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The NFT (Erc721) technology has started and will continue to disrupt so many parts of life that it is nearly unfathomable. The technology was championed throug

The NFT (Erc721) technology has started and will continue to disrupt so many parts of life that it is nearly unfathomable. The technology was championed through artistic channels and we're still very early which is why it is the majority of the attention. Some of these NFTs have intrinsic value simply for being the firsts/help create upon a technology that will continue to permeate through our culture and livelihood.

fouc 5y ago
disrupt how?
- flignats 5y ago
  There are many ways, right now the media focuses on the artistic disruptions. https://twitter.com/darrenrovell/status/1435967697913880580 https://twitter.com/darrenrovell/status/1435967697913880580 Never before have artists had this much control of their ip.
  - slg 5y ago
    I'm not following your argument unless your definition of "disrupt" is simply "to make more expensive".
    - flignats 5y ago
      Then you are not interested in finding out answers that do not agree with you. It is very clear that IP ownership has been disrupted with several positive, value-added mechanisms. This is no longer an opinion.
  - xemoka 5y ago
    Yeah, I still just don't get it. That whole twitter feeds looks like a hunt for a greater fool. This doesn't seem like artists controlling their IP, to me it seems like another method of sales that lets them tap into essentially a pineapple fund. Those who made money in crypto, sloshing around the excess, making it look bigger and bigger.
- jcfrei 5y ago
  In the most general way I would say NFTs allow for a more granular monetization of things. If you look at the history of finance it's a step by step progression to monetize smaller and more abstract things. It went from monetizing parcels of land (farmers paying a tithe), goods (farmers selling their own crops), services (people selling their labour), financial assets (selling future cash flows of a company or person), royalties (ownership rights to art, technology, patents, etc) down to ideas and bits of code (NFTs).
  - mdoms 5y ago
    As you say we've been doing this for centuries. Why do we need NFTs? What specific problem(s) do they solve?
    - jcfrei 5y ago
      They are not solving a problem. They are creating a new market. Maybe in the long term this new type of market will be a benefit to society or maybe people will lose interest.
    - dcolkitt 5y ago
      I bought a house. I paid an escrow company a hefty fee to essentially hold a pile of money in a trusted way while the property was under contract. Now imagine we transfer ownership of the house to a DAO tied to an NFT. American law allows corporations to be governed by software. So the house is nominally owned by a Wyoming DAO LLC, which gives management rights to whoever holds an NFT on the blockchain. We’ve legally tied control of the property to an NFT. If you want to sell me the house, we no longer need to transfer control of the property, we just exchange the NFT. Instead of using an escrow company, we can use an off the shelf smart contract which holds the escrow and automatically governs most common cases. The escrow smart contract can defer any out-of-band disputes to a mutually agreed upon private arbitration entity. We’re not confined to local law, and can choose whatever private legal system we want from anywhere in the world. Simply point the smart contract at the arbitrator’s public address. Imagine being able to use Delaware Chancery Courts instead of a corrupt Louisiana rural parish. When the property is an NFT, we can now borrow against it by directly accessing a global market of DeFi capital. No more paying the bank and mortgage services 1%+ of spread. Simply construct the mortgage as a smart contract, which controls ownership over the NFT. No more worrying about local judges interfering with foreclosures. Default on the mortgage is now a much simpler and faster eviction process since the homeowner is legally just a tenant of the DAO. Those individual mortgage smart contracts can now be packaged and pooled, with the risk tranches in such a way to maximize capital efficiency. Again none of the massive frictions that existed n 2008, where foreclosures went slow as molasses because formal title and liens got lost in byzantine county clerks across the country. No fraud where banks and mortgage brokers stuff structured credit pools with crap. Every mortgage pool is instantly auditable but anyone using on-chain data. Foreclosures can be executed in real time and capital rebalanced instantly. That drastically reduces the risk of a cascading series of failures from a hidden pool of risk that we saw in 2008. It also allows for much higher leverage in the financial system, as margin calls can be made much faster and 24/7.
- user-the-name 5y ago
  Sending some people to jail, probably.
mdoms 5y ago
None of them have intrinsic value. The word "intrinsic" has meaning, and this ain't it.
- flignats 5y ago
  My guess is you will be able to look back at this comment in a couple of years and see why it was clear that some NFTs do have intrinsic value.

