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I really don't understand this. What mechanism is there to ensure an NFT was created by the 'right person/people'? (whatever this means). I could make an NFT f

by dcl 6y ago

I really don't understand this. What mechanism is there to ensure an NFT was created by the 'right person/people'? (whatever this means). I could make an NFT for Mickey Mouse, and it _should_ be worthless, but if Disney created one then maybe it could be worth something?

detaro 6y ago
The mechanism that the "right people" communicate which minting wallets are the "legit" ones. I.e. even in the less-crazy levels (i.e. not thousands of dollars), you'll see artists announce their wallet key on Twitter/Instagram/their website, and it's on the buyer to check that what they buy has the right source. (If people think that your bootleg mickey mouse NFT has value and pay for it, well that's their decision, they just might not find anyone who agrees later)
capableweb 6y ago
Seems you answered your own question. Yeah, anyone can create Mickey Mouse NFT but unless Disney officially releases it themselves, people will not be (as) interested in buying.
- tantalor 6y ago
  How do you suggest verifying the token is "official"? Call up Disney?
  - hanniabu 6y ago
    It's coming from an address that Disney owns.
    - tantalor 6y ago
      Same question for that address
      - superbaconman 6y ago
        Address is linked to a wallet. Wallets can sign messages to prove ownership of addresses.
        tantalor 6y ago
        Same question for that wallet
        hanniabu 6y ago
        I'm pretty sure someone like Disney will have their wallet public on their website. They'd also likely own an ENS domain and sit all their addresses behind that, for example waltdisneyco.eth or something along those lines.
        rauljordan2020 6y ago
        Isn't it as easy as an official Disney representative announcing ownership of the wallet and signing a message cryptographically using their private key?
  - capableweb 6y ago
    Takes like 5 seconds to check Disneys Twitter feed or blog. If they haven't said anything, they haven't released anything. How do you verify that Apple has released a new phone? You don't, you hear from Apple that they released a new phone. Why would it be different with NFTs?
powerapple 6y ago
I guess an NFT will be signed with owner's digital signature, it can be verified with owner's public key. It is the same way as people can verify an encrypted email is from you with your public key. It feels strange reading all these on the news now. Either future is coming fast at us, or people are crazy. I wish I had bought bitcoin though
PretzelPirate 6y ago
Imagine some game company creates an online basketball game and owning a LeBron NFT grants you the right to play with a unique LeBron skin. If you aren’t using the official NFT, the game won’t recognize your skin and no one will see you playing as that version of LeBron. That same token might grant you access to use that skin as a statue in Decentraland and everyone will be able to see who issued it (based on digital signature). Other people can make their own LeBron statues, but just like having a knock off of a statue in real life, having the real thing is more impressive. These NFTs can also encode more information such as how many of this same item exist, which other items are in the set, etc... and these virtual worlds can understand that info and you can prove that you own the entire LeBron set and only 10 sets exist. With NFTs being so new, people haven’t seen the eventual way they’re supposed to be used across ecosystems and their only experience with them so far is that they are useless.
- iamben 6y ago
  Genuine question - why do you need an NFT/the blockchain for the "in game" stuff? Why not just manage that "in game"? And then I guess - outside of "in game" what incentive would companies ever have to work with/create compatibility with any NFT stuff as opposed to just creating something similar themselves and owning it whole? Like if I was Apple, would I make it compatible with Facebook and Google, or just wall in another marketplace?
  - tantalor 6y ago
    Blockchain provides a mechanism to trade the token in a standardized way with existing marketplace tools, and without central authority/consent.
    - iamben 6y ago
      Right, but as a game manufacturer, wouldn't I want to be a central authority?
      - tantalor 6y ago
Kiro 6y ago
Nothing. It's a social contract.

by dcl 6y ago

detaro 6y ago

The mechanism that the "right people" communicate which minting wallets are the "legit" ones. I.e. even in the less-crazy levels (i.e. not thousands of dollars), you'll see artists announce their wallet key on Twitter/Instagram/their website, and it's on the buyer to check that what they buy has the right source. (If people think that your bootleg mickey mouse NFT has value and pay for it, well that's their decision, they just might not find anyone who agrees later)

capableweb 6y ago

Seems you answered your own question. Yeah, anyone can create Mickey Mouse NFT but unless Disney officially releases it themselves, people will not be (as) interested in buying.

tantalor 6y ago
How do you suggest verifying the token is "official"? Call up Disney?
- hanniabu 6y ago
  It's coming from an address that Disney owns.
  - tantalor 6y ago
    Same question for that address
    - superbaconman 6y ago
      Address is linked to a wallet. Wallets can sign messages to prove ownership of addresses.
      - tantalor 6y ago
        Same question for that wallet
        hanniabu 6y ago
        I'm pretty sure someone like Disney will have their wallet public on their website. They'd also likely own an ENS domain and sit all their addresses behind that, for example waltdisneyco.eth or something along those lines.
        rauljordan2020 6y ago
        Isn't it as easy as an official Disney representative announcing ownership of the wallet and signing a message cryptographically using their private key?
- capableweb 6y ago
  Takes like 5 seconds to check Disneys Twitter feed or blog. If they haven't said anything, they haven't released anything. How do you verify that Apple has released a new phone? You don't, you hear from Apple that they released a new phone. Why would it be different with NFTs?

powerapple 6y ago

I guess an NFT will be signed with owner's digital signature, it can be verified with owner's public key. It is the same way as people can verify an encrypted email is from you with your public key. It feels strange reading all these on the news now. Either future is coming fast at us, or people are crazy. I wish I had bought bitcoin though

PretzelPirate 6y ago

Imagine some game company creates an online basketball game and owning a LeBron NFT grants you the right to play with a unique LeBron skin. If you aren’t using the official NFT, the game won’t recognize your skin and no one will see you playing as that version of LeBron. That same token might grant you access to use that skin as a statue in Decentraland and everyone will be able to see who issued it (based on digital signature). Other people can make their own LeBron statues, but just like having a knock off of a statue in real life, having the real thing is more impressive. These NFTs can also encode more information such as how many of this same item exist, which other items are in the set, etc... and these virtual worlds can understand that info and you can prove that you own the entire LeBron set and only 10 sets exist. With NFTs being so new, people haven’t seen the eventual way they’re supposed to be used across ecosystems and their only experience with them so far is that they are useless.

iamben 6y ago
Genuine question - why do you need an NFT/the blockchain for the "in game" stuff? Why not just manage that "in game"? And then I guess - outside of "in game" what incentive would companies ever have to work with/create compatibility with any NFT stuff as opposed to just creating something similar themselves and owning it whole? Like if I was Apple, would I make it compatible with Facebook and Google, or just wall in another marketplace?
- tantalor 6y ago
  Blockchain provides a mechanism to trade the token in a standardized way with existing marketplace tools, and without central authority/consent.
  - iamben 6y ago
    Right, but as a game manufacturer, wouldn't I want to be a central authority?
    - tantalor 6y ago

Kiro 6y ago

Nothing. It's a social contract.