4 ms·

NFT's sound royally stupid as is; but I feel like I saw a bit of leaning toward an idea I liked which would be something a bit more "divisible" and maybe fungib

by jrm4 5y ago

NFT's sound royally stupid as is; but I feel like I saw a bit of leaning toward an idea I liked which would be something a bit more "divisible" and maybe fungible? Lol? The idea I'm thinking is something like "shares in a work", or better yet "shares in an artist." Something to essentially say, I like this artists' work and want to support, possibly with the potential for profit. I remember seeing Eminem when he was merely the opener for other artists and was wearing all black and a hat (i.e. somewhat obscuring that he was white) . And I kind of saw it, and offhandedly thought, "he's gonna be big, I wish I could buy stock in him or something."

recursive 5y ago
But why do you need blockchain-y stuff for that? In that scenario, you have a central trustworthy authority, namely Eminem. You can just buy a share direct from Eminem, who will record that fact in his authoritative database. If you don't trust Eminem, this use case kind of falls apart.
- dboreham 5y ago
  Because SEC?
  - recursive 5y ago
    That may well be a reasonable explanation, but I don't know enough about it to be able to tell.
- jrm4 5y ago
  You don't; but also, as I've seen it -- it appears to be difficult for our present creative culture to strip itself of this idea of "it's perfectly reasonable, even the default, that when an artist is big and famous, it makes sense that the actual OWNER of all they do is a company that they may not even like." It's ALL weird, I was just kind of throwing something out there.
- sumedh 5y ago
  > who will record that fact in his authoritative database. What happens if Eminem loses your record?
  - recursive 5y ago
    That will teach me that I shouldn't have trusted him. I suppose it's similar to what happens if one of the common crypto-currency scams du jour happens. Except with less moving parts.
    - yellowapple 5y ago
      > That will teach me that I shouldn't have trusted him. Then you've answered your own question re: why you might need/want "blockchain-y stuff": that "blockchain-y stuff" makes it so that you don't have to trust him.
      - recursive 5y ago
        Maybe it's just me, but if I didn't trust him, I wouldn't want to invest. I can't really imagine the case where one would.
Zababa 5y ago
> NFT's sound royally stupid as is Why? It's the same thing as buying art, or baseball cards, or anything that relies on scarcity except instead of having a real-world thing you just have an abstract token. We already do that with money, why not do it with the rest?
- rleahy22 5y ago
  - I have a piece of art - I too want that piece of art You either become or hire an expert art imitator to imperfectly recreate that same piece of art or you can't have it. vs - I have an NFT for a png - I also want that PNG You download that PNG
  - dcolkitt 5y ago
    This is like saying, I now own a million BTC because I forked the Bitcoin blockchain and moved all of Satoshi’s holdings to my wallet. Ownership is just a social construct. Society now recognizes cryoto keys on the blockchain as a form of ownership. The attitude of “just copy the JPEG” is a little bit like the Native Americans who were happy to trade Manhattan for beads because they thought it was ridiculous that anyone could “own” land. The world has fundamentally changed. You might not like it. You might think it’s stupid. You might even think that it will snap to its senses sooner or later. But the reality is this is the world we live in now, and scoffing at the new reality doesn’t change the facts that JPEGs of monkeys on the blockchain are now worth more than Picassos.
    - user-the-name 5y ago
      > Society now recognizes cryoto keys on the blockchain as a form of ownership It really doesn't. > The world has fundamentally changed It really hasn't.
    - recursive 5y ago
      Are you saying someone's going to stop my from downloading the JPEG with guns?

by jrm4 5y ago

recursive 5y ago

But why do you need blockchain-y stuff for that? In that scenario, you have a central trustworthy authority, namely Eminem. You can just buy a share direct from Eminem, who will record that fact in his authoritative database. If you don't trust Eminem, this use case kind of falls apart.

dboreham 5y ago
Because SEC?
- recursive 5y ago
  That may well be a reasonable explanation, but I don't know enough about it to be able to tell.
jrm4 5y ago
You don't; but also, as I've seen it -- it appears to be difficult for our present creative culture to strip itself of this idea of "it's perfectly reasonable, even the default, that when an artist is big and famous, it makes sense that the actual OWNER of all they do is a company that they may not even like." It's ALL weird, I was just kind of throwing something out there.
sumedh 5y ago
> who will record that fact in his authoritative database. What happens if Eminem loses your record?
- recursive 5y ago
  That will teach me that I shouldn't have trusted him. I suppose it's similar to what happens if one of the common crypto-currency scams du jour happens. Except with less moving parts.
  - yellowapple 5y ago
    > That will teach me that I shouldn't have trusted him. Then you've answered your own question re: why you might need/want "blockchain-y stuff": that "blockchain-y stuff" makes it so that you don't have to trust him.
    - recursive 5y ago
      Maybe it's just me, but if I didn't trust him, I wouldn't want to invest. I can't really imagine the case where one would.

Zababa 5y ago

> NFT's sound royally stupid as is Why? It's the same thing as buying art, or baseball cards, or anything that relies on scarcity except instead of having a real-world thing you just have an abstract token. We already do that with money, why not do it with the rest?

rleahy22 5y ago
- I have a piece of art - I too want that piece of art You either become or hire an expert art imitator to imperfectly recreate that same piece of art or you can't have it. vs - I have an NFT for a png - I also want that PNG You download that PNG
- dcolkitt 5y ago
  This is like saying, I now own a million BTC because I forked the Bitcoin blockchain and moved all of Satoshi’s holdings to my wallet. Ownership is just a social construct. Society now recognizes cryoto keys on the blockchain as a form of ownership. The attitude of “just copy the JPEG” is a little bit like the Native Americans who were happy to trade Manhattan for beads because they thought it was ridiculous that anyone could “own” land. The world has fundamentally changed. You might not like it. You might think it’s stupid. You might even think that it will snap to its senses sooner or later. But the reality is this is the world we live in now, and scoffing at the new reality doesn’t change the facts that JPEGs of monkeys on the blockchain are now worth more than Picassos.
  - user-the-name 5y ago
    > Society now recognizes cryoto keys on the blockchain as a form of ownership It really doesn't. > The world has fundamentally changed It really hasn't.
  - recursive 5y ago
    Are you saying someone's going to stop my from downloading the JPEG with guns?