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I should be ashamed for paying a reasonable price to purchase an NFT to support a unique artist whose work I enjoy? Sure, the NFT current scene is extremely ov

I should be ashamed for paying a reasonable price to purchase an NFT to support a unique artist whose work I enjoy? Sure, the NFT current scene is extremely overvalued and filled with fraudsters and low effort cash grabs, but once that implodes, I think it's great if artists will have a means to sell digital art to a wide audience. Tech dudes with tech salaries hating on an avenue for artists to make a living should be ashamed of themselves.

pcwalton 5y ago
NFTs are something "tech dudes" created, not something artists were actually asking for. This is reflected in the amount of utility NFTs as a concept generally bring to artists: negative, because of the constant stress of having to file takedowns on fraudulent NFTs. It's unbelievable how much time artists nowadays are forced to devote to combatting NFT fraud.
magicalhippo 5y ago
Why buy a NFT and not just send them money via Paypal, Patreon or similar?
- p_l 5y ago
  Rarely, rarely, you hit the mythical 1 promile case where the blockchain works where other options don't. But it's rare, and usually involves actual involvement with the creator, not some scummy mass production scam like Bored Apes.
- berberous 5y ago
  Human nature. Humans like to collect things, and if you feel like you own a limited edition of something, you will be more inclined to purchase it. DVDs were a cash cow for the movie industry, in a way that streaming (including the ability to buy on digital services) is not. I don’t necessarily think it’s logical to collect DVDs, toys, concert merchandise, or NFTs, but if humanity appears to enjoy it, and it thus creates a sizeable revenue stream for artists, what is the harm? Your way is logical, but will in fact not have the same result.
  - magicalhippo 5y ago
    But if you collect DVDs or toys at least you have something. The NFTs are essentially hot air tulips in comparison, as far as I can gather. If the NFT itself contained the artists signature of the actual work, the bits in a PNG or similar, as well as the license for that work, then that would be something at least.
- Jxl180 5y ago
  Because the artist will receive royalties every time that NFT is sold in perpetuity with a percentage as defined in the smart contract.

pcwalton 5y ago

NFTs are something "tech dudes" created, not something artists were actually asking for. This is reflected in the amount of utility NFTs as a concept generally bring to artists: negative, because of the constant stress of having to file takedowns on fraudulent NFTs. It's unbelievable how much time artists nowadays are forced to devote to combatting NFT fraud.

magicalhippo 5y ago

Why buy a NFT and not just send them money via Paypal, Patreon or similar?

p_l 5y ago
Rarely, rarely, you hit the mythical 1 promile case where the blockchain works where other options don't. But it's rare, and usually involves actual involvement with the creator, not some scummy mass production scam like Bored Apes.
berberous 5y ago
Human nature. Humans like to collect things, and if you feel like you own a limited edition of something, you will be more inclined to purchase it. DVDs were a cash cow for the movie industry, in a way that streaming (including the ability to buy on digital services) is not. I don’t necessarily think it’s logical to collect DVDs, toys, concert merchandise, or NFTs, but if humanity appears to enjoy it, and it thus creates a sizeable revenue stream for artists, what is the harm? Your way is logical, but will in fact not have the same result.
- magicalhippo 5y ago
  But if you collect DVDs or toys at least you have something. The NFTs are essentially hot air tulips in comparison, as far as I can gather. If the NFT itself contained the artists signature of the actual work, the bits in a PNG or similar, as well as the license for that work, then that would be something at least.
Jxl180 5y ago
Because the artist will receive royalties every time that NFT is sold in perpetuity with a percentage as defined in the smart contract.