6 ms·

I realized a day or two ago what this nft scam smells like. If you're old enough to remember, there was a company that "sold the naming rights" to stars. The pe

I realized a day or two ago what this nft scam smells like. If you're old enough to remember, there was a company that "sold the naming rights" to stars. The perfect gift, name a star for someone. Except this naming right was not recognized by any organization or scientific body. Those cats made massive bank convincing idiots that they had the rights to a star. Not to mention the other dude that sold moon real estate in the 90s. Again, rights that were recognized by no one. "But it's a great investment!"

qqii 6y ago
I very much dislike your analogy. The NFTs that you hear about that are being sold for high amounts are created by people that already have reputations. Unlike stars or plots on the moon every NFT has an artist that created it. Artists and buyers share an implicit (by contact through the platform, in their promotion, etc) agreement.
- joshspankit 6y ago
  There’s an important distinction (that I think the NFT market has pretty much solved): The OP’s point can be said about pieces where the minter does not have the rights to sell the NFT. We have seen some examples of this in the NFT space (as we have with physical art/property/items). However: in cases where the minter has the provenance, the analogy falls flat, and instead we can talk about NFTs as an upgrade to the art of previous generations.
nwah1 6y ago
Might be a useful way to launder money.
binarymax 6y ago
It's a really really old scam. "I've got a bridge to sell you" is the earliest example in modern history...but there was probably someone selling shares of the Colosseum a couple thousand years ago.
- throw_away 6y ago
  https://opensea.io/assets/0x495f947276749ce646f68ac8c248420045cb7b5e/111671456905903448668754399825500311737993761829133923293106705775283906019329 https://opensea.io/assets/0x495f947276749ce646f68ac8c2484200... https://www.coindesk.com/brooklyn-bridge-nft https://www.coindesk.com/brooklyn-bridge-nft
  - heliodor 6y ago
    Literally selling a lie: "entitles the holder to the representation of the Brooklyn Bridge depicted herein" Google holds the copyright for that map image.
    - waste_monk 6y ago
      Ceci n'est pas une pont.
mint2 6y ago
Yes the other day I realized nfts are an acre of land on Mars... a certificate that means nothing. Then I realized that no, the Mars example is outdated although the scam still exists. It’s more like an acre of land on Pluto because while still unlikely it’s possible that land rights on Mars could be meaningful in our lifetime, but those one acre on Mars certificates will definitely not be.
- deleted 6y ago
  [deleted]
tomp 6y ago
Ah, yes, I remember as well! My dad almost bought a piece of land on the moon! Thankfully I did a bit of research, only to realize that there was a bunch of companies selling "rights" with no realistic plan of ever reaching the moon...
jobigoud 6y ago
I came to the same conclusion. The certificates for stars are still sold by the way. Someone created an NFT of the periodic table of elements where you can "collect" and "own" the elements. I wouldn't be surprised if the people selling stars would move their business to NFTs.

qqii 6y ago

I very much dislike your analogy. The NFTs that you hear about that are being sold for high amounts are created by people that already have reputations. Unlike stars or plots on the moon every NFT has an artist that created it. Artists and buyers share an implicit (by contact through the platform, in their promotion, etc) agreement.

joshspankit 6y ago
There’s an important distinction (that I think the NFT market has pretty much solved): The OP’s point can be said about pieces where the minter does not have the rights to sell the NFT. We have seen some examples of this in the NFT space (as we have with physical art/property/items). However: in cases where the minter has the provenance, the analogy falls flat, and instead we can talk about NFTs as an upgrade to the art of previous generations.

nwah1 6y ago

Might be a useful way to launder money.

binarymax 6y ago

It's a really really old scam. "I've got a bridge to sell you" is the earliest example in modern history...but there was probably someone selling shares of the Colosseum a couple thousand years ago.

throw_away 6y ago
https://opensea.io/assets/0x495f947276749ce646f68ac8c248420045cb7b5e/111671456905903448668754399825500311737993761829133923293106705775283906019329 https://opensea.io/assets/0x495f947276749ce646f68ac8c2484200... https://www.coindesk.com/brooklyn-bridge-nft https://www.coindesk.com/brooklyn-bridge-nft
- heliodor 6y ago
  Literally selling a lie: "entitles the holder to the representation of the Brooklyn Bridge depicted herein" Google holds the copyright for that map image.
  - waste_monk 6y ago
    Ceci n'est pas une pont.

mint2 6y ago

Yes the other day I realized nfts are an acre of land on Mars... a certificate that means nothing. Then I realized that no, the Mars example is outdated although the scam still exists. It’s more like an acre of land on Pluto because while still unlikely it’s possible that land rights on Mars could be meaningful in our lifetime, but those one acre on Mars certificates will definitely not be.

deleted 6y ago
[deleted]

tomp 6y ago

Ah, yes, I remember as well! My dad almost bought a piece of land on the moon! Thankfully I did a bit of research, only to realize that there was a bunch of companies selling "rights" with no realistic plan of ever reaching the moon...

jobigoud 6y ago

I came to the same conclusion. The certificates for stars are still sold by the way. Someone created an NFT of the periodic table of elements where you can "collect" and "own" the elements. I wouldn't be surprised if the people selling stars would move their business to NFTs.