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But you could have done this with a credit card. And I think for most people getting a piece of paper, physically signed by the author stating that it's their

But you could have done this with a credit card. And I think for most people getting a piece of paper, physically signed by the author stating that it's their work is far more valuable than some UUID on a computer.

mattdesl 5y ago
Some NFT platforms also support credit cards. But, I'd rather buy art in a way that doesn't include exploitative third parties that take a significant cut (Stripe, Shopify, PayPal, currency exchange fees when paying an artist in another country, etc). For reference, the last NFT I purchased on Hicetnunc.xyz had a protocol fee of 0.002947 XTZ (around 1¢ USD) and a platform fee of 2.5%, the rest of the sale went directly to the artist's wallet. To your second point; this remains to be seen—society can place value on many different abstract concepts, "ink on paper" may not be the only valuable vehicle for art and culture.
- atom_arranger 5y ago
  Platform fee of 2.5% doesn’t seem that different from the fees the payment processors you listed charge.
  - mattdesl 5y ago
    In practice, the fees in traditional e-commerce systems tend to be significantly higher than 2.5% (I say this as an artist running a Shopify print shop for a few years). Some services like Bandcamp are upwards of 12-18%. Hicetnunc fees are fixed, and the free market gives an opportunity for other platforms to improve on this if the community desires a marketplace with lower fees (it's much easier to build an alternative to Hicetnunc than an alternative Stripe/Shopify/PayPal). Artists are also given a 10-25% royalty (which they decide) for each resale of a token on the Hicetnunc marketplace. And, of course, since it is all peer-to-peer, you are free to exchange art tokens with no fees at all, save the negligible protocol/transaction fees.
- indigochill 5y ago
  > society can place value on many different abstract concepts What society definitely can't place value on is a URL to a digital asset that may or may not be there tomorrow, because an uninsured, untrusted value store can't be relied on. There's nothing saying NFT artifacts have to be digital, though, I'd think. Using them to facilitate trade of physical artifacts would back the trade with (relatively) reliable value stores (physical artifacts) while benefiting from the low transaction fees.
ThomPete 5y ago
you’d think that but you would be wrong. Kids today happily buy skins and items from games and are quite proud of them.

mattdesl 5y ago

Some NFT platforms also support credit cards. But, I'd rather buy art in a way that doesn't include exploitative third parties that take a significant cut (Stripe, Shopify, PayPal, currency exchange fees when paying an artist in another country, etc). For reference, the last NFT I purchased on Hicetnunc.xyz had a protocol fee of 0.002947 XTZ (around 1¢ USD) and a platform fee of 2.5%, the rest of the sale went directly to the artist's wallet. To your second point; this remains to be seen—society can place value on many different abstract concepts, "ink on paper" may not be the only valuable vehicle for art and culture.

atom_arranger 5y ago
Platform fee of 2.5% doesn’t seem that different from the fees the payment processors you listed charge.
- mattdesl 5y ago
  In practice, the fees in traditional e-commerce systems tend to be significantly higher than 2.5% (I say this as an artist running a Shopify print shop for a few years). Some services like Bandcamp are upwards of 12-18%. Hicetnunc fees are fixed, and the free market gives an opportunity for other platforms to improve on this if the community desires a marketplace with lower fees (it's much easier to build an alternative to Hicetnunc than an alternative Stripe/Shopify/PayPal). Artists are also given a 10-25% royalty (which they decide) for each resale of a token on the Hicetnunc marketplace. And, of course, since it is all peer-to-peer, you are free to exchange art tokens with no fees at all, save the negligible protocol/transaction fees.
indigochill 5y ago
> society can place value on many different abstract concepts What society definitely can't place value on is a URL to a digital asset that may or may not be there tomorrow, because an uninsured, untrusted value store can't be relied on. There's nothing saying NFT artifacts have to be digital, though, I'd think. Using them to facilitate trade of physical artifacts would back the trade with (relatively) reliable value stores (physical artifacts) while benefiting from the low transaction fees.

ThomPete 5y ago

you’d think that but you would be wrong. Kids today happily buy skins and items from games and are quite proud of them.