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NFT projects are just MLMs for tech elites
21–30 of 687 posts
Re: NFT projects are just MLMs for tech elites
#22> 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.
> Scarcity is fundamental to any store of value. There are an infinite number of potential altcoins.
Same with paintings, etc. So yeah it's a wonky argument because it ignores subjective judgement
Re: NFT projects are just MLMs for tech elites
#23> 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.
> Scarcity is fundamental to any store of value. There are an infinite number of potential NFTs.
I'm a pretty big crypto-skeptic, and I'm especially an NFT skeptic, but this is a weird argument. It's kind of like saying there could be an infinite number of paintings, so why should Picassos be worth very much? Even more, it's possible to create extremely high quality reproductions of famous Picasso paintings, but they would have just a teeny amount of value of the original.
Reason being, with very expensive art, and other things like a signed book or baseball card, what you're really paying for is the provenance of the item, not so much the thing itself. While I'm skeptical that the NFT form of "digitally assigned provenance" will be valued similarly, I can understand the argument for why a piece of digital artwork with an associated NFT isn't that different from a piece of physical art with the artist's signature.
Re: NFT projects are just MLMs for tech elites
#24Earlier quoted context omitted.
The venn diagram of crypto people who think NFTs are absolutely idiotic almost exactly matches the venn diagram of crypto people who haven't really dug in and tried to understand NFTS.
You don’t have to dig in to understand there is a distributed ledger saying you “own” a jpeg
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.Land is a tool communities use for NFT ownership based roles, revoked upon sale. NFTs are a distributed system of title. I'd be shocked if every concert ticket isn't a form of NFT in ten years--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. And yes, some people make profile pics, and generative art projects. You don't have to like or participate in those. But dismissing all NFTs as idiotic is not a position that is going to age well.
Re: NFT projects are just MLMs for tech elites
#25NFTs are money laundering.
Re: NFT projects are just MLMs for tech elites
#26Here’s an amazing email from Hal Finney on proto-NFTs 1993- https://imgur.com/a/UJpFjzx I think people who have been in bitcoin for 10 years are more skeptical of NFTs because suddenly they’re framed as the ultimate crypto use case. And Eth is ultra sound money. And while there’s some interesting generative art (eg deafbeef) most of the industry is hyping NFTs for videogames. There are better and more transformative…
Everything is framed as the ultimate crypto use case, because crypto doesn't have a use case. No one needs money capped at 8 transactions per second world-wide, which costs ever-increasing amounts of electricity to trade. All of these things end up being an exercise in cryptocurrency people in a round-about way proclaiming to the world that they don't know what a thing is. For example: NFTs are a great idea to people…
Why would anyone care about an undergrad definition of what art is?
Re: NFT projects are just MLMs for tech elites
#27sorry to be pedantic, but it's literally not multi-level-marketing? Specifically, it's missing the multi-level part. Your upline isn't getting $$$ when you sell a NFT. I suppose you can make the argument that if you then take the money and buy more stuff, then your upline gets paid, but that describes most distributor arrangements. Come to think of it, there isn't really even an upline. It's just a network of artists and traders with no set hierarchy.
Re: NFT projects are just MLMs for tech elites
#28Here’s an amazing email from Hal Finney on proto-NFTs 1993- https://imgur.com/a/UJpFjzx I think people who have been in bitcoin for 10 years are more skeptical of NFTs because suddenly they’re framed as the ultimate crypto use case. And Eth is ultra sound money. And while there’s some interesting generative art (eg deafbeef) most of the industry is hyping NFTs for videogames. There are better and more transformative…
I don't see how this email is supposed to describe NFTs. This email describes cryptography being used as an artistic medium, which is different.
Re: NFT projects are just MLMs for tech elites
#29eyeroll I won’t deny that there are tons of NFT projects that are nothing more than modern day tulip mania. On the other hand there is an entirely new world of opportunity that has never existed before for both common people, artists and corporations in the form of DeFi projects. Basically any distributed form of ownership you can imagine is now possible through NFT and DAOs. There has never been a better time to lea…
> there is an entirely new world of opportunity ... any distributed form of ownership That is what people say, but what I don't understand is what ownership is actually conferred with NFTs. The only "ownership" is the ability to transfer the NFT to another person, which simply gives them the ability to transfer it to another person (which sounds a bit MLMy). For ownership to be worth more than that, you need a legal…
If an application (videogame, social network, website, etc.) gives the holder of the NFT special rights, then that is the utility of the NFT. It does not matter about legal ownership of a graphic.
Re: NFT projects are just MLMs for tech elites
#30> 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.
Store of value requires being backed by something, scarcity alone is irrelevant.
Nfts satisfy the same ponzi urge as memecoins (bitcoin, doge, etc) but also work as visible status symbols - expensive nft can be used as a profile picture, which is why they're taking over.