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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

by 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.
      - mathdroid 5y ago
        I mean everyone can verify the ownership too since it's on the public blockchain?
        meheleventyone 5y ago
        Right but who verifies that the particular NFT is the original one that has all the feel good magic and not a copy someone else minted?
        Igelau 5y ago
        It's almost like Twitter is doing a great public service by building exactly what's needed to show that this is, in fact, bullshit.
        meheleventyone 5y ago
        Similarly all the crypto metaverse projects although they're not as mainstream suffer this problem. There's a reason Will Wright's new "NFT" game runs its own chain.
        mathdroid 5y ago
  - dmarcos 5y ago
    They could easily show provenance info (author or collection name) in addition to the badge. Your fake image will be spot quickly.
  - paxys 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 Can you sign that NFT with the creator's private key?
    - enlyth 5y ago
      Yes, you can sign it with your own private key because you are now the "creator". That's the point of digital assets, they are fungible by definition because it's a bunch of 1s and 0s, doesn't matter which system you run it on you will get an indistinguishable output.
      - paxys 5y ago
        Yet two fully bit-by-bit identical digital assets can have very different social and monetary value based on who stamped their name on it.
        meheleventyone 5y ago
        Of course for that to work you need an easy way to check who owns a particular wallet so you can verify they did actually stamp their name on it. And quite a lot of NFTs exist without this level of proof hence rampant fraud.
      - darcys22 5y ago
        Except the world knows who the creator is and your 1s and 0s aint it
  - Igelau 5y ago
    > I often think that I must be missing something about NFTs because they seem breathtakingly stupid. That's exactly how you know you've got it. The difference is that you didn't feel the heat of FOMO convincing you to dive in without an understanding.
  - navd 5y ago
    Huh? You would have to authenticate with Twitter using your crypto wallet to prove you own the wallet associated with the NFT. Twitter would know the contract addresses of the original NFT so even if you created your own smart contract with identical images it wouldn't be the original...
- 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]

by teej 5y ago

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.
    - mathdroid 5y ago
      I mean everyone can verify the ownership too since it's on the public blockchain?
      - meheleventyone 5y ago
        Right but who verifies that the particular NFT is the original one that has all the feel good magic and not a copy someone else minted?
        Igelau 5y ago
        It's almost like Twitter is doing a great public service by building exactly what's needed to show that this is, in fact, bullshit.
        meheleventyone 5y ago
        Similarly all the crypto metaverse projects although they're not as mainstream suffer this problem. There's a reason Will Wright's new "NFT" game runs its own chain.
        mathdroid 5y ago
- dmarcos 5y ago
  They could easily show provenance info (author or collection name) in addition to the badge. Your fake image will be spot quickly.
- paxys 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 Can you sign that NFT with the creator's private key?
  - enlyth 5y ago
    Yes, you can sign it with your own private key because you are now the "creator". That's the point of digital assets, they are fungible by definition because it's a bunch of 1s and 0s, doesn't matter which system you run it on you will get an indistinguishable output.
    - paxys 5y ago
      Yet two fully bit-by-bit identical digital assets can have very different social and monetary value based on who stamped their name on it.
      - meheleventyone 5y ago
        Of course for that to work you need an easy way to check who owns a particular wallet so you can verify they did actually stamp their name on it. And quite a lot of NFTs exist without this level of proof hence rampant fraud.
    - darcys22 5y ago
      Except the world knows who the creator is and your 1s and 0s aint it
- Igelau 5y ago
  > I often think that I must be missing something about NFTs because they seem breathtakingly stupid. That's exactly how you know you've got it. The difference is that you didn't feel the heat of FOMO convincing you to dive in without an understanding.
- navd 5y ago
  Huh? You would have to authenticate with Twitter using your crypto wallet to prove you own the wallet associated with the NFT. Twitter would know the contract addresses of the original NFT so even if you created your own smart contract with identical images it wouldn't be the original...
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]