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>Another moment I would critique is the clever NFT, that displays different things. Yes, ERC-721 allows any URL as metadata file, so you can put traditional DNS

by eezurr 5y ago

>Another moment I would critique is the clever NFT, that displays different things. Yes, ERC-721 allows any URL as metadata file, so you can put traditional DNS-resolved URL there. But I would struggle to find any "respected" NFT collection that actually does that. Almost every high quality NFT project (Art Blocks, BAYC, so on) has IPFS as metadata URL, and goes as far as to freeze metadata, so it couldn't ever be changed. The problem with digital art is that it is infinitely copyable (at no cost) and untraceable (with little effort, and a huge/impossible effort to trace backwards). There's nothing stopping an artist from selling a work of art as edition 1 of 1, and then a month later "minting" another copy or 10. Secondly, there's no way to prove the image uploaded is from the original owner. What happens if someone steals someone else's work, mints an NFT and sells it, and the buyer finds out the next day? Thus, I cant be convinced a "respected" NFT collection / distributor can exist.

serverholic 5y ago
> There's nothing stopping an artist from selling a work of art as edition 1 of 1, and then a month later "minting" another copy or 10. There is a social cost to making a promise and breaking it. > What happens if someone steals someone else's work, mints an NFT and sells it, and the buyer finds out the next day? Don't buy from random sources. You have similar problems with Pokemon cards, for example. Lots of fakes and it's often hard to tell a fake. However, people have found ways around the issue.
- ShamelessC 5y ago
  "social cost" sounds like another way of saying "real-world trust".
  - TimJRobinson 5y ago
    Yes. The point of blockchains is to be able to trade value without middlemen. You still have to verify that what you're buying is legitimate.
    - ShamelessC 5y ago
      > You still have to verify that what you're buying is legitimate That it is challenging to evaluate the legitimacy of a seller with a potentially obfuscated identity living who-knows-where is the reason middlemen are inevitable. Even with blockchains.

by eezurr 5y ago

serverholic 5y ago

> There's nothing stopping an artist from selling a work of art as edition 1 of 1, and then a month later "minting" another copy or 10. There is a social cost to making a promise and breaking it. > What happens if someone steals someone else's work, mints an NFT and sells it, and the buyer finds out the next day? Don't buy from random sources. You have similar problems with Pokemon cards, for example. Lots of fakes and it's often hard to tell a fake. However, people have found ways around the issue.

ShamelessC 5y ago
"social cost" sounds like another way of saying "real-world trust".
- TimJRobinson 5y ago
  Yes. The point of blockchains is to be able to trade value without middlemen. You still have to verify that what you're buying is legitimate.
  - ShamelessC 5y ago
    > You still have to verify that what you're buying is legitimate That it is challenging to evaluate the legitimacy of a seller with a potentially obfuscated identity living who-knows-where is the reason middlemen are inevitable. Even with blockchains.