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And what value does this unique NFT have if it has no enforceable or enforced relation to reality?

by zohch 5y ago

capableweb 5y ago
Not sure how this is relevant to the discussion at hand. Either you think it's valuable, or you don't. I happen to think NFTs are not as valuable as others seemingly think, but they do have some use cases (apparently). What is reality anyway? We have a distributed, decentralized database (Ethereum) that people can set/get data in/from. Now we also have a abstraction on top of that that allows us to have unique data. What can we do with this? Fuck should I know, also I don't really care. Think of it what you want.
- zohch 5y ago
  > What is reality anyway? Have you not heard of this concept? Seems to be a bit of copout to explaining the value of an NFT given an NFT, by it's mere existence, has no bearing on anything outside of a blockchain. But if you are unclear on the concept: https://en.wikipedia.org/wiki/Reality https://en.wikipedia.org/wiki/Reality
  - capableweb 5y ago
    We seem to differ on the definition as I'd call blockchains and cryptocurrencies real (part of reality), but you somehow don't.
DSMan195276 5y ago
I feel like you're trying to find a more concrete reason than is necessary - the fact that it is unique can be valuable on its own. I can go buy a reproduction Picasso that looks identical to the original and from an art standpoint it's effective equivalent, but it's still worth nothing compared to a "real" one. The fact that the original was painted by Picasso is what provides it so much value, even though who painted a particular piece of art is not a physical part of the art itself. A unique NFT effectively provides value in the same way, it is valuable as long as people care about who/what issued it and thus want to be able to say they own that unique one. And while it's notable that digital art can be duplicated perfectly and physical art cannot, I don't personally think that matters all that much. People who are buying a Picasso aren't doing so just for the art, they're doing it so they can say they own a Picasso. In the same way you're not buying an NFT for the art itself, you're buying it because it's uniquely identifiable in a way you and others care about.
TylerE 5y ago
The value of being used in money laundering.

And what value does this unique NFT have if it has no enforceable or enforced relation to reality?

by zohch 5y ago

And what value does this unique NFT have if it has no enforceable or enforced relation to reality?

Not sure how this is relevant to the discussion at hand. Either you think it's valuable, or you don't. I happen to think NFTs are not as valuable as others seemingly think, but they do have some use cases (apparently). What is reality anyway? We have a distributed, decentralized database (Ethereum) that people can set/get data in/from. Now we also have a abstraction on top of that that allows us to have unique data. What can we do with this? Fuck should I know, also I don't really care. Think of it what you want.

zohch 5y ago
> What is reality anyway? Have you not heard of this concept? Seems to be a bit of copout to explaining the value of an NFT given an NFT, by it's mere existence, has no bearing on anything outside of a blockchain. But if you are unclear on the concept: https://en.wikipedia.org/wiki/Reality https://en.wikipedia.org/wiki/Reality
- capableweb 5y ago
  We seem to differ on the definition as I'd call blockchains and cryptocurrencies real (part of reality), but you somehow don't.

DSMan195276 5y ago

I feel like you're trying to find a more concrete reason than is necessary - the fact that it is unique can be valuable on its own. I can go buy a reproduction Picasso that looks identical to the original and from an art standpoint it's effective equivalent, but it's still worth nothing compared to a "real" one. The fact that the original was painted by Picasso is what provides it so much value, even though who painted a particular piece of art is not a physical part of the art itself. A unique NFT effectively provides value in the same way, it is valuable as long as people care about who/what issued it and thus want to be able to say they own that unique one. And while it's notable that digital art can be duplicated perfectly and physical art cannot, I don't personally think that matters all that much. People who are buying a Picasso aren't doing so just for the art, they're doing it so they can say they own a Picasso. In the same way you're not buying an NFT for the art itself, you're buying it because it's uniquely identifiable in a way you and others care about.

TylerE 5y ago

The value of being used in money laundering.