: The NFT market bubble has popped?

#117

Post by prepend »

jonnyscholes wrote: post #74
Yenrabbit wrote: post #60

Ignoring the hype, there are plenty of artists having fun selling work on platforms like hicetnunc for not very much and spending most of their proceeds buying other art. I joined and it's great fun trading pieces, coming up with ideas and seeing if anyone likes them, getting inspired by what other artists are doing etc etc etc. I feel like these small art playgrounds where artists can sell limited editions of their…

This is my experience. Hicentnunc (and the tezos community at large) is the closest I've felt to 00s internet culture/content which got me hooked on programming. Although perhaps paradoxically, I suspect the barrier to entry is part of this. Full disclosure: I hold a small amount of tezos.

00s internet culture was bullshit and hype from the dotcom fallout.

Do you mean 70-90s internet culture where people were building stuff to see if it worked?

Re: The NFT market bubble has popped?

#118

Post by notahacker »

cturner wrote: post #95
vesinisa wrote: post #5

I am hardly surprised. While Bitcoin maybe had theoretical uses as a currency a decade ago, the NFT hype never made any sense whatsoever to begin with.

"the NFT hype never made any sense whatsoever to begin with" I felt the same, but now regard NFTs as the first meaningful application of blockchain. First, let's talk about land registries. In developed countries, the state administers a land registry. There is a strict, human-administered API against this registry. It allows users to inspect the full history of land; cause property splits/mergers; execute land excha…

As you acknowledge, registries and licenses with APIs are already achievable without NFTs or other types of blockchains, without the expensive computation or assumption that the certifying authority isn't actually the appropriate party to validate their correctness. We already know who owns the Mona Lisa, and since NFTs neither diminish its appeal to art thieves nor provide the Louvre with anything to display in its absence they're no more an advance in protecting art than Postgres.

The only area where I can see something like NFTs working is pure digital goods which can only be enjoyed by the keyholder decrypting them. (This sort of DRM also exists in other forms, but the risk of the vendor deactivating the online validation system when they no longer wish to maintain an old game is a real one)

Re: The NFT market bubble has popped?

#119

Post by lotsofpulp »

grasshopperpurp wrote: post #107
lotsofpulp wrote: post #97

Earlier quoted context omitted.

> What if society really appreciated its essential workers and compensated them like it did? The person I was responding to was arguing against compensation as a concept in general.

Very fair. I don't think you can remove compensation. But, I think the post still had some good thoughts and good aims. They need some tweaking. Your post highlighted an area that needs tweaking, and mine tried to build on both posts.

That tweak is a universal basic income (or other broad based benefits that establish a floor for quality of life) which would attempt to reduce the impact of one's lineage on one's options.

Re: The NFT market bubble has popped?

#120

Post by Grustaf »

powerapple wrote: post #10
midasuni wrote: post #2

The NFT market is for money laundering, how can it “pop”

This has supported my trust in bitcoin from the very beginning. Why do you need NFT for money laundering when you can use cryptocurrency to achieve the same directly?

How do you launder money with bitcoin? With NFTs it's easy, you can just buy some ugly jpg for 1 m, then sell it to your shell company for 10 m.
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