fouc 5y ago

disrupt how?

flignats 5y ago
There are many ways, right now the media focuses on the artistic disruptions. https://twitter.com/darrenrovell/status/1435967697913880580 https://twitter.com/darrenrovell/status/1435967697913880580 Never before have artists had this much control of their ip.
- slg 5y ago
  I'm not following your argument unless your definition of "disrupt" is simply "to make more expensive".
  - flignats 5y ago
    Then you are not interested in finding out answers that do not agree with you. It is very clear that IP ownership has been disrupted with several positive, value-added mechanisms. This is no longer an opinion.
- xemoka 5y ago
  Yeah, I still just don't get it. That whole twitter feeds looks like a hunt for a greater fool. This doesn't seem like artists controlling their IP, to me it seems like another method of sales that lets them tap into essentially a pineapple fund. Those who made money in crypto, sloshing around the excess, making it look bigger and bigger.
jcfrei 5y ago
In the most general way I would say NFTs allow for a more granular monetization of things. If you look at the history of finance it's a step by step progression to monetize smaller and more abstract things. It went from monetizing parcels of land (farmers paying a tithe), goods (farmers selling their own crops), services (people selling their labour), financial assets (selling future cash flows of a company or person), royalties (ownership rights to art, technology, patents, etc) down to ideas and bits of code (NFTs).
- mdoms 5y ago
  As you say we've been doing this for centuries. Why do we need NFTs? What specific problem(s) do they solve?
  - jcfrei 5y ago
    They are not solving a problem. They are creating a new market. Maybe in the long term this new type of market will be a benefit to society or maybe people will lose interest.
  - dcolkitt 5y ago
    I bought a house. I paid an escrow company a hefty fee to essentially hold a pile of money in a trusted way while the property was under contract. Now imagine we transfer ownership of the house to a DAO tied to an NFT. American law allows corporations to be governed by software. So the house is nominally owned by a Wyoming DAO LLC, which gives management rights to whoever holds an NFT on the blockchain. We’ve legally tied control of the property to an NFT. If you want to sell me the house, we no longer need to transfer control of the property, we just exchange the NFT. Instead of using an escrow company, we can use an off the shelf smart contract which holds the escrow and automatically governs most common cases. The escrow smart contract can defer any out-of-band disputes to a mutually agreed upon private arbitration entity. We’re not confined to local law, and can choose whatever private legal system we want from anywhere in the world. Simply point the smart contract at the arbitrator’s public address. Imagine being able to use Delaware Chancery Courts instead of a corrupt Louisiana rural parish. When the property is an NFT, we can now borrow against it by directly accessing a global market of DeFi capital. No more paying the bank and mortgage services 1%+ of spread. Simply construct the mortgage as a smart contract, which controls ownership over the NFT. No more worrying about local judges interfering with foreclosures. Default on the mortgage is now a much simpler and faster eviction process since the homeowner is legally just a tenant of the DAO. Those individual mortgage smart contracts can now be packaged and pooled, with the risk tranches in such a way to maximize capital efficiency. Again none of the massive frictions that existed n 2008, where foreclosures went slow as molasses because formal title and liens got lost in byzantine county clerks across the country. No fraud where banks and mortgage brokers stuff structured credit pools with crap. Every mortgage pool is instantly auditable but anyone using on-chain data. Foreclosures can be executed in real time and capital rebalanced instantly. That drastically reduces the risk of a cascading series of failures from a hidden pool of risk that we saw in 2008. It also allows for much higher leverage in the financial system, as margin calls can be made much faster and 24/7.
user-the-name 5y ago
Sending some people to jail, probably.

mdoms 5y ago

None of them have intrinsic value. The word "intrinsic" has meaning, and this ain't it.

flignats 5y ago
My guess is you will be able to look back at this comment in a couple of years and see why it was clear that some NFTs do have intrinsic value.