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> NFTs were an unenforceable joke "NFT Art" is a stupid implementation of NFTs that probably mostly exists for money laundering. I always thought of NFTs as a
by ls15 5y ago
> NFTs were an unenforceable joke
"NFT Art" is a stupid implementation of NFTs that probably mostly exists for money laundering.
I always thought of NFTs as a good backend for things like concert tickets or other kinds of "club memberships". This would not really have the enforceability problem, at least not more than traditional tickets, while some new features are added.
- cuteboy19 5y agoIf there is no way to enforce the NFTs, then they are useless. If someone is enforcing the NFTs then that someone could just as well store the data in some SQL table, since there is exactly 0 decentralisation in that case
- ls15 5y agoThere is also not really a way to enforce a physical concert ticket, but with a NFT, the owner can prove ownership and authenticity of the ticket (for example when re-selling a ticket), without relying on collaboration of the issuer of the ticket. The issuer can show that they created a fixed number of tickets and are not over-selling the event.
- creeble 5y ago>The issuer can show that they created a fixed number of tickets and are not over-selling the event. But there is no way to prove that the issuer is actually the person who "owns" the event. This all goes back to the oracle problem: Unless the proof exists on-chain (like the currency value of a public key), it is useless; there is still an "oracle" outside the chain that must provide the proof. This is why NFTs are not useful.
- _57jb 5y agoI agree with you. NFTs in their current hype cycle with art is a shallowly thought out implementation. It requires a governing body to source the originals but then you essentially have a coin at this point.