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Car/bag/cloth/jewelry/art - these type of things are sometime considered status symbol. It help people convey certain “message” to other. NFT might could be th

Car/bag/cloth/jewelry/art - these type of things are sometime considered status symbol. It help people convey certain “message” to other. NFT might could be the same in the ever more virtual world. I might not be be the target audience; but it does not meant that it hold no value to other. People spent lots of money on game skins, rare weapon. So there is a market. When one goes to a physical conference: flair/badges serves similar purpose. NFT could be that in zoom/team/slack. My naive way of looking at NFT: Maybe it can be used to help fund open source free software. Instead piece of art; a flair/pin/badge for showing your support for your favor projects. do not underestimate people's vanity.

teej 5y ago
When it comes to luxury cars and clothes, you force others to see that you’ve spent for status. That doesn’t exist for NFTs. There’s no public forum I can go to where others are forced to observe my status signals. High end art is more about investing, money laundering, and tax havens then status.
- cryptoboid 5y ago
  Well, it doesn't exist...yet. NFTs could serve as badges, why not?
- darcys22 5y ago
  Except twitter profile pictures now right? Verified NFTs are in the pipeline. https://twitter.com/af_mada/status/1443243702156206089?s=20 https://twitter.com/af_mada/status/1443243702156206089?s=20
  - ALittleLight 5y ago
    How? Your Twitter profile picture is an image. What stops me from saving your profile and setting mine to the same thing? Are you suggesting Twitter validates that a Twitter account owns an NFT and shows a check/badge/whatever? I also don't think that works. Whatever rare NFT you have I can go make a visually identical NFT for <minimum cost of an NFT> and confirm that I own that NFT. I often think that I must be missing something about NFTs because they seem breathtakingly stupid. But, I've yet to find out what I don't understand about them.
    - omarfarooq 5y ago
      > Whatever rare NFT you have I can go make a visually identical NFT for <minimum cost of an NFT> and confirm that I own that NFT. Yes but your NFT would be deployed on a copycat (ie. replica, inauthentic) smart contract.
      - seqizz 5y ago
        Would this matter? Would still have "legit" logo like the authentic one.
        omarfarooq 5y ago
        It wouldn't matter if you're intention is to fool the gullible or uninformed.
        meheleventyone 5y ago
        The Twitter verification is for status, if the status also requires the person seeing the profile has to find the contract existing with the profile NFT and then exhaustively find out if there is an “original” then the whole verification process isn’t fit for purpose. Basically everyone ends up ill informed.
    - darcys22 5y ago
      Twitter is building exactly that apparently, you would get an ethereum checkmark next to your profile pic if that image is verified. There is definitely discussion happening on exactly your point, but i imagine there are options to combat the fake NFTs given that you can't fake a signature from a known public key. Given that there are so many NFT projects I speculate that the twitter verification will only happen for a small subset though.
      - larsiusprime 5y ago
        So we’re trusting a centralized service, cool.
  - spupy 5y ago
    I just don't see a single positive side of this. Cool, now more people can flaunt their wealth in a brand new way. It's like Fortnite skins, but more extreme and for adults. Just one more way to rope people into wasting money on mostly useless shit.
- deleted 5y ago
  [deleted]
mleonhard 5y ago
The term for this is "Veblen good" [0]. [0] https://en.wikipedia.org/wiki/Veblen_good https://en.wikipedia.org/wiki/Veblen_good
NicoJuicy 5y ago
If someone comes to me and they said they paid 50 k for an NFT. And try to brag... I will literally crawl on the floor to laugh at that stupidity.
steerablesafe 5y ago
The author of PPSSPP also sells a "gold" version. The only difference is the icon. https://central.ppsspp.org/whygold https://central.ppsspp.org/whygold

teej 5y ago

When it comes to luxury cars and clothes, you force others to see that you’ve spent for status. That doesn’t exist for NFTs. There’s no public forum I can go to where others are forced to observe my status signals. High end art is more about investing, money laundering, and tax havens then status.

cryptoboid 5y ago
Well, it doesn't exist...yet. NFTs could serve as badges, why not?
darcys22 5y ago
Except twitter profile pictures now right? Verified NFTs are in the pipeline. https://twitter.com/af_mada/status/1443243702156206089?s=20 https://twitter.com/af_mada/status/1443243702156206089?s=20
- ALittleLight 5y ago
  How? Your Twitter profile picture is an image. What stops me from saving your profile and setting mine to the same thing? Are you suggesting Twitter validates that a Twitter account owns an NFT and shows a check/badge/whatever? I also don't think that works. Whatever rare NFT you have I can go make a visually identical NFT for <minimum cost of an NFT> and confirm that I own that NFT. I often think that I must be missing something about NFTs because they seem breathtakingly stupid. But, I've yet to find out what I don't understand about them.
  - omarfarooq 5y ago
    > Whatever rare NFT you have I can go make a visually identical NFT for <minimum cost of an NFT> and confirm that I own that NFT. Yes but your NFT would be deployed on a copycat (ie. replica, inauthentic) smart contract.
    - seqizz 5y ago
      Would this matter? Would still have "legit" logo like the authentic one.
      - omarfarooq 5y ago
        It wouldn't matter if you're intention is to fool the gullible or uninformed.
        meheleventyone 5y ago
        The Twitter verification is for status, if the status also requires the person seeing the profile has to find the contract existing with the profile NFT and then exhaustively find out if there is an “original” then the whole verification process isn’t fit for purpose. Basically everyone ends up ill informed.
  - darcys22 5y ago
    Twitter is building exactly that apparently, you would get an ethereum checkmark next to your profile pic if that image is verified. There is definitely discussion happening on exactly your point, but i imagine there are options to combat the fake NFTs given that you can't fake a signature from a known public key. Given that there are so many NFT projects I speculate that the twitter verification will only happen for a small subset though.
    - larsiusprime 5y ago
      So we’re trusting a centralized service, cool.
- spupy 5y ago
  I just don't see a single positive side of this. Cool, now more people can flaunt their wealth in a brand new way. It's like Fortnite skins, but more extreme and for adults. Just one more way to rope people into wasting money on mostly useless shit.
deleted 5y ago
[deleted]

mleonhard 5y ago

The term for this is "Veblen good" [0]. [0] https://en.wikipedia.org/wiki/Veblen_good https://en.wikipedia.org/wiki/Veblen_good

NicoJuicy 5y ago

If someone comes to me and they said they paid 50 k for an NFT. And try to brag... I will literally crawl on the floor to laugh at that stupidity.

steerablesafe 5y ago

The author of PPSSPP also sells a "gold" version. The only difference is the icon. https://central.ppsspp.org/whygold https://central.ppsspp.org/whygold