4 ms·

It’s far more likely that almost nobody ever cared about these things at all, and that nearly the entire thing was wash trading and market manipulation. Of cou

by CPLX 3y ago

It’s far more likely that almost nobody ever cared about these things at all, and that nearly the entire thing was wash trading and market manipulation. Of course there were some marks mixed in somewhere, by definition, but the premise that there was ever real demand for this from anyone is pretty dubious.

kolinko 3y ago
I like a comparison of NFTs to a casino. People care (cared) about the profit, and about their number winning, not necessarily about the number itself. Having said that, I recently finally saw an art project I actually think makes sense as an NFT. Don't remember its name, but it's artist selling actual rights to their works on an auction to people that want to invest in the pieces, people trading the art NFTs, with the art piece being stored securely, and then one day if someone wants the physical piece for themselves, they can burn the NFT to request it's delivery. Speaking of art, we did a project ~6 years ago, where we released ERC20 tokens attached to physical objects - imho this makes way more sense, because it allows for a fractional ownership of art/collectibles. Ideas like this make way more sense than NFTs.
- unclebucknasty 3y ago
  >finally saw an art project I actually think makes sense as an NFT I feel like the idea of NFTs representing some right of redemption or ownership in the physical world was a fairly common NFT scheme / use-case back in the day. Am I missing something?
  - babelchips 3y ago
    Yes that is the actual benefit of NFTs. It's happening.
  - kolinko 3y ago
    I've been away from blockchain for the last 3 years, but from what I checked most NFTs claimed some vague attachement to a real world asset, but no actual connection. As in "here is an NFT attached to this art piece" -> "what rights does NFT actually give to you?" -> "well, sentimental rights"
- karmakurtisaani 3y ago
  It certainly sounds like a great solution for a non-problem. Why would I ever want to buy this NFT instead of the actual artwork? I guess i could speculate with the value, which, who am I kidding, is basically the only non-criminal crypto use case.
  - kolinko 3y ago
    It is an actual case, a plenty of people want to buy an artwork but they don't want an actual piece in their possession - sometimes they want to just hold it for investment purposes, and sometimes they don't have the space yet, but they expect to have it sooner or later. That's why you have storage houses for artworks, and artists often sell their artworks to collectors but keep it in possession for years. Also people own artworks but "rent out" to galleries - which makes it a win-win, and a free storage for them :)

by CPLX 3y ago

kolinko 3y ago

I like a comparison of NFTs to a casino. People care (cared) about the profit, and about their number winning, not necessarily about the number itself. Having said that, I recently finally saw an art project I actually think makes sense as an NFT. Don't remember its name, but it's artist selling actual rights to their works on an auction to people that want to invest in the pieces, people trading the art NFTs, with the art piece being stored securely, and then one day if someone wants the physical piece for themselves, they can burn the NFT to request it's delivery. Speaking of art, we did a project ~6 years ago, where we released ERC20 tokens attached to physical objects - imho this makes way more sense, because it allows for a fractional ownership of art/collectibles. Ideas like this make way more sense than NFTs.

unclebucknasty 3y ago
>finally saw an art project I actually think makes sense as an NFT I feel like the idea of NFTs representing some right of redemption or ownership in the physical world was a fairly common NFT scheme / use-case back in the day. Am I missing something?
- babelchips 3y ago
  Yes that is the actual benefit of NFTs. It's happening.
- kolinko 3y ago
  I've been away from blockchain for the last 3 years, but from what I checked most NFTs claimed some vague attachement to a real world asset, but no actual connection. As in "here is an NFT attached to this art piece" -> "what rights does NFT actually give to you?" -> "well, sentimental rights"
karmakurtisaani 3y ago
It certainly sounds like a great solution for a non-problem. Why would I ever want to buy this NFT instead of the actual artwork? I guess i could speculate with the value, which, who am I kidding, is basically the only non-criminal crypto use case.
- kolinko 3y ago
  It is an actual case, a plenty of people want to buy an artwork but they don't want an actual piece in their possession - sometimes they want to just hold it for investment purposes, and sometimes they don't have the space yet, but they expect to have it sooner or later. That's why you have storage houses for artworks, and artists often sell their artworks to collectors but keep it in possession for years. Also people own artworks but "rent out" to galleries - which makes it a win-win, and a free storage for them :)