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NFT projects are just MLMs for tech elites
211–220 of 687 posts
Re: NFT projects are just MLMs for tech elites
#212All of this gushing hype for the future of artistry is transparently performative. Nobody in this tech cares about art or artists, any of the useful functions of NFTs have long been possible and many orders of magnitude less expensive using public key cryptography or digital signatures.
> any of the useful functions of NFTs have long been possible and many orders of magnitude less expensive using public key cryptography or digital signatures. A major useful function being the ability to buy and sell with purely digital money, was that possible before?
What's "major" useful for doing it with pure digital money?
Re: NFT projects are just MLMs for tech elites
#213Earlier quoted context omitted.
> In fact, someone can "sell" an NFT to themself in a wash trade between two wallets they control. The last trade price of the NFT is now recorded as the transaction price, but it's possible that money never actually changed hands. I heard rumors this is what happened with the Beeple nft
Beeple actually got paid, though, and (smartly) cashed it all out into fiat.
...and then returned it quietly to the person who had loaned it to him temporarily to elevate his brand?
Re: NFT projects are just MLMs for tech elites
#214I 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-…
Trying to parse your question, for the digital answer first.
An NFT is verifiable metadata that can link to any other arbitrary data, such as a PNG, JPG, MP4, or whatever. Following the standards set forth by ERC721, you can add an image, external URLs, names, and various attributes that define the item's traits in relation to a broader collection that it belongs to.
It is very common to use IPFS for hashing the contents of both the metadata and the image (or other linked media), since it's an easy standard to adopt to back up in multiple places. You can even back up IPFS files permanently using a storage solution like Arweave.
NFTs have been linked to physical items. Typically the way it's handled is the NFTs are sold, but are redeemable for the physical item by the creator. So you can either hold the NFT or redeem it for the physical item. At which point the creator will need your shipping info to get it to you.
NFTs could also be used to represent things like real estate titles and mortgages, but at some point there would need to be a centralized connection or oracle connected with a centralized entity for that use case.
They're also used to represent liquidity positions in decentralized exchanges such as Uniswap v3.
Re: NFT projects are just MLMs for tech elites
#215Earlier quoted context omitted.
This is exactly the sort of shallow understanding I mean to point at. NFTs are so much more than "owning jpegs." This is the same mistake as saying "owning bitcoin is just owning a cell in a spreadsheet." Can I have the title to your car? After all, it's just a piece of paper. NFTs are access tokens to social communities, where owning a particular token grants you access to a community that shares ownership. Collab.L…
> you can transfer them verifiably on the secondary market while giving a royalty to the issuer, use them to access a concert, and keep them as a souvenir like a traditional ticket stub. Which of these can you not do on TicketMaster today?
Ticketmaster is the middleman. NFTs skip all of that and give much more flexibility to the issuer. You can code anything you want in the smart contract. Variable royalties depending on when is sold, increasing royalties on each transaction… Any incentive structure you can imagine is possible and nobody is gatekeeping.
Re: NFT projects are just MLMs for tech elites
#216Earlier quoted context omitted.
What's to stop someone from finding a random artist on instagram that produces amazing work and selling it as their own on a website like that?
If the community cares they'll try and find out people that do that and blacklist them. hicetnunc does that, it's the only one I could speak to. That's generally referred to as copy-minting. EDIT: here's the hicetnunc community write up for basic steps to minimize the change you buy a copy-mint: https://github.com/hicetnunc2000/hicetnunc/wiki/Beware-copym... !
This is a lot of words to say "there is by design no way to do that".
DeFi systems are all designed around the unspoken (although sometimes spoken, honestly) assumption that rules are bad and that the system should make enforcing them difficult-to-impossible. A fun exercise is to consider, if all businesses went to using *coin overnight and one accidentally overcharged your wallet, how would you get your coins back?
Re: NFT projects are just MLMs for tech elites
#217> 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.
There’s an infinite number of potential paintings too. I don’t see what that has to do with the value of any one particular painting. There’s not an infinite number of the one original Mona Lisa.
If the original Mona Lisa had been done in photoshop there could be infinitely many indistinguishable copies of the “original” MonaLisa.psd
Re: NFT projects are just MLMs for tech elites
#218Earlier quoted context omitted.
> They can and do manage commercial and IP rights, artist royalties [...] and assure the authenticity and provenance They literally do nothing of the sort. An NFT has no capability to restrict or monetize the usage of the work it is linked to, nor does its existence prove anything about the origin or authenticity of the work it is attached to. These are myths with no basis in fact. By way of example -- I could, if I…
Perhaps you can email Universal Talent Agency and tell them they are wrong. Trademarks and copyright infringement exists in the NFT world, just because you can mint an NFT doesn't mean you own the art associated, particularly if you didn't create it. https://www.hollywoodreporter.com/business/digital/uta-crypt... https://meebits.larvalabs.com/meebits/termsandconditions
> Perhaps you can email Universal Talent Agency and tell them they are wrong.
About what? If anything, this goes to prove my point. These NFTs cannot "manage commercial and IP rights" to themselves, so Larva Labs has contracted with UTA to perform that task.
> Trademarks and copyright infringement exists in the NFT world, just because you can mint an NFT doesn't mean you own the art associated, particularly if you didn't create it.
Yes. Again, that's exactly the point I was making -- that a NFT does not "assure the authenticity and provenance" of anything.
Re: NFT projects are just MLMs for tech elites
#219Earlier quoted context omitted.
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
Because I don’t know any unpopular art periods, I’ll swap to music.
NFTs could be boy bands. It was fun and a few things came out of it, but largely most people don’t know or care who was in Take That and we moved on.
Unlike Mozart or the Beatles which manage to have relevance beyond their times and lives.
NFTs will always be a thing, but current popularity or references in white papers doesn’t mean much in a broader context.
Re: NFT projects are just MLMs for tech elites
#220it's easy to get blinded by the scams and abuses enabled by new technology, but what matters in the long term are the new benefits and use cases. will NFTs last? unclear. however, one benefit is clear and compelling: decentralized royalty capture and IP management. the NBA and other large enterprises could build and manage IP APIs that mimic NFT functionality. but what if you're an individual artist? or what if you'r…
> however, one benefit is clear and compelling: decentralized royalty capture and IP management. Bzzt. No. This is what NFTs claim they do, not what they actually do. How do you know that the person creating a NFT has the right to do that? The NFT tracks the chain of ownership for the NFT itself , if the initial person creating the NFT did not own the copyright for the art in question, then the NFT itself is useless.…
> How do you know that the person creating a NFT has the right to do that? The NFT tracks the chain of ownership for the NFT itself, if the initial person creating the NFT did not own the copyright for the art in question, then the NFT itself is useless.
That's very simple. Taylor Swift registers an on-chain address via ENS. TaylorSwift.eth, let's say. Then she publicly posts that public key to the world on social media and her personal website.
Then any mints that come from that address have a chain-of-title back to a publicly announced address.
As the address builds an on-chain reputation, that on-chain history is proof enough of provenance.
The royalties are enforced in on-chain marketplaces.
A lot of NFTs forego the physical court enforcement over IP. In the same way that fake Luis Vuitton purses don't devalue the original, it's largely ignored. It's still quite possible to find free MP3s on torrents, but the vast majority of people nowadays just use streaming services because it's official and they want to support their favorite artists with revenue. Same will go with NFTs.