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I think the immediate value of NFTs lies in industries where you need to keep the producer honest to protect against artificial scarcity. For example, what sto
by jb775 6y ago
I think the immediate value of NFTs lies in industries where you need to keep the producer honest to protect against artificial scarcity.
For example, what stops baseball card printers from re-printing "rare" cards? And how do we know they're not hoarding some of the best cards for a few years, then selling them individually? I could see NFTs being demanded in situations like this to force producers to create digital proof of initial production and distribution.
I haven't thought about it much, but hashing old tweets or a picture of something and claiming it's valuable sounds like snake-oil sales to me.
- root_axis 6y agoNFTs are not useful for securing anything in the real world because there is no way to verify that the thing in the real world is uniquely connected to the NFT.
- jb775 6y agoI was thinking they would still make the physical baseball card, but also provide the purchaser with a NFT linked to that specific card that includes the card's metadata, etc. This way you have the physical card to display, and have the NFT as a proof of authenticity and ownership.
- root_axis 6y agoThe NFT is proof that you purchased the item, but it's not proof that what is in your possession is the the thing the NFT claims it is.
- deleted 6y ago[deleted]