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It's a digital unfakeable deed to an asset, that asset being a trading card, artwork or something else. It's no more of a scam than selling the rights to say a

by Tenoke 6y ago

It's a digital unfakeable deed to an asset, that asset being a trading card, artwork or something else. It's no more of a scam than selling the rights to say a song you made. Although in both cases some might scam by selling/using stuff they don't own.

iamben 6y ago
Except if I bought the rights to a song (like Hipgnosis Songs Fund are doing, for instance), I could profit off them as the song is mine. As far as I understand, for the most part with NFTs, it's more akin to buying a baseball card - I can't reproduce or profit off it, I just 'own' it.
- Tenoke 6y ago
  Depends how you set it up. Both are possible, just how you can sell both the rights to own an instance of it and the rights to sell.
kevingadd 6y ago
One major scam that's lower effort here is that you can simply sell someone else's digital art. Selling physical art forgeries has always been a thing but the risks involved in doing it (i.e. what if you get caught) and the costs (faking a detailed painting isn't EASY) mean it's not as attractive as just grabbing some Japanese or Chinese artist's stuff off Pixiv and selling it as an NFT to english speakers, where the original artist may never find out about it.
- Tenoke 6y ago
  The comparison isn't so much physical art as selling someone else's photos or songs or game assets on the internet which doesn't involve crypto.
Lazare 6y ago
> It's a digital unfakeable deed to an asset, that asset being a trading card, artwork or something else. Well...no. Quite the opposite. The art is an asset. NFTs are not the artwork, and they're not a deed to the artwork. Buying an NFT gives you ownership of the NFT; it doesn't give you ownership of the artwork. Selling digital unfakeable deeds to an artwork, and trading those deeds on the blockchain, sounds really cool. That might have value! But to the best of my knowledge, nobody has done that, largely because it's utterly impossible and we have no idea how to even go about trying to do it. And in any case, NFTs certainly aren't that. You're not buying and selling the artwork, you're buying and selling a numbered acknowledgement that the artwork exists.

by Tenoke 6y ago

iamben 6y ago

Except if I bought the rights to a song (like Hipgnosis Songs Fund are doing, for instance), I could profit off them as the song is mine. As far as I understand, for the most part with NFTs, it's more akin to buying a baseball card - I can't reproduce or profit off it, I just 'own' it.

Tenoke 6y ago
Depends how you set it up. Both are possible, just how you can sell both the rights to own an instance of it and the rights to sell.

kevingadd 6y ago

One major scam that's lower effort here is that you can simply sell someone else's digital art. Selling physical art forgeries has always been a thing but the risks involved in doing it (i.e. what if you get caught) and the costs (faking a detailed painting isn't EASY) mean it's not as attractive as just grabbing some Japanese or Chinese artist's stuff off Pixiv and selling it as an NFT to english speakers, where the original artist may never find out about it.

Tenoke 6y ago
The comparison isn't so much physical art as selling someone else's photos or songs or game assets on the internet which doesn't involve crypto.

Lazare 6y ago

> It's a digital unfakeable deed to an asset, that asset being a trading card, artwork or something else. Well...no. Quite the opposite. The art is an asset. NFTs are not the artwork, and they're not a deed to the artwork. Buying an NFT gives you ownership of the NFT; it doesn't give you ownership of the artwork. Selling digital unfakeable deeds to an artwork, and trading those deeds on the blockchain, sounds really cool. That might have value! But to the best of my knowledge, nobody has done that, largely because it's utterly impossible and we have no idea how to even go about trying to do it. And in any case, NFTs certainly aren't that. You're not buying and selling the artwork, you're buying and selling a numbered acknowledgement that the artwork exists.