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nailer isn't wrong. But he means specifically that the ownership of the digital work (not the work itself) can be transferred between parties via NFTs in exchan
by iamwil 3y ago
nailer isn't wrong. But he means specifically that the ownership of the digital work (not the work itself) can be transferred between parties via NFTs in exchange for currency. He's not really talking about the currency part of the transaction.
NFTs have gained a foothold in the art world. Sotheby's is still auctioning off NFTs, despite the Silicon Valley hype dying down. If it were actually useless, I don't think they'd still hold active auctions today. I don't know who Vera Molnár is, but if you want to bid on her art, you can do so now. https://metaverse.sothebys.com/gen-art-vera-molnar https://metaverse.sothebys.com/gen-art-vera-molnar
Most of us don't buy fine art, so I don't think the problem NFTs solve for that use case presents itself to most of us (myself included). But looking into this, my understanding is that before NFTs, the only way you can tell you're getting an authentic painting is a piece of paper that comes with the purchase. And paintings are relatively easy to fake, so all the value is actually with that paper of authenticity, rather than with the work. Instead of a piece of paper that needs to be physically transferred now, it has all the affordances of digital objects--instant transfer, always available, transaction history transparent, and tradeable on existing web3 markets.
When the iPad first came out, lots of people thought it would fail. It didn't seem obvious why you'd want a phone that doesn't fit in your hand. But it turns out that it's a very good form factor for very specific industries. Point of Sales systems and navigation for pilots are two industries where it's made strong inroads, rather than just a nice to have for people that want to watch some movies.
So I'd say, just watch the fine art world for a few more years to see if NFTs grow or shrink. I personally think NFTs will have more uses than that, but it remains to be seen whether it will fundamentally change large swaths of the economy, or if it'll just be confined to very specific ones, like fine art.
- JumpCrisscross 3y ago> Instead of a piece of paper that needs to be physically transferred now, it has all the affordances of digital objects They're separate markets. NFTs offer no solution to the mainstream fine art market. I've never seen art sold at gallery or auction attached to an NFT for verification where the point wasn't marketing that it was NFT linked. The paper is always verified with third parties. The NFT would have to be as well, to confirm the NFT presented is the valid one for the physical art piece it's purportedly attached to. Instead, there are people who made money in crypto who did not buy fine art, wanted to buy art, and found artistic value in NFTs. They were willing to pay and others willing to sell.
- nailer 3y agoProvidence becomes more of an issue as art ages. But it is a massive issue in the fine art world. Even more in the fashion world where recent collections are counterfeited immediately.
- JumpCrisscross 3y ago> Providence becomes more of an issue as art ages NFTs do nothing to certify old art. > it is a massive issue in the fine art world. Even more in the fashion world where recent collections are counterfeited immediately Auction and fashion houses would love to enforce a system of NFT-based ownership. It means they can tax future transfers of the work. Buyers of art, rationally, don't want that. It's my art. NFTs are DRM for the real world. No thank you. Also, suppose you verify the NFT is legit. Great. What about the art? How do I know you didn't keep the original and give me a counterfeit? Or that the person you got the NFT from didn't dupe you? I always need to look at the trail and judge if each step looks legitimate, and, if not, commission independent testing.
- SAI_Peregrinus 3y agoNFTs don't add anything that a contract doesn't. The ownership only changes if the NFT embeds a legally binding contract, and it's the contract that conveys the ownership, not the NFT.