5 ms·
My current way to explain to non techies is that it's like those "Name a star" sales: * Artificial seeming scarcity out of something that's inherently abundant
by NikolaNovak 5y ago
My current way to explain to non techies is that it's like those "Name a star" sales:
* Artificial seeming scarcity out of something that's inherently abundant
* No actual ownership of actual thing
* Instead, a overly-detailed focus on mechanics of the process: We will send you a gilded certificate; we will put your entry into a leather bound book; this cook will be registered with United States Copyright Office; it will be added to Library of Congress, etc etc etc - giving seeming legitimacy to the endevour
The only thing that's missing, and it's a critical difference, is the complete lack of secondary market for named stars :D
- miracle2k 5y agoThere is another critical difference: The person creating the NFT is, in theory, the artist who as a claim to authorship of the work.
- Spivak 5y agoTrue, its more like an artist assigned numbers to all their works and sold the right to put your name on a website next to that number. Maybe for some artists that means something like getting a shoutout on their Patreon but totally worthless in abstract.
- miracle2k 5y agoSure. But if we create a community of art collectors for whom this sort of shoutout does mean something, then these things start to have concrete value - because you can sell yours to someone else. This means artists now can earn money by selling such intangible works, which strikes me as unequivocally a good thing.