4 ms·

They're both legit and mania. Yes, you can cryptographically own a token that represents the first tweet. Is it worth $2.5M? Not really. Some rich kid is just s

by Geee 6y ago

They're both legit and mania. Yes, you can cryptographically own a token that represents the first tweet. Is it worth $2.5M? Not really. Some rich kid is just showing off and wants to make news. You could say that the value comes from the stupidity of it. Art is not very easy to understand or value objectively. NFTs may have real applications in enabling markets for intellectual property like copyrights, patents, and what not. For example, it would be possible to automatically stream money to one or many NFT copyright holders from a decentralized Spotify. It is also possible to tie NFT in smart contracts, so that the owner is able to call special functions or change the state in the contract. For example, if an ad spot on a website is controlled by a NFT, the NFT owner would be able to change the ad.

weare138 6y ago
But would a NFT hold up in court as proof of ownership? For example if I get ahold of your NFT for some digital good do I 'own' that good now? I'm guessing if we went to court over it and you have all the accompanying documentation proving you purchased it and all I have is the NFT, the court would rule in your favor. And if that's the case what benefit is a NFT over a standard purchase agreement?
- Rule35 6y ago
  Generally, if you have to ask that, an NFT is not a good solution for your problem. In many cases, the answer is "yes", they very likely would, but it wouldn't be easier than a non-NFT. If you were already in business with someone and both decided to use NFTs to track something, then almost assuredly. A big problem is that ownership is proven by knowledge of a secret and you'd need to decide how would you want the court to decide if two people both present the ownership password/key? What would half-control over a cloud server be worth? An NFT is great for a unique digital resource, where control over it and ownership are roughly the same. For instance, cryptokitties. You buy tokens which cannot be divided - you can't own half a cat - but can be transferred. Whoever controls the keys controls the cat. In this situation the token replaces a stored user credential, and a stored avatar. In the real world though, I think they're a reasonable solution for short-lived, low to mid-value, non-fungible items, where users both want to swap their items and find doing so in a centralized way is too restrictive. Like concert tickets.

by Geee 6y ago

weare138 6y ago

But would a NFT hold up in court as proof of ownership? For example if I get ahold of your NFT for some digital good do I 'own' that good now? I'm guessing if we went to court over it and you have all the accompanying documentation proving you purchased it and all I have is the NFT, the court would rule in your favor. And if that's the case what benefit is a NFT over a standard purchase agreement?

Rule35 6y ago
Generally, if you have to ask that, an NFT is not a good solution for your problem. In many cases, the answer is "yes", they very likely would, but it wouldn't be easier than a non-NFT. If you were already in business with someone and both decided to use NFTs to track something, then almost assuredly. A big problem is that ownership is proven by knowledge of a secret and you'd need to decide how would you want the court to decide if two people both present the ownership password/key? What would half-control over a cloud server be worth? An NFT is great for a unique digital resource, where control over it and ownership are roughly the same. For instance, cryptokitties. You buy tokens which cannot be divided - you can't own half a cat - but can be transferred. Whoever controls the keys controls the cat. In this situation the token replaces a stored user credential, and a stored avatar. In the real world though, I think they're a reasonable solution for short-lived, low to mid-value, non-fungible items, where users both want to swap their items and find doing so in a centralized way is too restrictive. Like concert tickets.