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> However, it also makes detecting counterfeits trivial. So trivial that the consumer can detect it using their own devices and freely available wallet software
by dale_glass 4y ago
> However, it also makes detecting counterfeits trivial. So trivial that the consumer can detect it using their own devices and freely available wallet software.
Only so long that the authentic source is present. You can detect the authentic BAYC because BAYC has a large presence and everyone knows their wallet ID.
Now let's say I take a photo, and you find a NFT for it on OpenSea. How do you know if it's authentic?
- wanderingbort 4y agoIf you (the artist) have no presence in NFTs, it’s fake. If you do, then I can trivially verify that you are the minter. Crucially, the person that has the incentive to mint (the artist) also has all they need to establish the provenance of the photo. No 3rd parties, no specialized tools/skills.
- dale_glass 4y agoOkay, and how do you know whether I have a presence in NFTs? Go and check, and do tell me how you figure it out.
- wanderingbort 4y agoI think you are coming at this the wrong direction. As a buyer I have to have some compulsion to buy. If that is not “I want to buy an authentic piece tied to an artist” NFTs probably aren’t for you. With NFTs I can start at either the artist or the piece and trivially connect to the other. NFTs don’t solve for discovery. Nor do they provide a root of trust for artist identity. At best they can provide information to some sort of identity system but NFTs by themselves are not a complete solution for that. As an artist who wants to sell an NFT, the onus is on you to broadcast your presence/address so that your buyers can check provenance. Post it on your Instagram maybe. It doesn’t have to be magical.