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NFT misconception: JPEG aren't stored on the Blockchain

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Re: NFT misconception: JPEG aren't stored on the Blockchain

#131

Post by nuerow »

e9 wrote: post #128
nuerow wrote: post #125

Earlier quoted context omitted.

> I think a lot of it is to just support artists. To me that assertion, albeit convenient to paint a rosy picture, doesn't make any sense. No one needs a convoluted technical scheme to support artists as donating cash is easy and effortless. Buying the rights to a work from an artist also does not require a convoluted technical scheme, and considering that NFTs haven't been used to enforce any right then that hypothe…

Universe rewards creativity

> Universe rewards creativity

What? That means nothing at all.

Re: NFT misconception: JPEG aren't stored on the Blockchain

#132

Post by ostenning »

can16358p wrote: post #126

I believe it really boils down to consensus. If enough entities in a community "accepts" some platform/publisher as valid, those collectibles created by those entities (which can easily be validated on the chain) will have subjective value. Just like money: it's a piece of paper but enough people/companies/governments legally accept it so that paper now has a value more than it's physical components. I can print mone…

Consensus needs realistic price evaluations otherwise NFTs and most of crypto will remain what it actually is: a pump and dump asset class.

Re: NFT misconception: JPEG aren't stored on the Blockchain

#133

Post by gengkev »

crorella wrote: post #71
omgbear wrote: post #51

Earlier quoted context omitted.

How does it solve the problem? You still have to trust the physical object I hand over is the real signed copy.

exactly, anyone could alter the content the URL points to.

Right, I'm really surprised that there isn't at least a hash or something for that reason...

Re: NFT misconception: JPEG aren't stored on the Blockchain

#134

Post by soco »

m0sa wrote: post #4

I'd expect at least a hash of the image to be stored on the blockhain..

The article fails to underline that if you want anything serious you would use IPFS URIs and pin it at least once. I would say, they don't know much technically and just jumped on the bandwagon. Because the serious aren't many in this NFT area.

Re: NFT misconception: JPEG aren't stored on the Blockchain

#135

Post by andronov04 »

The longevity of many NFT projects is a real problem. This is why we set out to create the Smarts platform. The platform combines smart contracts with generative arts (smart arts, abbreviated into Smarts). Smarts is a new platform where the entirety of the artwork is stored in, and computed from smart contracts with no external dependencies at all. No IPFS, no Arweave, no APIs, no baseURI, no p5js, etc. So all Smarts artworks will live as long as Ethereum itself.

However, the EVM (Ethereum Virtual Machine) has some severe limitations for smart contracts - less than 25kb, no floating point math, limited gas amount for each invocation. So this makes it an interesting coding challenge to create smart contract based arts, it’s bearing some similarities to the demoscene.

We haven't launched yet, but you can check it out the work in progress here: https://smarts.is/

Re: NFT misconception: JPEG aren't stored on the Blockchain

#136

Post by rvz »

todd3834 wrote: post #17

I hate to admit it but I’m still struggling to understand why people would pay so much for NFTs. I feel like I fully understand what they are and why most people want me to believe it has value but I still don’t agree. I’m waiting for my mind to change but it hasn’t happened yet. It’s frustrating because so many people I respect are leaving their high paying jobs to work in web3 startups around NFTs and I feel dumb f…

You don't hear about the bagholders stuck with their expensive receipts of their CryptoKitties being unsold for years, nor do you hear about the thousands of dollars of gas fees spend on approving and buying these NFTs.

A lot of manipulation happens in the NFT markets which creates the illusion of a marketplace that has 'value' in NFTs that are downloadable. It is either for money laundering purposes, artificially creating volume in a NFT collection or both.

There is a tiny subset of NFTs that have value and utility, but the ones that are downloadable or are audio, videos or image-based ones do not have any value, hence the NFT misconception post.

Re: NFT misconception: JPEG aren't stored on the Blockchain

#138

Post by [deleted] »

sbierwagen wrote: post #32
todd3834 wrote: post #17

I hate to admit it but I’m still struggling to understand why people would pay so much for NFTs. I feel like I fully understand what they are and why most people want me to believe it has value but I still don’t agree. I’m waiting for my mind to change but it hasn’t happened yet. It’s frustrating because so many people I respect are leaving their high paying jobs to work in web3 startups around NFTs and I feel dumb f…

The most plausible conspiracy theories I've heard is that the big sales ($1 million plus) are wash trades, ("sell" an object to a confederate for 500 ETH, then they transfer the money right back via another route) and some classic money laundering Now of course there's a mountain of clueless suckers kicking off a regular tulip mania-style bubble. I wonder how many more weeks it will last.

[deleted]

Re: NFT misconception: JPEG aren't stored on the Blockchain

#140

Post by newswasboring »

mrtksn wrote: post #119
newswasboring wrote: post #114

Earlier quoted context omitted.

I think ownership is about control. It can be direct, like owning a baseball card, or indirect, a legal contract with a company like Amazon to maintain servers. NFTs fail on giving any control except on the blockchain. So the actual object for which we are trying to establish "ownership" can disappear against your wishes. It is not like owning a baseball card, more like owning a receipt of purchase.

>NFTs fail on giving any control except on the blockchain That's why you own the NFT, you trade the NFT, you transfer the NFT.

Yes that is not in question. What is in question is what is the utility of the NFT? From your answer it seems like its just to be an NFT. What good is that for? Maybe try to address my baseball card vs purchase receipt analogy to make me understand better.
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