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There are generally no 'rights' transferred with NFT sales. Indeed. But people want it to work that way, or even assume it already does. The systems may adapt

by cygx 5y ago

There are generally no 'rights' transferred with NFT sales. Indeed. But people want it to work that way, or even assume it already does. The systems may adapt and yield better mechanisms, but still, I'm wary that there is such a thing as a solution. Cf zmgsabst's comment[1]. That's an example of what I was alluding to, the arthouse being the authority that could make such a system work. [1] https://news.ycombinator.com/item?id=30312906 https://news.ycombinator.com/item?id=30312906

jollybean 5y ago
If there is an 'authority' then the whole point of NFT's essentially crashes. The authority can 'buy and sell' any kinds of 'rights' it pleases, today. We don't need NFT's for that. The whole point of NFT's is that they are inherently distributed. It's possible to create an NFT such that the NFT owner legitimately has certain rights, but that's another level of complexity, the rights may be different in any given scenario. Even if it were standardized, it becomes a management problem, for example, if the asset is licences out to other content creators, then the NFT becomes tantamount to owning a small IP business. Again there's not much value in the NFT at that point.
- cygx 5y ago
  Here's how I imagine such a system would work: Some agency owns the copyright to some digital asset. It issues an exclusive usage license to the holder of the NFT, whoever that may be. The value the NFT provides is the ability to freely and verifiably trade the license without involving third parties. The value the agency provides is the ability for buyers to verify that the license is legitimate (and have someone to sue if it's not). I have no idea if there's any worth to this in practice.
  - fragmede 5y ago
    Of course there is, that's an important business function of digital clearinghouses today. The question is if crypto and the specific distributedness that NFTs enable add anything to that. Which it might, but it's also not the model bring explored with most NFTs, conferring zero other than bragging rights to the purchaser.
    - cygx 5y ago
      The question is if crypto and the specific distributedness that NFTs enable add anything to that. So you also have no idea if there's any worth to this in practice? We seem to be in violent agreement ;)
  - SAI_Peregrinus 5y ago
    > The value the NFT provides is the ability to freely and verifiably trade the license without involving third parties. Except for the miners operating the network, who are involved third-parties. And the transaction fees, which make it not free.

by cygx 5y ago

jollybean 5y ago

If there is an 'authority' then the whole point of NFT's essentially crashes. The authority can 'buy and sell' any kinds of 'rights' it pleases, today. We don't need NFT's for that. The whole point of NFT's is that they are inherently distributed. It's possible to create an NFT such that the NFT owner legitimately has certain rights, but that's another level of complexity, the rights may be different in any given scenario. Even if it were standardized, it becomes a management problem, for example, if the asset is licences out to other content creators, then the NFT becomes tantamount to owning a small IP business. Again there's not much value in the NFT at that point.

cygx 5y ago
Here's how I imagine such a system would work: Some agency owns the copyright to some digital asset. It issues an exclusive usage license to the holder of the NFT, whoever that may be. The value the NFT provides is the ability to freely and verifiably trade the license without involving third parties. The value the agency provides is the ability for buyers to verify that the license is legitimate (and have someone to sue if it's not). I have no idea if there's any worth to this in practice.
- fragmede 5y ago
  Of course there is, that's an important business function of digital clearinghouses today. The question is if crypto and the specific distributedness that NFTs enable add anything to that. Which it might, but it's also not the model bring explored with most NFTs, conferring zero other than bragging rights to the purchaser.
  - cygx 5y ago
    The question is if crypto and the specific distributedness that NFTs enable add anything to that. So you also have no idea if there's any worth to this in practice? We seem to be in violent agreement ;)
- SAI_Peregrinus 5y ago
  > The value the NFT provides is the ability to freely and verifiably trade the license without involving third parties. Except for the miners operating the network, who are involved third-parties. And the transaction fees, which make it not free.