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TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

thenftbay.org

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Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#11

Post by theshadowknows »

I used to come onto HN and see crypto-coin news and I'd jump into the comments and ask something along the lines of "But isn't bitcoin and all the other things like it just a giant scam?" and someone who believed in Bitcoin to be a transformative technology would jump in and explain the real potential. I personally still think it's sort of a scam, but I'm happy for all of the people who used it to get rich....so, along those lines...

How is "NFT" not a gigantic scam? I'm looking at this image right now: https://rarible.com/token/0xbc4ca0eda7647a8ab7c2061c2e118a18...

There is nothing at all to keep me from screenshotting or otherwise downloading that image. I won't have to pay the author $213 for it, I just take the image because I can. Now I won't necessarily "be the original owner" of it or whatever but....I mean....I have the same image as the owner and I have $213 where the new "owner" simply has the image.....

Can someone, if such a person exists, that believes in NFT's as having actual value please explain it? It just seems to me like a few thousand people have realized "Hey people will literally give me $200 just because I told them to" and are doing it at scale....

And according to that website, so far the author of those "NFT"s has made 13 million dollars......Is that true? If this person has made 13 million dollars because they drew a few monkeys....I'm pretty sure they will be President of the US one day.

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#12

Post by chrisco255 »

Release Notes: Did you know an NFT is just a hyperlink to an image usually stored on a Google drive?

...

WTF? We destroyed our planet for this?

----

NFTs are simply JSON and JPEGs and people have deluded themselves into thinking they destroy the planet. This is quite a ridiculous situation.

Blockchains produce blocks that get mined at regular intervals regardless of how much data or value is transferred with each block. The dubious argument is that since blockchains spend electricity to mine blocks that means they are destroying the planet. and therefore JSON and JPEG transfers are also destroying the planet.

Even if you believe this, your fight should be against dirty power plants and end there. But meanwhile, Ethereum is migrating to proof of stake before next summer and will become 99.9% more energy efficient. I'm sure that we'll still hear the trope though.

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#13

Post by etothepii »

theshadowknows wrote: post #11

I used to come onto HN and see crypto-coin news and I'd jump into the comments and ask something along the lines of "But isn't bitcoin and all the other things like it just a giant scam?" and someone who believed in Bitcoin to be a transformative technology would jump in and explain the real potential. I personally still think it's sort of a scam, but I'm happy for all of the people who used it to get rich....so, alo…

The tried and tested answer is to think about "buying" the Mona Lisa. If the Louvre offered the opportunity for someone to be called the owner of the Mona Lisa but they could never take it out of the Louvre or any way control it what would that sell for? I suspect many, many millions of dollars.

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#14

Post by bitxbitxbitcoin »

theshadowknows wrote: post #11

I used to come onto HN and see crypto-coin news and I'd jump into the comments and ask something along the lines of "But isn't bitcoin and all the other things like it just a giant scam?" and someone who believed in Bitcoin to be a transformative technology would jump in and explain the real potential. I personally still think it's sort of a scam, but I'm happy for all of the people who used it to get rich....so, alo…

If digital art is as valuable and worthy of recognition as physical art, then look at it through lens of the difference in price between the original Mona Lisa and replicas of it.

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#15

Post by chrisco255 »

theshadowknows wrote: post #11

I used to come onto HN and see crypto-coin news and I'd jump into the comments and ask something along the lines of "But isn't bitcoin and all the other things like it just a giant scam?" and someone who believed in Bitcoin to be a transformative technology would jump in and explain the real potential. I personally still think it's sort of a scam, but I'm happy for all of the people who used it to get rich....so, alo…

Yes, you can screenshot the Mona Lisa or print out a signed Mickey Mantle rookie card, but it's not the same thing is it? The verifiable timestamp and record of account associated with a wallet address (public key) that is known to be associated with the artist that produced the work is the same as establishing physical provenance for a unique item.

And as for value goes, NFTs are far more liquid than physical art works because settlement is instant, provenance is simply a matter of inspecting transaction history (no need for counterparties such as Sotheby's), the market is worldwide, it's a composeable asset that can be used with other games, apps, etc., it can be used as an authentication token for exclusive access to software or physical events, etc. But never underestimate the value of liquidity.

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#17

Post by cinntaile »

theshadowknows wrote: post #11

I used to come onto HN and see crypto-coin news and I'd jump into the comments and ask something along the lines of "But isn't bitcoin and all the other things like it just a giant scam?" and someone who believed in Bitcoin to be a transformative technology would jump in and explain the real potential. I personally still think it's sort of a scam, but I'm happy for all of the people who used it to get rich....so, alo…

Anyone buying an NFT is getting an NFT. Nobody is getting tricked, a necessary condition for a scam. Therefore there is no scam.

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#19

Post by sparkling »

theshadowknows wrote: post #11

I used to come onto HN and see crypto-coin news and I'd jump into the comments and ask something along the lines of "But isn't bitcoin and all the other things like it just a giant scam?" and someone who believed in Bitcoin to be a transformative technology would jump in and explain the real potential. I personally still think it's sort of a scam, but I'm happy for all of the people who used it to get rich....so, alo…

The way NFTs are being traded currently is a global game of musical chairs. You are basically paying for your name to be attached to a specific asset address on a distributed ledger.

However, i do see some use cases. Imagine a decentralized NFT ledger where e.g one can buy the copyrights (and rights to royalties) for digital assets like music that would then be integrated into services like Apple Music or Spotify. That would create a neat marketplace for intellectual property.

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#20

Post by smt88 »

etothepii wrote: post #13
theshadowknows wrote: post #11

I used to come onto HN and see crypto-coin news and I'd jump into the comments and ask something along the lines of "But isn't bitcoin and all the other things like it just a giant scam?" and someone who believed in Bitcoin to be a transformative technology would jump in and explain the real potential. I personally still think it's sort of a scam, but I'm happy for all of the people who used it to get rich....so, alo…

The tried and tested answer is to think about "buying" the Mona Lisa. If the Louvre offered the opportunity for someone to be called the owner of the Mona Lisa but they could never take it out of the Louvre or any way control it what would that sell for? I suspect many, many millions of dollars.

NFTs don't confer ownership of anything except a string of letters. Unless there's a legal system backing them, they're just trading cars.

Owning an NFT of a digital image doesn't mean you own it anymore than owning a LeBron James card means you own LeBron James.

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