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Visa Buys CryptoPunk #7610

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Re: Visa Buys CryptoPunk #7610

#51

Post by moate »

lottin wrote: post #41

Very disappointing to see a supposedly serious corporation giving legitimacy to such a blatant scam.

There's a point for me, difficult to define but obvious when seen, where a scam/project becomes SO obviously a scam that I no long feel bad about it. Like "nigerian princes" always felt this way to me.

If some idiot wants to blow their money on this sort of thing (and IDK why brands are exempt from being run by idiots) that's their problem, and not something I'm going to waste mental energy on beyond a post like this.

Re: Visa Buys CryptoPunk #7610

#52

Post by dannyw »

mathgorges wrote: post #44
pxue wrote: post #35

Earlier quoted context omitted.

how is a NFT any more arbitrary than a hallmark card? both are "artistic" to a certain degree, completely useless after the purchase and initial exchange.

I would contend that a Hallmark card has usefulness after being exchanged. I can’t hang an NFT in my house. And doing so with Hallmark cards has tangible benefits to my well being. (the joy of seeing a thoughtful card with personal meaning, conversation starter if company is over, etc) Perhaps something will be invented to reproduce that experience for NFTs, but I haven’t seen it yet. edit: Format and speeling

It's the digital world now. I've been purchasing and equipping hats in TF2 for a decade. I bought a $300 digital item in 2012; plenty of people called me crazy but hey I see value in exclusivity.

Re: Visa Buys CryptoPunk #7610

#53

Post by lgvld »

carnitine wrote: post #46
mathgorges wrote: post #44

Earlier quoted context omitted.

I would contend that a Hallmark card has usefulness after being exchanged. I can’t hang an NFT in my house. And doing so with Hallmark cards has tangible benefits to my well being. (the joy of seeing a thoughtful card with personal meaning, conversation starter if company is over, etc) Perhaps something will be invented to reproduce that experience for NFTs, but I haven’t seen it yet. edit: Format and speeling

I think someone ordering a print of an expensive NFT they can prove they own is quite realistic.

yeah that’s already a business actually: https://solidnft.com/

I met the founder a few weeks ago. He told me that some of his clients spend a few thousands for a 3x3 meters mural representing a NFT.

Re: Visa Buys CryptoPunk #7610

#54

Post by Jxl180 »

azemetre wrote: post #49
lottin wrote: post #45

Earlier quoted context omitted.

The NFT is sold under the false pretence that is somehow connected with some object of art, when in fact there isn't any such connection. This is what makes NFTs a scam.

Yeah, when I realized you don't actually "own" it through any licenses it made me sour on the whole idea. Is there a reason why people couldn't be granted a license to do whatever they wanted with an NFT? Seems kind of arbitrary to do so, but I'm sure there's a reason why it's like that.

Buying a physical painting doesn’t give you any licenses to the artwork itself either. Just because you buy a modern painting at auction for $30 million doesn’t give you rights to start printing T-shirts of the art.

Re: Visa Buys CryptoPunk #7610

#55

Post by totetsu »

I feel like I'm living in the joke timeline looking at that price.. here I am still fretting over csgo gun skins.. and this sprite with literally nothing interesting about it is trading for over 100000 bucks...

Re: Visa Buys CryptoPunk #7610

#56

Post by dageshi »

Traster wrote: post #15

Well, congratulations to those NFT scammers, it finally paid off. They got their Whale. The entire game of pumping up NFTs to try and pass them off as a useful tool that'll see widespread adoption has finally paid out. This is a small sum of money for Visa to throw away, but this creates a fantastic permission structure for unsophisticated investors to throw away their life savings on a set of worthless e-certificate…

It's interesting to me, I've never bought a single crypto thing of any type but I look at the speed it's developing and popularity and it reminds me of the internet circa early 2000's when things were moving fast.

The internet nowadays is a bit stale by comparison, crypto seems to be where the action and energy is.

Re: Visa Buys CryptoPunk #7610

#57

Post by lottin »

azemetre wrote: post #49
lottin wrote: post #45

Earlier quoted context omitted.

The NFT is sold under the false pretence that is somehow connected with some object of art, when in fact there isn't any such connection. This is what makes NFTs a scam.

Yeah, when I realized you don't actually "own" it through any licenses it made me sour on the whole idea. Is there a reason why people couldn't be granted a license to do whatever they wanted with an NFT? Seems kind of arbitrary to do so, but I'm sure there's a reason why it's like that.

Because anyone can mint an NFT, whether they have a license or not, so it would require a bureaucracy to check the validity of the NFTs, and so on, in other words a central authority. And if the system relies on a central authority then it makes no sense to trade the licenses on a blockchain, as the blockchain only adds an unnecessary step. Skip the blockchain and go directly to the central authority.

Re: Visa Buys CryptoPunk #7610

#58

Post by cle »

the_gastropod wrote: post #29
rattlesnakedave wrote: post #24

Earlier quoted context omitted.

Not only is this a small sum of money for Visa to throw away, this is a small sum of money for an NFT collector to throw away. To me most criticism of NFTs is reminiscent of criticisms of modern art. Very few understand the scope of what "non fungible token" means. There are PLENTY of use-cases for a publicly verifiable token issued by a 3rd party and owned by you, other than art, if you just use a little imagination…

Mind sharing just one?

ENS is a DNS alternative that is not controlled by ICANN, where ownership of a name is effectively an NFT.

Why might you want that? See https://www.eff.org/issues/icann

Re: Visa Buys CryptoPunk #7610

#59

Post by mmahemoff »

gokhan wrote: post #26
garbagetime wrote: post #17

Earlier quoted context omitted.

It seems strange to state in one paragraph both that (a) art can have value simply because it represents a point in art history and that (b) NFTs can't hold value as long as they're digital-only. Because, there's nothing about being digital-only which makes it so that they cannot represent a point in art history.

Would you go to Louvre to see Mona Lisa if you have an atom-by-atom identical copy at home? How much would you pay for the original? What is "original" in this case? Which ship of Theseus is the original one? I don't say, as art, some NFTs are not pretty. I just say they don't represent the same value (for me) as some people think. A CryptoPunk does not have a physical representation, so the one you and I see on our…

Many museums are in fact showing fakes. Seems that people don't care as long as they know there's only one official version of it hanging somewhere, even if that's not the original. I think that's analogous to owning the one NFT that was officially minted by the work's creator, even when there's infinite digital copies of the work possible.

https://www.fastcompany.com/90170415/so-many-museums-are-fil...

Re: Visa Buys CryptoPunk #7610

#60

Post by randall »

the_gastropod wrote: post #29
rattlesnakedave wrote: post #24

Earlier quoted context omitted.

Not only is this a small sum of money for Visa to throw away, this is a small sum of money for an NFT collector to throw away. To me most criticism of NFTs is reminiscent of criticisms of modern art. Very few understand the scope of what "non fungible token" means. There are PLENTY of use-cases for a publicly verifiable token issued by a 3rd party and owned by you, other than art, if you just use a little imagination…

Mind sharing just one?

Concert tickets, where the artist gets a pct of fees on scalping.
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