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Decentralized proof of ownership only matters if people with guns think it matters. I saw a short video of Keanu Reeves laughing at NFTs because they had value

Decentralized proof of ownership only matters if people with guns think it matters. I saw a short video of Keanu Reeves laughing at NFTs because they had value but are easy to copy. Which I found somewhat funny. Keanu gets paid a lot because he acts in things that have value but are easy to copy (movies). The reason why those have a high value is because of copyright. The people that financed the film have control over the copying of the film. Because people with guns agree with the copyright scheme (US government). NFTs cannot have actual value unless people with the ability to enforce that scarcity cares about them.

angryasian 5y ago
not only that but the idea of ownership of a token and the underlying asset have yet to be challenged in court
basch 5y ago
>NFTs cannot have actual value unless people with the ability to enforce that scarcity cares about them. You're confusing the hyperlink with the destination. The hyperlink has scarcity and is impossible to copy. You can make a new near identical hyperlink, but it's not the same as the original, the community says so and will ignore the imposter. The hyperlink are what people are buying and flipping. It has whatever market value other participants agree it has.
shiohime 5y ago
NFTs do not have to be links to pictures on cloud / decentralized storage. That is just their primary implementation right now, but they can quite literally be a token to represent anything, not simply a jpg. But even in this case, yeah it's easy to make copies of the pictures. However, there is intrinsic value in owning something that is legitimate. However, I want to focus on the other possibilities for NFTs - I am making an NFT project that does have the art aspect, however the tokens also provide access to unique services like hooking into a video game engine to allow users to interact with their art. Since it's trivial to detect forgeries and ownership, even if someone was to create an NFT pointing to even the exact same piece of art, they would be denied access to the service as it is a forgery. Right now proof of ownership is usually in the form of discord bots allowing access to servers, but there's much more you can actually do with this concept than we are seeing now, like the example above.

angryasian 5y ago

not only that but the idea of ownership of a token and the underlying asset have yet to be challenged in court

basch 5y ago

>NFTs cannot have actual value unless people with the ability to enforce that scarcity cares about them. You're confusing the hyperlink with the destination. The hyperlink has scarcity and is impossible to copy. You can make a new near identical hyperlink, but it's not the same as the original, the community says so and will ignore the imposter. The hyperlink are what people are buying and flipping. It has whatever market value other participants agree it has.

shiohime 5y ago

NFTs do not have to be links to pictures on cloud / decentralized storage. That is just their primary implementation right now, but they can quite literally be a token to represent anything, not simply a jpg. But even in this case, yeah it's easy to make copies of the pictures. However, there is intrinsic value in owning something that is legitimate. However, I want to focus on the other possibilities for NFTs - I am making an NFT project that does have the art aspect, however the tokens also provide access to unique services like hooking into a video game engine to allow users to interact with their art. Since it's trivial to detect forgeries and ownership, even if someone was to create an NFT pointing to even the exact same piece of art, they would be denied access to the service as it is a forgery. Right now proof of ownership is usually in the form of discord bots allowing access to servers, but there's much more you can actually do with this concept than we are seeing now, like the example above.