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That's a fair explanation. A crypto token with a supply of 1. But here's the problem. And? This takes the idea that anything has value only due to scarcity to
by NoOneNew 6y ago
That's a fair explanation. A crypto token with a supply of 1. But here's the problem.
And?
This takes the idea that anything has value only due to scarcity to such an extreme, it's laughable. So much so, people thus had to try redefining the idea of ownership to justify its existence. These NFTs aren't "free" in existence. While this is true of anything is digital and on the internet, the cost of an Etherum NFT is far more expensive and more worthless in its own existance (which is an amazing feat). If you post 1 piece of artwork on imgur, artstation or even deviantart, the amount of electricity used to upload and view is going to be difficult to sustainably measure since it's so low. A single Etherum transaction to create an artwork NFT takes 60kWh (https://digiconomist.net/ethereum-energy-consumption https://digiconomist.net/ethereum-energy-consumption). 2 days of an average household's energy usage.
It's solutionism that's trying to create a false narrative of problems that it can "solve". But even a regular solutionist would be disgusted and demand a new word to be formed so they're not lumped into the same category. I don't have a grief with those trying to simply profit off a craze. I don't hate the player, I respect the hustle. I hate the game and the zealots. The zealots who drop on their knees and pray to the almighty crypto whitepapers are sucking in victims just like a cult. And just like cults, "Put all your money into us. We're far safer from those evil outsiders. Stay and never listen to the outside world. Don't participate in their social constructs of value. Our idea of value is far better because the elves from our DMT trips told us so."
- tachyonbeam 6y agoI would argue that NFTs have very little scarcity, because you can create an infinite supply of them. It's kind of like posts on reddit. Yes, they are all more or less unique, but there's a never-ending supply of them. At some point, the novelty wears off and you stop scrolling. Also, data is infinitely replicable. By trying to claim ownership over data, you're trying to swim upstream. You're paying for a certificate that says you own a piece of data that anyone can replicate and have a look at.