Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

NFT projects are just MLMs for tech elites

every.to

Post reply on HN
Print view View original

121–130 of 687 posts

Re: NFT projects are just MLMs for tech elites

#121

Post by stickfigure »

rattlesnakedave wrote: post #48
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.

I’m also pro crypto, and this is a silly argument. Consider this statement: Scarcity is fundamental to any store of value. There are an infinite number of potential cryptocurrencies.

There are only a few cryptocurrencies that have any significant adoption, and fungibility is fundamental to that value. If I exchange a bitcoin for $N, that validates the value of all the other bitcoins. And folks exchange large numbers of bitcoins for $N every day.

By definition, every non-fungible token is its own unique snowflake. There are new snowflakes made every day. Few ever trade, and the ones that do are probably wash trades.

Re: NFT projects are just MLMs for tech elites

#122

Post by fortuna86 »

pinoli wrote: post #51
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?

because once you have a global, indestructible infrastructure that embeds the same principles, companies would find it more efficient to do so, instead of building their own unique and non-compatible version.

Why? When is the last digital bank heist you heard of? When has anyone mass produced fake concert tickets? Security behind digital commerce is fine, even good right now. What does blockchain actually improve ?

Re: NFT projects are just MLMs for tech elites

#123

Post by larsiusprime »

danShumway wrote: post #113
larsiusprime wrote: post #89

I summed up all my complaints about NFT's in this (short) article: https://www.fortressofdoors.com/the-degraded-blockchain-prob... > In short, the minute you connect your blockchain to an app frontend you now have a degraded blockchain, one that cannot even in principle guarantee immutability, trustlessness, and decentralization – at least not for assets that the app's customers actually care about. Scratch the surfa…

Complete sidenote, but I loved your "So You Want to Compete With Roblox" article a while back, it was a pleasant surprise to click on this link and end up back at your blog.

Ah thanks! I live to serve.

Re: NFT projects are just MLMs for tech elites

#126

Post by tsimionescu »

bravetraveler wrote: post #105
willio58 wrote: post #98

Earlier quoted context omitted.

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

Well, the art market is also largely powered by the elites' need to launder money, so in this sense they are similar.

Re: NFT projects are just MLMs for tech elites

#127

Post by tsimionescu »

analog31 wrote: post #70
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…

In my view there's a finite number of Picasso paintings, but an as yet unlimited possible number of digital artworks, and an unpredictable number of things that could compete with digital artworks for the dollars of buyers. To fix the supply of digital artworks, there has to be at least a loose consensus on what the accepted "canon" of those works consists of. For now, that's an unknown.

There's a finite number of Picasso paintings, but an infinite number of non-digital artworks. Digital art is no different from physical art in terms of availability.

Re: NFT projects are just MLMs for tech elites

#128

Post by [deleted] »

stickfigure wrote: post #53
hn_throwaway_99 wrote: post #43

Earlier quoted context omitted.

I think you're missing the purpose of NFTs. Again, I think the best analogy is really the art market. Most art in the art market is pretty worthless (at least monetarily) - just go to one of a bajillion garage sales to see why. But a few pieces of art will be worth a lot because something about them is desirable. It's the same with NFTs. There will be a bajillion "beanie-baby-NFTs" that will be close to worthless. An…

The difference is that you can hang art on your wall and say "that's an original" when your other rich friends come to visit. "I control some arbitrary bits on an arbitrary blockchain" will never have the same cachet.

[deleted]

Re: NFT projects are just MLMs for tech elites

#129

Post by [deleted] »

stickfigure wrote: post #99
hanklazard wrote: post #82

Earlier quoted context omitted.

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.

[deleted]

Re: NFT projects are just MLMs for tech elites

#130

Post by mrosett »

omarfarooq wrote: post #9
stickfigure wrote: post #7

Earlier quoted context omitted.

Any given collection will have all the staying power of a beanie baby. Everyone moves on to the next non-fungible thing.

> will have all the staying power of a beanie baby. You're making a future prediction about an entire category invoking a specific instance from physical collectibles. Have all physical collectibles been subject to the fate of beanie babies?

Not all, but perhaps all those that appreciated in value so dramatically?
Post reply on HN