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NFTs can only really accrue value from the terms of their issuance. This is actually true for Bitcoin as well—issuance is provably tied to the real economic cos
by jkhdigital 5y ago
NFTs can only really accrue value from the terms of their issuance. This is actually true for Bitcoin as well—issuance is provably tied to the real economic cost of computation.
As with traditional artwork, the story of the work is what accrues value, not the work itself. You can create a largely undetectable forgery of a Picasso, but you cannot forge the historical record that traces the true work back to Picasso’s paintbrush. NFTs can make this historical record cryptographically secure, at least for the token itself, but whether that means the token should accrue value or not is up to the market.
- prox 5y agoWould it be possible to store the creation of the artwork as I create it? So say I paint in procreate, could it accrue its value step by step?
- cuteboy19 5y agoUnless the problem is NP, it would be trivially easy to fake these steps. If you follow this line of reasoning you would eventually discover proof of work/waste
- prox 5y agoI see, so there is no silver bullet to make it work, as long as you can fake it.
- smorgusofborg 5y agoCan't I just replay the steps you save with a later starting point and sell a new work that was also incrementally made with a lot of "effort"?
- Retric 5y agoBitcoin issuance is ultimately linked to to time not effort. Receiving those coins takes an investment indirectly tied to their hypothetical value at time of creation via a lottery. The difference is subtle, but it is meaningful on edge cases such as around reward halving.