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NFTs will run their course. People are just dazzled by all the big money pumping up the hype, but there is just nothing satisfying about owning a mark in a digi

NFTs will run their course. People are just dazzled by all the big money pumping up the hype, but there is just nothing satisfying about owning a mark in a digital ledger that has no actual connection to the work it references, it's simply not sustainable as a cultural phenomenon.

adrr 6y ago
It's like paying to name a star when there's an almost infinite amount of stars.
- root_axis 6y ago
  Yes, that's a good analogy. Star registries were a passing fad, now relegated to the annals of cute novelty. All the more illustrative because even at their height, a mark in the registry was obviously not worth more than a few bucks just to say "hey, I own a star lol".
Nathanba 6y ago
it could be sustainable if companies publically announce that they intend to defend the authenticity of their NFT. ("we released an NFT that stands for ownership of a pokemon but some dude on a website also released an NFT for that pokemon and that's not okay and we sue") A private citizen creating an NFT will never work imo, at least not if he won't defend the authenticity part of the certificate. I mean that's the entire idea of any certificate, it has to mean something similar to a university degree certificate or a food safety certificate. Somebody or something has to make sure that its supply is regulated.
- root_axis 6y ago
  A university degree or a food safety certificate are not at all like an NFT. Those types of certificates have substantive implications. A degree is a credential to signal one's expertise, a food safety certificate is a credential signaling the food meets specific standards for human consumption. Authenticity is important in these cases because it's valuable to be able to determine if the issuance of the certificate reliably correlates with what it implies. If I decide I want to hire an engineer to build a bridge, a certificate that can reliably signal they are educated in the vocation of engineering is a matter of life and death. With NFTs, authenticity is a non-issue since the NFT itself is lacking in any meaning because it has no connection to the real world.
CTDOCodebases 6y ago
It’s exactly like ICOs. There’s something about technology that makes people just want to adopt it without realising it is just a mechanism to an end. A NFT has no significance if it was not issued by its creator or if there are no contractual rights tied to it.

adrr 6y ago

It's like paying to name a star when there's an almost infinite amount of stars.

root_axis 6y ago
Yes, that's a good analogy. Star registries were a passing fad, now relegated to the annals of cute novelty. All the more illustrative because even at their height, a mark in the registry was obviously not worth more than a few bucks just to say "hey, I own a star lol".

Nathanba 6y ago

it could be sustainable if companies publically announce that they intend to defend the authenticity of their NFT. ("we released an NFT that stands for ownership of a pokemon but some dude on a website also released an NFT for that pokemon and that's not okay and we sue") A private citizen creating an NFT will never work imo, at least not if he won't defend the authenticity part of the certificate. I mean that's the entire idea of any certificate, it has to mean something similar to a university degree certificate or a food safety certificate. Somebody or something has to make sure that its supply is regulated.

root_axis 6y ago
A university degree or a food safety certificate are not at all like an NFT. Those types of certificates have substantive implications. A degree is a credential to signal one's expertise, a food safety certificate is a credential signaling the food meets specific standards for human consumption. Authenticity is important in these cases because it's valuable to be able to determine if the issuance of the certificate reliably correlates with what it implies. If I decide I want to hire an engineer to build a bridge, a certificate that can reliably signal they are educated in the vocation of engineering is a matter of life and death. With NFTs, authenticity is a non-issue since the NFT itself is lacking in any meaning because it has no connection to the real world.

CTDOCodebases 6y ago

It’s exactly like ICOs. There’s something about technology that makes people just want to adopt it without realising it is just a mechanism to an end. A NFT has no significance if it was not issued by its creator or if there are no contractual rights tied to it.