4 ms·

Nobody "holds" an NFT. In much cases it's just a hashed URL to a website to display "art". There are already reports on vanishing NFT'S because the image doesn

Nobody "holds" an NFT. In much cases it's just a hashed URL to a website to display "art". There are already reports on vanishing NFT'S because the image doesn't exist anymore. It's a fancy description. But it ain't real ownership. They are spending money for a link to an image: Relevant free link ;): https://www.vice.com/en/article/pkdj79/peoples-expensive-nfts-keep-vanishing-this-is-why https://www.vice.com/en/article/pkdj79/peoples-expensive-nft...

joe_momma 6y ago
A patent is the same idea, some people or orgs don't actually hold the technology for said patent but they control the use of it.
- jokethrowaway 6y ago
  A patent relies on a state actor to enforce a set of rules
- nonameiguess 6y ago
  Not the same idea at all. An NFT doesn't allow you to control the use of anything. It'd be analogous if a patent allowed you to authoritatively claim you were the first person to patent it (at least on that specific blockchain), but didn't grant you any exclusive right to use of the idea.
- NicoJuicy 6y ago
  No it's not. A patent can be enforced in court. Who would have a legal base to hold an image of a site? Indeed. The copyright owner if there is one and then probably the site holder. There's no single lawful correlation between NFT's and the real world. And people are literally buying this, they don't even know what they are buying. They just trust the description... Lol
NoOneNew 6y ago
So someone else explained to me that we are all misunderstanding NFTs. They dont relate to ownership or even authenticity. They in theory could do these things, but nothing in the setup explicitly gives any of that right now with any real meaning. Simply, it shows you associated an image/string of text/tweet/whatever to a token with a supply of one. I cant think of a good real world analogy other than that company that used to sell the naming rights to stars. No one recognized their naming claims except for themselves. While I get the people trying to make a quick buck off NFT, "theres a bigger idiot somewhere", let's just stop fooling ourselves that it's any more than that. This makes folks who thought Beanie Babies were a sound, long term investment seem intelligent. If I'm going to invest in a digital currency, EVE ISK has more sound backing than crypto.

joe_momma 6y ago

A patent is the same idea, some people or orgs don't actually hold the technology for said patent but they control the use of it.

jokethrowaway 6y ago
A patent relies on a state actor to enforce a set of rules
nonameiguess 6y ago
Not the same idea at all. An NFT doesn't allow you to control the use of anything. It'd be analogous if a patent allowed you to authoritatively claim you were the first person to patent it (at least on that specific blockchain), but didn't grant you any exclusive right to use of the idea.
NicoJuicy 6y ago
No it's not. A patent can be enforced in court. Who would have a legal base to hold an image of a site? Indeed. The copyright owner if there is one and then probably the site holder. There's no single lawful correlation between NFT's and the real world. And people are literally buying this, they don't even know what they are buying. They just trust the description... Lol

NoOneNew 6y ago

So someone else explained to me that we are all misunderstanding NFTs. They dont relate to ownership or even authenticity. They in theory could do these things, but nothing in the setup explicitly gives any of that right now with any real meaning. Simply, it shows you associated an image/string of text/tweet/whatever to a token with a supply of one. I cant think of a good real world analogy other than that company that used to sell the naming rights to stars. No one recognized their naming claims except for themselves. While I get the people trying to make a quick buck off NFT, "theres a bigger idiot somewhere", let's just stop fooling ourselves that it's any more than that. This makes folks who thought Beanie Babies were a sound, long term investment seem intelligent. If I'm going to invest in a digital currency, EVE ISK has more sound backing than crypto.