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This is a perfect example of what NFTs really are, a mechanism to monetize attention, not ownership. Yes, they could be used to represent ownership; but, that's

This is a perfect example of what NFTs really are, a mechanism to monetize attention, not ownership. Yes, they could be used to represent ownership; but, that's not what the current incarnation actually is. Anyone could have made a Brooklyn Bridge NFT (I've seen many make this joke). But, the value of the NFT is based on who is selling it and how compelling the narrative around the NFT is. The valuation of the NFT is going to be based entirely on expectations of growth of future attention to the minter of the NFT. The market for them is going to consist primarily of a person that is a speculator first, collector second. With that said, I think that people are wildly overpricing expectations of future attention for most of these. So there will be a correction. But, I don't think they are a fad, as long as gamblers exist so will NFTs.

atweiden 6y ago
This could easily turn into a situation where Twitter / IG profiles contain NFT inventories, which is scary to think about. Social media looks to be on the verge of transitioning into something catastrophically superficial. The pendulum will fully swing to “capturing the moment” then selling it on the way pornographers do, and it will be equally smutty. Everyone might as well soon be doing what CNN and Fox News are doing, and profiting from it on an individual level powered by NFTs. We are staring down at the proliferation of digusting levels of objectification of social interactions powered by the financialization of everything. The people responsible for pushing this for profit should be shamed and disgraced, but will instead likely by rewarded with billions in newly created — and unseizable — wealth. Truly, humanity is a cancer.
- capableweb 6y ago
  > Social media looks to be on the verge of transitioning into something catastrophically superficial. The pendulum will fully swing to “capturing the moment” then selling it on the way pornographers do, and it will be equally smutty. What do you mean "on the verge"? That shift happened a long time ago. I'd say the shift happened when suddenly everyone started being OK with taking pictures of themselves and posting it online. That's when everything was confirmed to just be superficial. Before this, we used to say only vain people took photos of themselves, but now either everyone is vain, or our measure of vain people moved.

atweiden 6y ago

This could easily turn into a situation where Twitter / IG profiles contain NFT inventories, which is scary to think about. Social media looks to be on the verge of transitioning into something catastrophically superficial. The pendulum will fully swing to “capturing the moment” then selling it on the way pornographers do, and it will be equally smutty. Everyone might as well soon be doing what CNN and Fox News are doing, and profiting from it on an individual level powered by NFTs. We are staring down at the proliferation of digusting levels of objectification of social interactions powered by the financialization of everything. The people responsible for pushing this for profit should be shamed and disgraced, but will instead likely by rewarded with billions in newly created — and unseizable — wealth. Truly, humanity is a cancer.

capableweb 6y ago
> Social media looks to be on the verge of transitioning into something catastrophically superficial. The pendulum will fully swing to “capturing the moment” then selling it on the way pornographers do, and it will be equally smutty. What do you mean "on the verge"? That shift happened a long time ago. I'd say the shift happened when suddenly everyone started being OK with taking pictures of themselves and posting it online. That's when everything was confirmed to just be superficial. Before this, we used to say only vain people took photos of themselves, but now either everyone is vain, or our measure of vain people moved.