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Well, I'm a firm believer in cryptocurrency but I have yet to find legit use cases for NFTs, so you can be pro-currency and nft-skeptical.

Imnimo 5y ago
I think the previous poster's point is that if an NFT is useless but is still worth a boatload of money, shouldn't that make us skeptical of the fact that a Bitcoin is worth a boatload of money also? Like perhaps Bitcoin's value is actually as detached from its utility as the NFT's.
- slg 5y ago
  Exactly. NFTs seem to be an admission that the utility of cryptocurrencies was not the driver of either prices or excitement.
- xboxnolifes 5y ago
  I cannot come to that conclusion, because NFT came after the cryptocurrency upsurge. People saw the monetary value of crypto go up, and that same value has been associated with NFTs. To me, just because people are aiming for a second lucky ticket, doesn't mean the first was a fake.
  - Imnimo 5y ago
    It certainly don't demonstrate that the value of bitcoin is similarly baseless, it just suggests that the contrapositive - the idea the high value of bitcoin shows that bitcoin is useful - is not a solid argument.
stillsut 5y ago
NFT's represent a rather beautiful but whacky idea: that money supply is controlled by the critical reception of new artwork. Not the opinion of the snobby art world, but a completely democratic market for art populi - where the aesthetic leans meme - think less MOMA and more favorite contestant on American Idol. This means NFT's have the ability of dynamically change the money supply based on the prevaliling Keynsian animal spirits across society, versus bitcoins pre-determined money supply schedule. This is a novel feature to the crypto ecosystem: in a way it's moving the activity of mining for block rewards from a robotic and silicon-based process into a creative human process of mining for memetic uptake. Another interesting opportunity is for patronage to sponsor our society's artists. Just like Florentine status competitions of religious paintings supported Da Vinci's works, our crypto merchants could be supporting the man who will still be going viral five hundred years later. Let me know if you find him.
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paul_f 5y ago
The best use case for NFT, and possibly all crypto, is money laundering. But, yes, it's not legit.

Imnimo 5y ago

I think the previous poster's point is that if an NFT is useless but is still worth a boatload of money, shouldn't that make us skeptical of the fact that a Bitcoin is worth a boatload of money also? Like perhaps Bitcoin's value is actually as detached from its utility as the NFT's.

slg 5y ago
Exactly. NFTs seem to be an admission that the utility of cryptocurrencies was not the driver of either prices or excitement.
xboxnolifes 5y ago
I cannot come to that conclusion, because NFT came after the cryptocurrency upsurge. People saw the monetary value of crypto go up, and that same value has been associated with NFTs. To me, just because people are aiming for a second lucky ticket, doesn't mean the first was a fake.
- Imnimo 5y ago
  It certainly don't demonstrate that the value of bitcoin is similarly baseless, it just suggests that the contrapositive - the idea the high value of bitcoin shows that bitcoin is useful - is not a solid argument.

stillsut 5y ago

NFT's represent a rather beautiful but whacky idea: that money supply is controlled by the critical reception of new artwork. Not the opinion of the snobby art world, but a completely democratic market for art populi - where the aesthetic leans meme - think less MOMA and more favorite contestant on American Idol. This means NFT's have the ability of dynamically change the money supply based on the prevaliling Keynsian animal spirits across society, versus bitcoins pre-determined money supply schedule. This is a novel feature to the crypto ecosystem: in a way it's moving the activity of mining for block rewards from a robotic and silicon-based process into a creative human process of mining for memetic uptake. Another interesting opportunity is for patronage to sponsor our society's artists. Just like Florentine status competitions of religious paintings supported Da Vinci's works, our crypto merchants could be supporting the man who will still be going viral five hundred years later. Let me know if you find him.

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paul_f 5y ago

The best use case for NFT, and possibly all crypto, is money laundering. But, yes, it's not legit.