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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

#91

Post by SideburnsOfDoom »

sanmon3186 wrote: post #87
iamwil wrote: post #63

Earlier quoted context omitted.

It's best to think of NFTs as deeds to the art (or certificate of authenticity), rather than the art itself. I wrote this a little while back, and it might help you. https://interjectedfuture.com/nfts-unbundle-ownership-from-e... If NFTs as deed to art isn't convincing for you, check out ENS. https://ens.domains/ It's a name registrar that's a smart contract. Each ENS domain name is an NFT.

May be a dumb question but how can we certify that the same asset doesn’t exist as two or more NFTs on different block chains. There are tons of them and each can have its own monalisa.

> how can we certify that the same asset doesn’t exist as two or more NFTs on different block chains

You can't. But surely some wise guy is pitching a blockchain for that right now.

It's actually worse, the same certificate could exist on multiple blockchains, and none of them guarantee approval by the original artist; all could be legally void certificates of nothing.

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

#92

Post by bananamerica »

Three types of people "get" NFTs:

- those that have something to gain from it, and are likely insincere;

- those that are ashamed of not getting it and merely pretend to understand it;

- those that duel in such profound abstractions that the actual world for them becomes a nuisance, a minor detail, an after thought.

NFTs are a joke, a thought experiment taken too far. They're the modern version of The Emperor's New clothes.

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

#93

Post by yokem55 »

robertlagrant wrote: post #84
cloogshicer wrote: post #58

Earlier quoted context omitted.

Sorry, I meant it solves the problem in digital space. But even in offline space, the artist or seller could transfer an NFT to your account. You could then verify its authenticity (or even before the transfer).

It doesn't solve it. What if what's at the other end of the URL the NFT points to changes or vanishes?

Higher end nft's store the images on arweave or filecoin for decentralized persistent storage.

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

#94

Post by Kiro »

renewiltord wrote: post #9
hoten wrote: post #5

Earlier quoted context omitted.

Wait, is this not how it works? Seemed like a safe assumption...

No. The value in the thing is in the key that minted it. Think of it like a signed baseball: easy to replicate, but the original is worthwhile.

Why are people downvoting this? It's a very good point: the value of the NFT is the fact that it was minted by X. Nothing else really matters and what's stored in the NFT is just fluff.

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

#95

Post by b3n »

iamwil wrote: post #63
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…

It's best to think of NFTs as deeds to the art (or certificate of authenticity), rather than the art itself. I wrote this a little while back, and it might help you. https://interjectedfuture.com/nfts-unbundle-ownership-from-e... If NFTs as deed to art isn't convincing for you, check out ENS. https://ens.domains/ It's a name registrar that's a smart contract. Each ENS domain name is an NFT.

> Each ENS domain name is an NFT.

Wasn't Namecoin solving the same problem years before Ethereum existed? What makes ENS/NFTs novel?

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

#96

Post by DanHulton »

razemio wrote: post #90
atoav wrote: post #83

Earlier quoted context omitted.

On a practical level it is the attempt to bait rich people into believing into ownership and scarcity in a place where it doesn't exist: The internet.

Ownership of digital goods does exist since blockchain technology. You can now proof that things existed at a given time and that you are the rightful owner. That was not possible before without a middleman. Incoperate that to YouTube. At the moment millions of channels steal video revenue from their creators. If it would be accepted as proof that you where the first uploading this video, ownership can be proofen in…

Videos already have timestamps.

Plus, all you gotta do is change one imperceptible bit in the video to get a different hash. Now your "proof" method is useless again.

Well, actually, that's incorrect. It was always useless, it's not useless "again."

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

#98

Post by nuerow »

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.

> 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

I'm not sure if the link between NFTs and money laundering can be downplayed as conspiracy theory. Even yesterday Reuters published a newspiece on NFTs being auctioned by the likes of Sotheby's, and where crypto-rich buyers pay NFT auctions with crypto, where a cryptocurrency lawyer was quoted as pointing out money laundering via cryptocurrencies was a "known fact."

https://www.reuters.com/business/finance/new-masters-how-auc...

Using NFT transactions to launder money isn't exactly a novel idea as the art world is dominated and driven by money laundering schemes. In fact, in Mexico the art market tanked 70% once the Mexican government passed legislation requiring more info from buyers, because it's believed Mexican cartel rings were behind these transactions.

https://www.artandobject.com/news/how-money-laundering-works...

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

#99

Post by DanHulton »

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…

Trust your instincts on this one. I bet you the people who couldn't figure out WTF was up with tulip bulbs felt much the same way.

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

#100

Post by vmception »

In response to the title, some are.

Since blockspace has increased some people are deploying NFTs that put the binary data directly into them

A particularly novel one, to me, was that people did it with SVGs and html injection directly into the image location methods of the NFTs

It works! The marketplaces and wallets just read that. No ipfs required.

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