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it is the same as any collectible, there is a market of people that like originals, except now there is a greater assurance of it being the original, primarily
by vmception 6y ago
it is the same as any collectible, there is a market of people that like originals, except now there is a greater assurance of it being the original, primarily because of the earlier block/timestamp compared to a duplicate NFT which would therefore not hold its value, and the non-NFT versions of the art has no transaction so they do not store value. This assurance is accessible to any creator or collector.
a whole industry of appraisers and committees now gone. yay. automatic ability to pay royalties to the artist upon resale just built in, no contracts or enforcement of contracts necessary. no trust involved for lower value works where everyone is unfamiliar with contracts and lawyers. more efficient market available to all.
- africanboy 6y ago> there is a market of people that like originals, except now there is a greater assurance of it being the original for it to have some value there must be consensus around it. if I have the same exact copy of the digital art and I am selling it in a market that does not recognize NFT as proof (think about China that doesn't even recognize patents) what value does this hold? or if two competing entities are both claiming to have emitted the one true token, which one do I trust? we are thinking today: the artist can tell which one is the good one, but what if is the future and the artist is dead? do we need a token that identifies the artist statement? and who verifies that the content of the email was not forged? isn't a piece of paper with a signature in a closet inside a notary office a simple mechanism? What makes NFT special, except that probably collector are actually paying to collect NFTs and not the item attached to them? I know many collectors, I don't see them collecting digital fingerprints