3 ms·

>The background of the artist and the piece's history is what gives it value That, and the fact that there is only one, it's not digital, and it can be authent

>The background of the artist and the piece's history is what gives it value That, and the fact that there is only one, it's not digital, and it can be authenticated (and also the artist is dead, so it is guaranteed there won't be any more). The "value" of an NFT is that there is only one unique occurrance of it in a pile of bits called a blockchain. It is very hard to hang it on a wall. Web3: not satisfied with the fundamental principle of digital abundance, we invented digital scarcity.

0x500x79 5y ago
In many ways it feels like we are recreating DRM, which was something that we weren't happy with as consumers, but this time: "It's different because it's crypto and I can make money on it".
max48 5y ago
>The "value" of an NFT is that there is only one unique occurrance of it in a pile of bits called a blockchain. It is very hard to hang it on a wall. It's worst than that because almost all NFTs are only an pointer/URL and the art itself is not on the chain.
- bootlooped 5y ago
  And the provenance of which NFT is legitimate and/or original is not on the chain either. I create myartwork.jpeg. Somebody creates an NFT of it. Later, I create an NFT of it. Even later a bunch of people make NFT replicas of both. Which NFT is legitimate? The blockchain doesn't know.
  - seibelj 5y ago
    If you publicly state which smart contract is your NFT, then that would be the real one. Similarly someone could claim a physical painting is yours, but you could publicly say it isn't. The blockchain doesn't know anymore than a physical canvas "knows" what is real and what is fake. The blockchain is a tool, the artist is the creator and arbiter of what the real NFT is.
    - bootlooped 5y ago
      > the artist is the creator and arbiter of what the real NFT is Then why can't they just be the arbiter of what the real JPEG is and skip a whole step?
    - max48 5y ago
      that's a very bad comparaison for 2 reasons: 1) Regardless of if the physical painting is the original or a copy made a talented painter, you can still enjoy how it looks on the wall. The painting doesn't magically disintegrate if you find out the certificate was forged. You also have no option but to buy it (or a replica) if you want to place it own your wall. With an NFT, the art itself is available to anyone, regardless of if you own the NFT. You never needed to buy an NFT to enjoy the art. The only thing of value in an NFT is the NFT itself, not the art that it represent. If the NFT is not authentic, it's a much bigger deal because now it loses all of its value, not just a portion of it. 2) Creating a fake painting that looks "original", even to an amateur that doesn't know anything about art, is hard and expensive. Even when the painter isn't trying to pass it as the original one, it can easily cost thousands of dollars to get decent quality replica that looks close to the real thing. To replicate the art of an NFT, it just takes a few clicks. It's not difficult or expensive to copy it. If you can't figure out how to do it, you probably don't need to spend more than 10$ to get someone online to do it for you.
      - seibelj 5y ago
        > With an NFT, the art itself is available to anyone, regardless of if you own the NFT. You never needed to buy an NFT to enjoy the art. The only thing of value in an NFT is the NFT itself, not the art that it represent. If the NFT is not authentic, it's a much bigger deal because now it loses all of its value, not just a portion of it. I can easily print out a high-quality Mona Lisa and put it on my wall, and I can enjoy it, but I wouldn't pretend I own it. > To replicate the art of an NFT, it just takes a few clicks. It's not difficult or expensive to copy it. If you can't figure out how to do it, you probably don't need to spend more than 10$ to get someone online to do it for you. It is mathematically impossible to copy the NFT. It isn't the same smart contract, it isn't the same NFT. It is theoretically possible to arrange atoms in the precise location of a physical object, however.

0x500x79 5y ago

In many ways it feels like we are recreating DRM, which was something that we weren't happy with as consumers, but this time: "It's different because it's crypto and I can make money on it".

max48 5y ago

>The "value" of an NFT is that there is only one unique occurrance of it in a pile of bits called a blockchain. It is very hard to hang it on a wall. It's worst than that because almost all NFTs are only an pointer/URL and the art itself is not on the chain.

bootlooped 5y ago
And the provenance of which NFT is legitimate and/or original is not on the chain either. I create myartwork.jpeg. Somebody creates an NFT of it. Later, I create an NFT of it. Even later a bunch of people make NFT replicas of both. Which NFT is legitimate? The blockchain doesn't know.
- seibelj 5y ago
  If you publicly state which smart contract is your NFT, then that would be the real one. Similarly someone could claim a physical painting is yours, but you could publicly say it isn't. The blockchain doesn't know anymore than a physical canvas "knows" what is real and what is fake. The blockchain is a tool, the artist is the creator and arbiter of what the real NFT is.
  - bootlooped 5y ago
    > the artist is the creator and arbiter of what the real NFT is Then why can't they just be the arbiter of what the real JPEG is and skip a whole step?
  - max48 5y ago
    that's a very bad comparaison for 2 reasons: 1) Regardless of if the physical painting is the original or a copy made a talented painter, you can still enjoy how it looks on the wall. The painting doesn't magically disintegrate if you find out the certificate was forged. You also have no option but to buy it (or a replica) if you want to place it own your wall. With an NFT, the art itself is available to anyone, regardless of if you own the NFT. You never needed to buy an NFT to enjoy the art. The only thing of value in an NFT is the NFT itself, not the art that it represent. If the NFT is not authentic, it's a much bigger deal because now it loses all of its value, not just a portion of it. 2) Creating a fake painting that looks "original", even to an amateur that doesn't know anything about art, is hard and expensive. Even when the painter isn't trying to pass it as the original one, it can easily cost thousands of dollars to get decent quality replica that looks close to the real thing. To replicate the art of an NFT, it just takes a few clicks. It's not difficult or expensive to copy it. If you can't figure out how to do it, you probably don't need to spend more than 10$ to get someone online to do it for you.
    - seibelj 5y ago
      > With an NFT, the art itself is available to anyone, regardless of if you own the NFT. You never needed to buy an NFT to enjoy the art. The only thing of value in an NFT is the NFT itself, not the art that it represent. If the NFT is not authentic, it's a much bigger deal because now it loses all of its value, not just a portion of it. I can easily print out a high-quality Mona Lisa and put it on my wall, and I can enjoy it, but I wouldn't pretend I own it. > To replicate the art of an NFT, it just takes a few clicks. It's not difficult or expensive to copy it. If you can't figure out how to do it, you probably don't need to spend more than 10$ to get someone online to do it for you. It is mathematically impossible to copy the NFT. It isn't the same smart contract, it isn't the same NFT. It is theoretically possible to arrange atoms in the precise location of a physical object, however.