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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

#101

Post by larsiusprime »

darthvoldemort wrote: post #100

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 hav…

It gets worse: if someone hard-forks the blockchain the NFT is on, it's possible for there to be two entirely different claimants to the NFT.

And then there's all the times people's artwork has been straight up ripped off and minted into NFT's without their permission. The only provenance record a blockchain can authoritatively track is its own internal transactions -- it can't even prove that the original artist was involved at all; you're still relying on trust for that.

Re: NFT projects are just MLMs for tech elites

#102

Post by [deleted] »

willio58 wrote: post #98
PragmaticPulp wrote: post #91

Earlier quoted context omitted.

> 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.

[deleted]

Re: NFT projects are just MLMs for tech elites

#103

Post by jjoonathan »

darthvoldemort wrote: post #100

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 hav…

Lots of traditional art is used for flexing or money laundering. NFTs work just fine for those applications.

Re: NFT projects are just MLMs for tech elites

#104

Post by robjan »

doublerebel wrote: post #83
stickfigure wrote: post #61

Earlier quoted context omitted.

Being an NFT does not preclude anyone else from hanging the exact same physical representation on their wall. Exclusivity matters if you want to impress your rich friends.

That is a circular argument. That is the same argument as print vs original -- NFT owners are paying for the original to support the art regardless of how accurate a print may be. It's much more impressive to those people to have paid to support the original rather than having a knockoff... This has been true as long as goods have been produced.

The physical representation of the "print" and "original" can be identical and indistinguishable in the case of an NFT

Re: NFT projects are just MLMs for tech elites

#105

Post by bravetraveler »

willio58 wrote: post #98
PragmaticPulp wrote: post #91

Earlier quoted context omitted.

> 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.

Subsequent 'owners' too. One could say having your name on the trail diminishes the value

Just smells like laundering to me

Re: NFT projects are just MLMs for tech elites

#106

Post by tshaddox »

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…

> You could argue that one particular NFT is the official Picasso NFT because it was sold by the owners of the Picasso painting

I’m pretty sure the analogy would be that Picasso himself actually issued the NFT. Anyone can “argue” that Picasso issued an NFT, but that’s just like arguing that your extremely skillful forgery is a Picasso original. What’s important is if it actually is an original.

Re: NFT projects are just MLMs for tech elites

#107

Post by paxys »

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.

As with any other kind of collectable, scarcity is created artificially. There is a potentially unlimited number of baseball cards. I can print one for myself today. Yet it is the authenticated 1933 Goudey #53 which is worth $4.2 million. NFTs provide this authenticity.

Re: NFT projects are just MLMs for tech elites

#108

Post by coz131 »

darthvoldemort wrote: post #100

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 hav…

NFT license are dependent on the project. That's up to you to research. NFT license from crypto kitties allow you up to 100k. BAYC has full commercial rights.

You wrap the token into the new standard if there is a new one when there is a new standard. Look at cryptopunks, they are wrapped into ERC-721.

Re: NFT projects are just MLMs for tech elites

#109

Post by chaostheory »

darthvoldemort wrote: post #100

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 hav…

It makes total sense to me if you think about money laundering for illegal transactions.

Re: NFT projects are just MLMs for tech elites

#110

Post by paddlepop »

cinquemb wrote: post #60
toomanydoubts wrote: post #41

Earlier quoted context omitted.

Why would you put a concert ticket on a distributed ledger if there's only a single party who can honor this ticket? There's a company who issued the ticket, and it's the same one that will either let you in or not at the date and time the concert is supposed to happen. Why would they put it in a distributed ledger instead of a database managed by themselves?

Interoperability out of the box with protocols for escrow/dispute and resolution without having to solely trust the company issuing the nft ticket, esp with PII (I'm thinking hotel/bnb bookings, I know of a DAO[0][1] that has already partnered with a few places in europe and facilitated this). Just have to walk in, sign a message with the address that holds the nft and then you have access to the space for the durati…

I still don't understand why this needs to be decentralised?

> without having to solely trust the company issuing the nft ticket

For the transaction yes, but what about the thing you are buying? Perhaps I am not thinking creatively enough, but I can't think of a use case where there isn't ultimately some trust required other than solely digital assets.

Using your hotel example, you will end up at the hotel where they can choose to honor your ticket in the same way as their traditional booking system. There was no need for this to be on a distributed ledger as the asset (a hotel stay) was between you and the hotel.

You are not cutting out the middle man of some SaaS provider, you are substituting them.

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