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Buying an NFT directly from the artist could be seen as this form of tipping. Buying one from anyone else is clearly not.
As far as I understand it, some NFTs are built where the original creator gets some percentage of every sale.
NFTs, the new way to spin a copyright or incorporate into DRMs, but since it pumps and is bullish for crypto, all cool kids are lovin it.
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"This is bad because of externalities, the externalities are big and will grow" is exactly why we don't have general nuclear power, saying it's the only argument doesn't make it a weak argument.
When the cost is directly paid by the actor, it isn't an externality. It is the literal opposite of what externality means.
The possibilities of NFTs fascinate me, especially for portable, digital identities and assets that transcend any specific virtual realm and can't be arbitrarily erased by any central authority. But I also won't put a single sat in any of them right now.
> portable, digital identities and assets that transcend any specific virtual realm Why not just have a government or trusted company sign things rather than an NFT? If the UN says "we will digitally sign digital passports", that seems strictly better than an NFT for identity. Without a central authority to verify identity, how do you solve the problem of a thousand people creating NFTs saying they're john doe living…
Just like how the government successfully erased the drug market by making drugs illegal.
Maybe NFTs for collectibles isnt ideal but Im wondering if there are some more - lets say - utilitarian uses of this concept that we havent discussed yet. The other day I tried buying a bike. Id really like to know it wasnt stolen, and somehow being able to tie a real world representation into a virtual single item good would be somewhat useful.
The thieves can do whatever they want with the certificate -- use it to pay illicit debts and so forth. They can visit their painting at the museum, and brag to their friends about it. But the rest of the public still gets to enjoy the painting too.
Now closer to home, I'm a musician and play a modestly valuable instrument. I've thought of taking really high resolution images of it, because the grain pattern of the wood is practically like a fingerprint, and would be difficult to conceal without destroying the instrument. A database with hi-res pictures of valuable instruments would be like a serial number database for bikes.
Maybe NFTs for collectibles isnt ideal but Im wondering if there are some more - lets say - utilitarian uses of this concept that we havent discussed yet. The other day I tried buying a bike. Id really like to know it wasnt stolen, and somehow being able to tie a real world representation into a virtual single item good would be somewhat useful.
Bikes have unique serial numbers. https://bikeindex.org runs a free website to let you lookup serial numbers and mark them as stolen, and there's also various other regional websites that do a similar sort of thing. If you want to buy a bike, make sure it has a serial number (and if the number was filed off, then yes it was probably stolen), and look it up on the index. How would an NFT be better than the above datab…
The advantage over something like bikeindex is that you could make the transfer process a lot more seamless. You could build things like escrowing into the protocol, so when someone sells a bike to you on craigslist, you have a nice clean transactional system which adds some nice anti-fraud measures and protections for you without necessarily requiring you to buy it from a store or marketplace to gain those protections.
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Bikes have unique serial numbers. https://bikeindex.org runs a free website to let you lookup serial numbers and mark them as stolen, and there's also various other regional websites that do a similar sort of thing. If you want to buy a bike, make sure it has a serial number (and if the number was filed off, then yes it was probably stolen), and look it up on the index. How would an NFT be better than the above datab…
An NFT is inherently decentralized, maintained by multiple independent parties, and more or less tamper-proof. That database is only as resilient as the organisation running it (or maybe less, plenty of organisations have lost their databases before), and presumably there are corruptible humans with write access to it.
There is the problem of correct data, but I don't understand how an NFT manages to make data correct. How do I prove to the NFT that I own the bike with SN 123? How do I prove it was stolen?
I'd love if we replaced the bikeindex with a certificate transparency project-esque system and each large bike manufacturer ran an instance.
That also seems like it would be vastly easier to create than having people use the bike-stolen-registry-NFT you're talking about, and as a bonus it would be far less wasteful.
NFTs make perfect sense for representing a claim on things that can be used, like event tickets or in-game virtual goods. But as certificates layered on top of collectibles... I'm not so sure. With something like CryptoKitties, you can do something with the tokens (play a virtual pet game). But with something like CryptoPunks you're essentially paying for digital beanie babies, which are worse than real ones since an…
All the most interesting developments in computing start like this. This is good. The future is being born now and not without the required creative destruction.
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As far as I understand it, some NFTs are built where the original creator gets some percentage of every sale.
How can the contract know the actual sales price? I.e. sure, it can see a transaction, but it can't see the second transaction with the rest of the sum, or the cash that changed hands at the same time.
Earlier quoted context omitted.
As far as I understand it, some NFTs are built where the original creator gets some percentage of every sale.
How can the contract know the actual sales price? I.e. sure, it can see a transaction, but it can't see the second transaction with the rest of the sum, or the cash that changed hands at the same time.