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I'm not an NFT supporter but they might have utility. I'm certainly interested in a more robust debate about their potential than "get off my lawn". Further, i

I'm not an NFT supporter but they might have utility. I'm certainly interested in a more robust debate about their potential than "get off my lawn". Further, it's silly to imply that the current system of tracking + transferring assets doesn't have any carbon footprint.

fullshark 5y ago
The only value I can see is impressing people in the digital sphere, and a lot of people have digital friends they are happy to impress. It’s like a signal you were early on crypto right now and that’s giving some people cache with people online.
- sfourdrinier 5y ago
  They are certificates of ownership. When you own a NFT and it's in your wallet it shows that you own something. This can be used for membership for example where the owner of that NFT is automatically granted access to ... something...? There are also smart contracts associated with NFTs... Can encode royalties and other things. For example a creator of an NFT could encode a 5% royalty associated. This means that when that NFT is sold subsequently the original author will make 5% of the sale price. Some people are starting to sell NFTs like a commitment to give a % of a particular revenue. It's a digital contract. But sure. Part of owning a NFT you can often display something... Visual. Because well, we live in a visual world.. and right now it's the foundation of many NFT collections. It's so much more than just art. The smart contract allow many more use cases in the future to prove that you own something, or are a member of something.
  - fl0wenol 5y ago
    I think the issue is just that NFTs solve a problem that doesn't exist. Any system where an experience is gated by user attestation is necessarily self-contained (asset, payment, user account) to more effectively extract money from participants. No one is federating this, and what would they gain to do so? There is value in perhaps validation of proof of membership in entities where they have mutual agreements to unlock extra capabilities without having to link their backends, but there are other ways to accomplish the same things... like OAuth.

fullshark 5y ago

The only value I can see is impressing people in the digital sphere, and a lot of people have digital friends they are happy to impress. It’s like a signal you were early on crypto right now and that’s giving some people cache with people online.

sfourdrinier 5y ago
They are certificates of ownership. When you own a NFT and it's in your wallet it shows that you own something. This can be used for membership for example where the owner of that NFT is automatically granted access to ... something...? There are also smart contracts associated with NFTs... Can encode royalties and other things. For example a creator of an NFT could encode a 5% royalty associated. This means that when that NFT is sold subsequently the original author will make 5% of the sale price. Some people are starting to sell NFTs like a commitment to give a % of a particular revenue. It's a digital contract. But sure. Part of owning a NFT you can often display something... Visual. Because well, we live in a visual world.. and right now it's the foundation of many NFT collections. It's so much more than just art. The smart contract allow many more use cases in the future to prove that you own something, or are a member of something.
- fl0wenol 5y ago
  I think the issue is just that NFTs solve a problem that doesn't exist. Any system where an experience is gated by user attestation is necessarily self-contained (asset, payment, user account) to more effectively extract money from participants. No one is federating this, and what would they gain to do so? There is value in perhaps validation of proof of membership in entities where they have mutual agreements to unlock extra capabilities without having to link their backends, but there are other ways to accomplish the same things... like OAuth.