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NFT projects are just MLMs for tech elites

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Re: NFT projects are just MLMs for tech elites

#91

Post by PragmaticPulp »

hn_throwaway_99 wrote: post #23
stickfigure wrote: post #2

> The venn diagram of NFT haters are almost exact matches of Crypto haters Nonsense. I'm pro-crypto but think NFTs are absolutely idiotic. Scarcity is fundamental to any store of value. There are an infinite number of potential NFTs.

> Scarcity is fundamental to any store of value. There are an infinite number of potential NFTs. I'm a pretty big crypto-skeptic, and I'm especially an NFT skeptic, but this is a weird argument. It's kind of like saying there could be an infinite number of paintings, so why should Picassos be worth very much? Even more, it's possible to create extremely high quality reproductions of famous Picasso paintings, but they…

> It's kind of like saying there could be an infinite number of paintings, so why should Picassos be worth very much?

We could mint an infinite number of Picasso NFTs, though. None of them are the actual piece of art.

You could argue that one particular NFT is the official Picasso NFT because it was sold by the owners of the Picasso painting, but it’s still just a fancy hyperlink to a page that says “This is a Picasso NFT”.

NFTs are basically fancy blockchain transactions with a memo field that can say “This represents a Picasso painting” and we’re all supposed to believe that it means something.

The closest equivalent would be something like baseball cards. There is a market for baseball trading cards, but everyone is fully aware that they’re still just arbitrary prices of printed cardboard.

Re: NFT projects are just MLMs for tech elites

#93

Post by [deleted] »

teej wrote: post #56
iAm25626 wrote: post #33

Car/bag/cloth/jewelry/art - these type of things are sometime considered status symbol. It help people convey certain “message” to other. NFT might could be the same in the ever more virtual world. I might not be be the target audience; but it does not meant that it hold no value to other. People spent lots of money on game skins, rare weapon. So there is a market. When one goes to a physical conference: flair/badges…

When it comes to luxury cars and clothes, you force others to see that you’ve spent for status. That doesn’t exist for NFTs. There’s no public forum I can go to where others are forced to observe my status signals. High end art is more about investing, money laundering, and tax havens then status.

[deleted]

Re: NFT projects are just MLMs for tech elites

#94

Post by darcys22 »

2muchcoffeeman wrote: post #77
seibelj wrote: post #18

Why do people want Picassos? Show them off, appear sophisticated, an investment, etc. Crypto Punks are something a wealthy segment of society likes and because they are graphical and fit neatly into an avatar, they become like an expensive watch except for the digital set. This phenomenon is not hard to understand.

A Picasso actually has cultural and historical significance. And we probably had to think about it hard after the work was done. And collections even of the super rich are not necessarily random pieces. They may have hired a curator. An NFT can be some shitty gif hardly worth mentioning let alone displaying.

Its pretty arguable that cryptopunks have cultural and historical significance already. Even if you dont share that sentiment

Re: NFT projects are just MLMs for tech elites

#95

Post by osigurdson »

I watched the link below to try to understand what is going on with NFTs. This helped a bit but I don't quite understand how to apply the token to a physical or digital thing. Does it make sense that for a digital item (like a jpg) it would be a hash of the file, the entire file or something else? Also, how would one use an NFT with a physical item (if that is in fact possible)?

https://www.youtube.com/watch?v=i86Nh-Srfsk

Re: NFT projects are just MLMs for tech elites

#97

Post by chupchap »

hn_throwaway_99 wrote: post #23
stickfigure wrote: post #2

> The venn diagram of NFT haters are almost exact matches of Crypto haters Nonsense. I'm pro-crypto but think NFTs are absolutely idiotic. Scarcity is fundamental to any store of value. There are an infinite number of potential NFTs.

> Scarcity is fundamental to any store of value. There are an infinite number of potential NFTs. I'm a pretty big crypto-skeptic, and I'm especially an NFT skeptic, but this is a weird argument. It's kind of like saying there could be an infinite number of paintings, so why should Picassos be worth very much? Even more, it's possible to create extremely high quality reproductions of famous Picasso paintings, but they…

And what is stopping someone from creating multiple NFTs for the same art?

Re: NFT projects are just MLMs for tech elites

#98

Post by willio58 »

PragmaticPulp wrote: post #91
hn_throwaway_99 wrote: post #23

Earlier quoted context omitted.

> Scarcity is fundamental to any store of value. There are an infinite number of potential NFTs. I'm a pretty big crypto-skeptic, and I'm especially an NFT skeptic, but this is a weird argument. It's kind of like saying there could be an infinite number of paintings, so why should Picassos be worth very much? Even more, it's possible to create extremely high quality reproductions of famous Picasso paintings, but they…

> It's kind of like saying there could be an infinite number of paintings, so why should Picassos be worth very much? We could mint an infinite number of Picasso NFTs, though. None of them are the actual piece of art. You could argue that one particular NFT is the official Picasso NFT because it was sold by the owners of the Picasso painting, but it’s still just a fancy hyperlink to a page that says “This is a Picass…

Just minting something does not give it value. Sure, you can give it a price. Likely nobody will pay for it unless they think it truly has value. It’s the responsibility of each NFT creator to convince people that it’s worth anything.

Re: NFT projects are just MLMs for tech elites

#99

Post by stickfigure »

hanklazard wrote: post #82
stickfigure wrote: post #31

Earlier quoted context omitted.

Scarcity is necessary but not sufficient. What sets BTC apart from NTFs is its fungibility. In theory, there are an infinite number of potential cryptocurrencies, sure. But everyone has already embraced bitcoin (and a small handful of others), and replacing that userbase is an incredibly tall hurdle. On the other hand, minting a new beanie-baby-NFT takes less effort than making an actual beanie baby.

Let’s look beyond the “art” NFTs for a moment and think about how else they can be used. NFTs, in addition to being collectibles, can be used to unlock access to features, like an exclusive chat room or give the holder access to bonus content only available to those X number of NFTs which were minted. Furthermore, secondary markets could easily exist for transferring access, something that is not really doable these…

You know what's actually useful - today - for compensating artists and unlocking access to features? Patreon. A glorified mailing list with a subscription fee. NFTs are inferior to that; at least the artist gets your email address.

Re: NFT projects are just MLMs for tech elites

#100

Post by darthvoldemort »

If you buy an NFT for a piece of art, you can't even sell prints of the piece of art. You can't take a pic of it and sell a t-shirt of the art. You own nothing associated with that piece of art, except for the NFT itself.

It's such a strange, strange concept to want to invest in.

What if they create a new NFT blockchain standard. Does the previous NFT become invalid? Is there anything contractual saying you can't have multiple types of NFTs on a single piece of art? I kind of doubt it.

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