NFT: even more deceiving
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NFT: even more deceiving
1–10 of 58 posts
Re: NFT: even more deceiving
#2The point of NFTs is to demonstrate that you have 30k to blow on something trivial. How many more articles do we need breathlessly trying to explain how they're technically stupid? I swear half of my Twitter feed is people that don't understand why they're popular and feel like if they can just use enough logic and condescension, then everyone will snap awake and the NFT craze will stop.
Re: NFT: even more deceiving
#3The point of NFTs is to demonstrate that you have 30k to blow on something trivial. How many more articles do we need breathlessly trying to explain how they're technically stupid? I swear half of my Twitter feed is people that don't understand why they're popular and feel like if they can just use enough logic and condescension, then everyone will snap awake and the NFT craze will stop.
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Re: NFT: even more deceiving
#4"What is stored on the blockchain is most often a link to a web page[6] that itself points to the associated object. Here again, we have lost all idea of decentralization"
No where in the article did the author mention IPFS (https://ipfs.io/). The trend with NFTs is that the digital assets are stored on IPFS, typically through a pinning service like Pinata (https://www.pinata.cloud/). With the asset being content addressable and not location based, and the address being a permanent part of the blockchain, how can the above statement be true?
Re: NFT: even more deceiving
#5"What is stored on the blockchain is most often a link to a web page[6] that itself points to the associated object. Here again, we have lost all idea of decentralization" No where in the article did the author mention IPFS ( https://ipfs.io/ ). The trend with NFTs is that the digital assets are stored on IPFS, typically through a pinning service like Pinata ( https://www.pinata.cloud/ ). With the asset being content…
It is very rare I wouldn't call it a "trend" yet. Also, I agree that using IPFS links addresses the problem of content integrity, but the link can still rot, and having to pay a centralized service to pin your data (even in a decentralized network like IPFS) does not solve the decentralization and disintermediation problems.
Re: NFT: even more deceiving
#6The point of NFTs is to demonstrate that you have 30k to blow on something trivial. How many more articles do we need breathlessly trying to explain how they're technically stupid? I swear half of my Twitter feed is people that don't understand why they're popular and feel like if they can just use enough logic and condescension, then everyone will snap awake and the NFT craze will stop.
It's not true that NFTs are only a status symbol. Firstly they are often pitched as an investment - something that will grow in value. Some folks are going to lose their shirts "investing" in NFTs, and I think that alone is reason enough to highlight issues with NFTs.
Secondly there are other use cases already in use, such as Etherium Name Service, using NFTs as a DNS replacement. (although the criticism of this article apply less to how ENS is using NFTs).
Finally, there are even more significant NFTs use cases pitched such as real estate deeds. This is where the article's points become really important.
Re: NFT: even more deceiving
#7"What is stored on the blockchain is most often a link to a web page[6] that itself points to the associated object. Here again, we have lost all idea of decentralization" No where in the article did the author mention IPFS ( https://ipfs.io/ ). The trend with NFTs is that the digital assets are stored on IPFS, typically through a pinning service like Pinata ( https://www.pinata.cloud/ ). With the asset being content…
It is very rare I wouldn't call it a "trend" yet. Also, I agree that using IPFS links addresses the problem of content integrity, but the link can still rot, and having to pay a centralized service to pin your data (even in a decentralized network like IPFS) does not solve the decentralization and disintermediation problems.
Link rot is definitely a fair point. I'm curious if there is a longterm way of solving this problem.
Filecoin looks promising but I feel like that's just adding more complexity.
Re: NFT: even more deceiving
#8The point of NFTs is to demonstrate that you have 30k to blow on something trivial. How many more articles do we need breathlessly trying to explain how they're technically stupid? I swear half of my Twitter feed is people that don't understand why they're popular and feel like if they can just use enough logic and condescension, then everyone will snap awake and the NFT craze will stop.
It's not true that NFTs are only a status symbol. Firstly they are often pitched as an investment - something that will grow in value. Some folks are going to lose their shirts "investing" in NFTs, and I think that alone is reason enough to highlight issues with NFTs. Secondly there are other use cases already in use, such as Etherium Name Service, using NFTs as a DNS replacement. (although the criticism of this arti…
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Re: NFT: even more deceiving
#9People are misunderstanding decentralization. Sure we can talk about decentralized technology like IFPS, but we should also talk about moving away from centralized governments, banks and legal systems. Decentralization in this context means we can form our own social group, say a commune in the desert or a virtual group online that skirts the old school central organizations and sets up our own. We could conduct our buniness on the blockchain and implement our own enforcement methods. An extreme example of this might be a drug cartel conducting it's transactions on a blockchain and if you don't honor what's on the chain then you get killed.
Re: NFT: even more deceiving
#10"What is stored on the blockchain is most often a link to a web page[6] that itself points to the associated object. Here again, we have lost all idea of decentralization" No where in the article did the author mention IPFS ( https://ipfs.io/ ). The trend with NFTs is that the digital assets are stored on IPFS, typically through a pinning service like Pinata ( https://www.pinata.cloud/ ). With the asset being content…
There are also plenty of NFTs with the images embedded directly onchain. Whether base64 binary with an image mimetype or encoded as an SVG.
NFT users and buyers will begin to care as domain names for dead projects expire over the next year.
To me, it is really strange how people see flaws in an implementation and don't even look for the other people that are working on improving those flaws. The market is saying "hey, you perceive flaws, go make hundreds of millions offering improved products, you don't even need outside capital to do so!" but I guess it's always been this way, have fun writing blog posts.