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Yes the original artist, or anyone else could create NFTs of the same image. And in the same way the artist could come out with a limited series of 10 prints, t
by gnopgnip 6y ago
Yes the original artist, or anyone else could create NFTs of the same image. And in the same way the artist could come out with a limited series of 10 prints, then make more of the same prints later.
But there is no way to create a forgery and duplicate your NFT. The digital provenance is all there on the blockchain. With a physical object anyone could create it later and claim it was an original.
- manigandham 6y agoThe NFT is just a receipt, currently without any legal standing. The digital asset itself is not protected and infinitely copied. Everyone who views the asset has made a copy. There is no original. Physical items cannot be copied perfectly. There is always an original unit that can only be in one location. This fact alone creates intrinsic value that digital items lack.
- adyus 6y agoI'd argue that this limitation is artificial as well. With some painting forgeries, you're getting down to the molecular or brushstroke level of differentiation. It's all about the value that we humans assign to what's considered "an original", and I think that's what's happening with NFTs today. Unlike tangible art, however, I think NFT art is much more volatile and prone to the Beanie Babies effect if its popularity wanes.
- platz 6y ago> what's considered "an original", and I think that's what's happening with NFTs today An original what? Remove everything off-chain from the conversation. All you have left is a small amount text (which itself is *information* !!) in a distributed database. Thats no more original than the particular instance of bootloader code in my desktop computer.
- adyus 6y agoI agree with you. Removing anything off-chain from the conversation, we're left with the equivalent of selling a million pixels on a web page (but at least there was some utility to that, in the form of advertising).
- gnopgnip 6y agoThere is a real cost to creating an NFT(on the ethereum blockchain, by people who have valuable ideas/art), it cannot be copied, and it can be sold. That is all you need to have digital scarcity, to have value for speculation. It doesn't need legal standing or any physical attachment to the real world to be valuable. It's not like people are spending hundreds of thousands of dollars on artwork or signed sports memorabilia because of the utlity. You can get a comparable print or a brand new piece of sports gear for far less. There is some grey area on the lower end though, and an NFT has zero utility here.
- platz 6y agoScarcity of precisely what is the question. In this case, a small amount of metadata. That metadata is inherently worthless, because the metadata is just information that can be copied, and a new supposedly "scarce" token can be created with the same metadata.
- manigandham 6y agoThere's no such thing as digital scarcity. It's only artificial scarcity, and for that you need something to control the supply. Anyone can copy the asset. Anyone can also create another NFT to the same asset. So which token is the "real" one? That's the centralized scarcity that's required, which really just added a layer of indirection without solving for anything. > "spending hundreds of thousands of dollars on artwork or signed sports memorabilia because of the utlity" Again, this isn't about utility. It's about intrinsic value. Physical goods have a single original object which gives them value that digital items don't.
- K0balt 6y agoThis is true in most current examples of NFT protocols, but we are working on this at pruf.io