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I’m not a fan of art NFTs and think this is cool, but NFTs aren’t about art, this is one application of NFTs that’s gotten way overhyped. This is like saying th

I’m not a fan of art NFTs and think this is cool, but NFTs aren’t about art, this is one application of NFTs that’s gotten way overhyped. This is like saying that the internet is a thing you buy to access Facebook - accessing Facebook is one thing you can use the internet for, but it wasn’t designed for that and you’d be better off avoiding that site altogether.

nix0n 5y ago
What are the other applications of NFTs?
- gonehome 5y ago
  Urbit IDs are the quickest example. NFTs can basically act as identity tokens that prove community membership. They can optionally have art as part of that (like BAYC), but they can also allow access to systems (like the Urbit network). This opens up a lot of potential interesting things, if you can have ID ownership that's on a public ledger that you can then rely on for access to different systems that'd be pretty interesting. I think they're pretty cool and while I was initially skeptical of the art stuff, it's interesting to see artists get money from creating things (even via resale royalties) - the best ones are leveraging that to build communities around their NFTs (events, more art, etc.) - like a club. Ownership and value are weird things anyway - especially around art. Partly tied to scarcity, partly status, social value etc. People can sneer and dismiss NFT art, but a lot of value outside of NFTs is determined by shared perception and artificial scarcity/status anyway.
jeremyjh 5y ago
I'd love to learn about the useful real world application of NFTs that aren't overhyped.
- pkulak 5y ago
  Concert/event tickets. Titles/deeds, anything where you need to prove ownership of something. Proving you own a JPEG is a bit silly. Proving you paid for seat 4, row 10, section 8 on November 18, 2021 seems useful.
  - delecti 5y ago
    What makes NFTs better at either of those applications than just a database? Ticketmaster is garbage, but I can't say I've ever had any uncertainty about whether I owned a concert ticket. And titles/deeds are perfect examples of why NFTs are worse than the current solution. I don't want my house getting repossessed because I got hacked.
    - CobrastanJorji 5y ago
      If I had to guess, it's because they're presumably transferable in a way that would be hard to cheat, making digital reselling easier. It would help create a secondary market for tickets, the primary use case would presumably be scalping. For that same reason, I couldn't imagine why any ticket vendor would be inclined to go down this path.
    - pkulak 5y ago
      If I buy something, it would be nice to know it's actually mine and I don't have to ask permission to re-sell it. So no, I don't see Ticket Master doing this any time soon. But ya know, maybe Pearl Jam would like to use NFTs to sell seats some day? Who knows. As far as deeds to important things; you can lose the title to your house in the current system too. It's why you pay for title insurance. Would I like my home dependent on me never loosing a 128-bit key? Probably not. I'm fine with Ticketmaster and the paper title to my house. But my examples are at least a million times better than the hosted JPEG stuff, which I think was the only bar I had to cross. :D
      - setr 5y ago
        I’m fairly positive title insurance has nothing to do with losing the title. It’s dealing with the problem: someone sold you a house, but they weren’t actually allowed to do that. With possibilities ranging from they didn’t actually own the house, to they were mentally competent to make the decision, to the house was incorrectly registered in the gov systems. You would still need this in a title-in-NFT world, because an NFT is just supplanting the government title office, which is actually the final source of truth on ownership (not the literal paper title). And like the government office, which is really acting as a convoluted database (which is all the NFT chain is doing as well), you still have all the problems of dealing with fallible humans. It’s basically a case of the naive rewrite — the current solution is too complex, so we’ll scrap it and start over… without realizing some of the complexity was accidental, but it was largely essential from dealing with all the edge cases.
CobrastanJorji 5y ago
My knowledge of NFTs comes down to "they're virtual baseball cards for art." Could you give me an example of a valuable NFT which is not just an image?
- deleted 5y ago
  [deleted]
- newacc9 5y ago
  "Apefest this week really drove home that BAYC is a: - social club - streetwear brand - art collection - events organizer - media collective" https://twitter.com/beijingdou/status/1456311471613349896?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1456311471613349896%7Ctwgr%5E%7Ctwcon%5Es1_ https://twitter.com/beijingdou/status/1456311471613349896?re...
- yokem55 5y ago
  ENS names (foobar.eth) are NFT's.
- Gigachad 5y ago
  NFTs are not an image at all. They are a signed data packet which links to the image because the image itself is too large to fit. It's like buying the receipt for an expensive purchase except you don't really get anything and it still costs a lot. As far as I can tell, the entire thing is hyped by people making lots of money off it and bought by people looking for attention.
- kipchak 5y ago
  One potential use is consent management healthcare such as consent to participate in a medical trial.[1] "Supply chains" is probably the classic example.[2] [1]https://hedera.com/users/acoer https://hedera.com/users/acoer [2]https://www.weforum.org/agenda/2021/09/if-data-is-the-new-oil-then-enterprise-nfts-are-the-tankers/ https://www.weforum.org/agenda/2021/09/if-data-is-the-new-oi...
  - CobrastanJorji 5y ago
    I don't understand how using an NFT for consent improves on signing a consent form.

