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I really don’t understand NFTs. You’re not buying a thing. You’re buying a hex code. Take for instance these NBA clips. Are you getting an exclusive license to
by jonathankoren 6y ago
I really don’t understand NFTs. You’re not buying a thing. You’re buying a hex code. Take for instance these NBA clips. Are you getting an exclusive license to the clip? No. Are you getting an exclusive login to view the clip? Also no.
A few weeks ago some artist said he was selling a “limited edition of one” image as NFT. I downloaded the image off the web, and tweeted, “And now there are two.”
At least the MP3 Warz was about copyright and licenses. NFTs feel like their nothing but bragging rights among a small clique of the ultra rich.
- robotnikman 6y ago>NFTs feel like their nothing but bragging rights among a small clique of the ultra rich. Best way to describe it right there
- usehackernews 6y agoBest way to describe the art market too
- whateveracct 6y agoNBA Topshot is a centralized as it gets. The only reason they use NFTs to track clip ownership rather than a normal DB is to ride the hype wave to pump their initial value.
- heckerhut 6y agoI disagree. By putting it on the blockchain it becomes a crypto asset. That’s a new primitive.
- jonathankoren 6y agoCome back when it’s portable off of Top Shot. Seriously. If Top Shot disappeared, what do you have? A copy of a URL that 404s?
- heckerhut 6y agoThe token is already portable. The video is secondary. Also it’ll be available as long as there’s money in the banana stand. Incentives matter.
- whateveracct 6y agoWhy exactly is the video secondary?
- heckerhut 6y agoYou cannot own it. What matters is the part that can accrue economic value. That’s the token.
- jonathankoren 6y agoIn other words the DeFi crowd just recreated fiat currency, and an NFT is literally nothing more than any other crypto hash. The ultimate fungible token! Seriously you proven the point. You bid on token that is supposed to represent something that it actually isn’t tied to at all. So each token is really just a commodity, that suckers think is rare, but since the tokens aren’t actually tied to any object (virtual or physical) through any meaningful access control to enforce exclusivity, the tokens are actually indistinguishable hexcodes. At most it’s license plates rather than cars, but more like trading cards of license plates, since the NFT doesn’t enforce access controls, but the state DMVs — that have nothing to do with the NFTs — do.
- heckerhut 6y agoRecreating fiat in a fully decentralized system is huge. It’s indeed the driver behind DeFi. There’s no limit to what you can build with this. Re NFT: what we’re seeing now is only the beginning. Is there hype? Sure. Is there a deeper underlying point though? You bet. NFT access control will come. But it’s not that crucial of a point as you seem to believe.
- 6y ago
- rednerrus 6y agoTHESE ARE JUST BUZZWORDS. That doesn't add any value at all.
- heckerhut 6y agoI’m in this space since 10y. How long until it stops being a buzzword?
- rednerrus 6y agoWhen it starts to add some real world value. Owning a URL doesn't add any value.
- whateveracct 6y agothey're in a decentralized cult
- ChainOfFools 6y agoyep. decentralization is a mirage. power (as leverage, wealth, or influence) that is evenly distributed such that there is no center of mass in the group which shares it, ceases to be power at all.
- rdtwo 6y agoYeah it’s crypto for no reason it should be just a regular database