NFT projects are just MLMs for tech elites

Post by klodolph » Fri, Oct 01, 2021, 7:12 AM UTC

jljljl wrote: post #264

jcelerier wrote: post #255

Earlier quoted context omitted.

Not that I support NFTs much, but conceptually, how is that different than you buying a Marilyn Monroe from Andy Warhol and him printing the exact same Marilyn Monroe and selling it to someone else ? Hopefully in 2021 everyone would agree that the two are distinct artworks, even if the physical object is exactly the same to the human eye ; that's not what matters when buying art.

The Marilyn Monroes are still limited by the number that Warhol prints, and you have ownership of the print that you bought. Maybe it’s not as valuable as it would be if there was only 1 Monroe print, but you are paying for a physical object made by Warhol. If I understand correctly, an NFT is like if someone, not necessarily Warhol himself, sold you a note posted on a wall somewhere that said “You own Andy Warhol’s…

Post by Igelau » Fri, Oct 01, 2021, 7:17 AM UTC

jljljl wrote: post #264

jcelerier wrote: post #255

Earlier quoted context omitted.

Not that I support NFTs much, but conceptually, how is that different than you buying a Marilyn Monroe from Andy Warhol and him printing the exact same Marilyn Monroe and selling it to someone else ? Hopefully in 2021 everyone would agree that the two are distinct artworks, even if the physical object is exactly the same to the human eye ; that's not what matters when buying art.

The Marilyn Monroes are still limited by the number that Warhol prints, and you have ownership of the print that you bought. Maybe it’s not as valuable as it would be if there was only 1 Monroe print, but you are paying for a physical object made by Warhol. If I understand correctly, an NFT is like if someone, not necessarily Warhol himself, sold you a note posted on a wall somewhere that said “You own Andy Warhol’s…

Post by teruakohatu » Fri, Oct 01, 2021, 7:22 AM UTC

exporectomy wrote: post #275

chipotle_coyote wrote: post #42

Earlier quoted context omitted.

> For ownership to be worth more than that, you need a legal system and a legal contract ... so back to square one. That's the part about NFTs that I keep getting hung up on, yes. I get the abstract notion of creating artificial scarcity for digital goods, and how that could have market value. But we've seen absurd things like "use this service to create an NFT for any individual tweet," with no verification that the…

A lot of people on here are aggressively expressing skepticism of NFTs while only giving simple easily refutable reasons. It seems like they're trying hard not to understand. That's what happens when people have cognitive dissonance. Perhaps they've spent their whole life building a slightly incorrect mental model of how society works and NFTs don't fit that model. It's easier to deny the value of NFTs than to change…

Post by [deleted] » Fri, Oct 01, 2021, 7:23 AM UTC

jcelerier wrote: post #255

Doxin wrote: post #249

Earlier quoted context omitted.

You're both correct and underestimating how broken NFTs are. If you buy an NFT that gives you nothing except bragging rights that you "own" this NFT. What ownership actually means when devoid of the associated rights is anyones guess. Buying an NFT of a GIF doesn't stop anyone from using that GIF on reddit. No one is going around checking if posted GIFs have a matching NFT out there and enforcing property rights base…

Not that I support NFTs much, but conceptually, how is that different than you buying a Marilyn Monroe from Andy Warhol and him printing the exact same Marilyn Monroe and selling it to someone else ? Hopefully in 2021 everyone would agree that the two are distinct artworks, even if the physical object is exactly the same to the human eye ; that's not what matters when buying art.

Post by paxys » Fri, Oct 01, 2021, 7:25 AM UTC

system2 wrote: post #256

paxys wrote: post #111

Earlier quoted context omitted.

If you buy a Babe Ruth baseball card you aren't buying the rights to Babe Ruth. It's the card itself which is valuable, as a product of the context it was issued in. I don't know why that part, as it translates to NFTs, is so difficult for people to understand.

You have the right to copy of that Babe Ruth baseball card and place it on a t-shirt. If someone uses that exact card's image to do this, you can sue them for copyright infringement. With NFT this cannot be done.