5 ms·

The NFT craze has stopped being funny

16 points by lobo_tuerto 5y ago

PaulHoule 5y ago
The "ownership" is good enough if somebody is surrounded by people who also see the Emperor's clothes. Anyone who doesn't believe it can be dismissed as a "right-clicker". Initially I thought they had some interesting DRM technology but when I found out how weak it was I realized how desperate some people are for yet another asset they imagine is valuable. It makes me think a lot about Tom Wolfe's writings on subcultures https://en.wikipedia.org/wiki/The_Kandy-Kolored_Tangerine-Flake_Streamline_Baby https://en.wikipedia.org/wiki/The_Kandy-Kolored_Tangerine-Fl... https://en.wikipedia.org/wiki/The_Pump_House_Gang https://en.wikipedia.org/wiki/The_Pump_House_Gang which center around the idea that not everybody can be at the top of "the" social pyramid but that anybody can be at the top of a little social pyramid shared with a few other people.
Eddy_Viscosity2 5y ago
Folding Ideas recently did a very thorough takedown of the NFT: https://www.youtube.com/watch?v=YQ_xWvX1n9g https://www.youtube.com/watch?v=YQ_xWvX1n9g
wristycargo 5y ago
Solar Sands also offers an interesting critique of the actual art of some of the most popular NFTs: https://www.youtube.com/watch?v=wDtt24RxdLk https://www.youtube.com/watch?v=wDtt24RxdLk The fact that some of the most highly sought-after NFTs are randomly generated, really off-putting and not something I can bear to look at for a long time is enough to convince me that it's just a gold rush
- Comevius 5y ago
  There are two types of NFT art buyers, the one who buys it to sell it and the other is called a bag holder. But the bag holders are usually happy to spend money on a link to a website, even if the art is sloppy, they just want to be a part of the culture. They are buying a feeling. It's not unlike buying a diamond whatever or a car, boat, whatever you don't need.
scottiebarnes 5y ago
Seems pretty obvious to me, that like 2000 dot com era, NFTs are very hyped, most projects will fail, value will be wiped, but NFTs will remain part of our internet experience in some way like e-commerce is.
- ShamelessC 5y ago
  That isn't at all obvious.
  - miracle2k 5y ago
    It sort of is though. I wouldn't go as far as saying it will be as wide-spread as e-commerce; it will remain much more niche. But if you think the subcultures which are now being built around this are going to disappear, it's because you've only been exposed to the kind of media coverage that focuses on the speculative bubble and animal picture cash grabs.
    - ShamelessC 5y ago
      You might be right about some subcultures of the cryptocurrency world but we're talking about NFT's right? They don't do anything that Diffie Hellman key exchange can't do already and have a lot of flaws making them ripe for abuse.

16 points by lobo_tuerto 5y ago

The "ownership" is good enough if somebody is surrounded by people who also see the Emperor's clothes. Anyone who doesn't believe it can be dismissed as a "right-clicker". Initially I thought they had some interesting DRM technology but when I found out how weak it was I realized how desperate some people are for yet another asset they imagine is valuable. It makes me think a lot about Tom Wolfe's writings on subcultures https://en.wikipedia.org/wiki/The_Kandy-Kolored_Tangerine-Flake_Streamline_Baby https://en.wikipedia.org/wiki/The_Kandy-Kolored_Tangerine-Fl... https://en.wikipedia.org/wiki/The_Pump_House_Gang https://en.wikipedia.org/wiki/The_Pump_House_Gang which center around the idea that not everybody can be at the top of "the" social pyramid but that anybody can be at the top of a little social pyramid shared with a few other people.

Eddy_Viscosity2 5y ago

Folding Ideas recently did a very thorough takedown of the NFT: https://www.youtube.com/watch?v=YQ_xWvX1n9g https://www.youtube.com/watch?v=YQ_xWvX1n9g

wristycargo 5y ago

Solar Sands also offers an interesting critique of the actual art of some of the most popular NFTs: https://www.youtube.com/watch?v=wDtt24RxdLk https://www.youtube.com/watch?v=wDtt24RxdLk The fact that some of the most highly sought-after NFTs are randomly generated, really off-putting and not something I can bear to look at for a long time is enough to convince me that it's just a gold rush

Comevius 5y ago
There are two types of NFT art buyers, the one who buys it to sell it and the other is called a bag holder. But the bag holders are usually happy to spend money on a link to a website, even if the art is sloppy, they just want to be a part of the culture. They are buying a feeling. It's not unlike buying a diamond whatever or a car, boat, whatever you don't need.

scottiebarnes 5y ago

Seems pretty obvious to me, that like 2000 dot com era, NFTs are very hyped, most projects will fail, value will be wiped, but NFTs will remain part of our internet experience in some way like e-commerce is.

ShamelessC 5y ago
That isn't at all obvious.
- miracle2k 5y ago
  It sort of is though. I wouldn't go as far as saying it will be as wide-spread as e-commerce; it will remain much more niche. But if you think the subcultures which are now being built around this are going to disappear, it's because you've only been exposed to the kind of media coverage that focuses on the speculative bubble and animal picture cash grabs.
  - ShamelessC 5y ago
    You might be right about some subcultures of the cryptocurrency world but we're talking about NFT's right? They don't do anything that Diffie Hellman key exchange can't do already and have a lot of flaws making them ripe for abuse.