nix0n 5y ago

What are the other applications of NFTs?

gonehome 5y ago
Urbit IDs are the quickest example. NFTs can basically act as identity tokens that prove community membership. They can optionally have art as part of that (like BAYC), but they can also allow access to systems (like the Urbit network). This opens up a lot of potential interesting things, if you can have ID ownership that's on a public ledger that you can then rely on for access to different systems that'd be pretty interesting. I think they're pretty cool and while I was initially skeptical of the art stuff, it's interesting to see artists get money from creating things (even via resale royalties) - the best ones are leveraging that to build communities around their NFTs (events, more art, etc.) - like a club. Ownership and value are weird things anyway - especially around art. Partly tied to scarcity, partly status, social value etc. People can sneer and dismiss NFT art, but a lot of value outside of NFTs is determined by shared perception and artificial scarcity/status anyway.

jeremyjh 5y ago

I'd love to learn about the useful real world application of NFTs that aren't overhyped.

pkulak 5y ago
Concert/event tickets. Titles/deeds, anything where you need to prove ownership of something. Proving you own a JPEG is a bit silly. Proving you paid for seat 4, row 10, section 8 on November 18, 2021 seems useful.
- delecti 5y ago
  What makes NFTs better at either of those applications than just a database? Ticketmaster is garbage, but I can't say I've ever had any uncertainty about whether I owned a concert ticket. And titles/deeds are perfect examples of why NFTs are worse than the current solution. I don't want my house getting repossessed because I got hacked.
  - CobrastanJorji 5y ago
    If I had to guess, it's because they're presumably transferable in a way that would be hard to cheat, making digital reselling easier. It would help create a secondary market for tickets, the primary use case would presumably be scalping. For that same reason, I couldn't imagine why any ticket vendor would be inclined to go down this path.
  - pkulak 5y ago
    If I buy something, it would be nice to know it's actually mine and I don't have to ask permission to re-sell it. So no, I don't see Ticket Master doing this any time soon. But ya know, maybe Pearl Jam would like to use NFTs to sell seats some day? Who knows. As far as deeds to important things; you can lose the title to your house in the current system too. It's why you pay for title insurance. Would I like my home dependent on me never loosing a 128-bit key? Probably not. I'm fine with Ticketmaster and the paper title to my house. But my examples are at least a million times better than the hosted JPEG stuff, which I think was the only bar I had to cross. :D
    - setr 5y ago
      I’m fairly positive title insurance has nothing to do with losing the title. It’s dealing with the problem: someone sold you a house, but they weren’t actually allowed to do that. With possibilities ranging from they didn’t actually own the house, to they were mentally competent to make the decision, to the house was incorrectly registered in the gov systems. You would still need this in a title-in-NFT world, because an NFT is just supplanting the government title office, which is actually the final source of truth on ownership (not the literal paper title). And like the government office, which is really acting as a convoluted database (which is all the NFT chain is doing as well), you still have all the problems of dealing with fallible humans. It’s basically a case of the naive rewrite — the current solution is too complex, so we’ll scrap it and start over… without realizing some of the complexity was accidental, but it was largely essential from dealing with all the edge cases.

CobrastanJorji 5y ago

My knowledge of NFTs comes down to "they're virtual baseball cards for art." Could you give me an example of a valuable NFT which is not just an image?

deleted 5y ago
[deleted]
newacc9 5y ago
"Apefest this week really drove home that BAYC is a: - social club - streetwear brand - art collection - events organizer - media collective" https://twitter.com/beijingdou/status/1456311471613349896?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1456311471613349896%7Ctwgr%5E%7Ctwcon%5Es1_ https://twitter.com/beijingdou/status/1456311471613349896?re...
yokem55 5y ago
ENS names (foobar.eth) are NFT's.
Gigachad 5y ago
NFTs are not an image at all. They are a signed data packet which links to the image because the image itself is too large to fit. It's like buying the receipt for an expensive purchase except you don't really get anything and it still costs a lot. As far as I can tell, the entire thing is hyped by people making lots of money off it and bought by people looking for attention.
kipchak 5y ago
One potential use is consent management healthcare such as consent to participate in a medical trial.[1] "Supply chains" is probably the classic example.[2] [1]https://hedera.com/users/acoer https://hedera.com/users/acoer [2]https://www.weforum.org/agenda/2021/09/if-data-is-the-new-oil-then-enterprise-nfts-are-the-tankers/ https://www.weforum.org/agenda/2021/09/if-data-is-the-new-oi...
- CobrastanJorji 5y ago
  I don't understand how using an NFT for consent improves on signing a consent form.