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The only way that NFTs make sense to me is in some sort of impossible to implement DRM-like system where ONLY the current owners of the media can display it or
by jakemauer 6y ago
The only way that NFTs make sense to me is in some sort of impossible to implement DRM-like system where ONLY the current owners of the media can display it or utilize it. If buying an NFT of a piece of art meant that I could digitally display the file in full resolution, or if it otherwise afforded me some tangible benefit during the period of ownership, I could see it making sense.
As of right now NFTs are basically donations to the artist with more steps and about 1000x the carbon footprint.
- gnopgnip 6y agoThe utility of art or collectibles is a very small portion of the value. A game worn Michael Jordan jersey you paid $100k for has essentially the same utility as a <$100 jersey. It is valuable because it is scarce, and the provenance
- jancsika 6y agoSure. But suppose you ripped that jersey into a thousand pieces, and sold each separately. People might still buy it, because those pieces as a whole were in fact a Michael Jordan jersey at some point. A piece of that history is cheaper to own than the entire thing. Now suppose you rip it into 100 million pieces and create non-fungible tokens where each tiny piece could be scanned with a phone, identified, and associated with an arbitrary blob of data. Now it's a race of a savvy PR team against the public's hazy and soon-to-be waning interest in what-- if anything-- is the value of one of those microscopic jersey specs. "Something something Michael Jordan," got you to distract a captive audience from Candy Crush for five seconds. What happens next has absolutely nothing to do with Michael Jordan, and everything to do with P.T. Barnum. Edit: clarification
- sbhagat 6y agoIt's not impossible, and we completely agree that this is needed. We're building this over at masterfile.co via our OpenDRM technology.
- jtsiskin 6y agoNo, it is impossible. Just take a screenshot