mattdesl

39 ms·

421.
by mattdesl 5y ago
The term "Web3" may be bullshit: it wrongly implies that crypto/blockchains will replace current web structures like servers, websites, AWS media hosting, OAuth, etc. But, the ideas of Web3 — building applications on top of d
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by mattdesl 5y ago
In a chain like Tezos, the validator software is relatively easy to run if you have a Raspberry Pi and some terminal chops, and a lot of hobbyists do stake this way. But it’s easier for most people to delegate to another party. This is wher
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by mattdesl 5y ago
Most collectors aren't claiming to own the media (because anybody can right-click save it, and because it is usually hosted on IPFS, the very purpose of which is to allow the media to be copied & distributed across many nodes). But
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by mattdesl 5y ago
Similar to buying a signed print from an artist—no contract involved, no legal transfer of copyright or intellectual property, no claim to anything except ownership of the artist-signed artefact. In the case of NFT it is mostly equivalent:
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by mattdesl 5y ago
there is a certain irony in peer hosting IPFS-based NFTs thru BitTorrent as an attempt at some kind of critique… I hope they do this with Hicetnunc[1] NFTs too and help back up all that media. :) [1] - https://mattdesl.substack.c
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by mattdesl 5y ago
Yes, participants are still required to follow the laws of their country. e.g. If you made gains on this hypothetical DAO, it isn’t magically exempt from capital gains tax. The laws around setting up and participating in DAOs are still bein
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by mattdesl 5y ago
The core promise of a DAO (note: I do not feel the ConstitutionDAO is a good example) is that it is funded & organized using smart contract interactions. For example: a simple smart contract could be set up by 1000 parties that share th
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by mattdesl 5y ago
If you are actually curious, see here: https://news.ycombinator.com/item?id=29265373
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by mattdesl 5y ago
Ironically, this is great for NFT artists: most artists distributing their work as signed tokens want the high resolution media to be more widely distributed across many points of failure (that's exactly why IPFS is typically chosen)
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by mattdesl 5y ago
If objkt.com goes down, it is the same effect as Hicetnunc.xyz going down (as is now the case), i.e. nothing changes to the data/assets. Neither platform is "hosting" this data; it is more accurate to say that the community o
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H=N and the Merits of Decentralized “Web3” Art Markets(mattdesl.substack.com)
3 points by mattdesl 5y ago|3 comments
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Hicetnunc and the Merits of Web3(mattdesl.substack.com)
2 points by mattdesl 5y ago|0 comments
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by mattdesl 5y ago
Yep, see ArtBlocks, Deafbeef tokens for example.
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by mattdesl 5y ago
For many reasons, including lower fees (see [1]), acquiring ownership of an artist-signed asset, rather than a digital media file (the limited-edition token is cryptographically signed by the artist, the media file is not), participating in
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by mattdesl 5y ago
It depends on the platform. On Hicetnunc.xyz, buying a token on the marketplace automatically deducts 2.5% of sale to the platform (for services rendered), 10-25% to the artist (or whatever they set as royalty amount for the token), and the
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by mattdesl 5y ago
Almost all of the major marketplaces on Ethereum and Tezos facilitate artist royalties.
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by mattdesl 5y ago
In practice, the fees in traditional e-commerce systems tend to be significantly higher than 2.5% (I say this as an artist running a Shopify print shop for a few years). Some services like Bandcamp are upwards of 12-18%. Hicetnunc fees are
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by mattdesl 5y ago
Indeed; nothing in life is permanent.
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by mattdesl 5y ago
Some NFT platforms also support credit cards. But, I'd rather buy art in a way that doesn't include exploitative third parties that take a significant cut (Stripe, Shopify, PayPal, currency exchange fees when paying an artist in a
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by mattdesl 5y ago
This is indeed a problem with OpenSea (generally regarded as a crappy platform) using centralized hosting, but nowadays most new marketplaces and contracts will use IPFS to decentralize the hosting, ensuring it is not linked to a single poi
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by mattdesl 5y ago
The NFT-signed work is beautiful and also hanging on my walls (both digital, such as social media, and physical, in that I own prints representing the tokens, signed by the artists who have distributed the same NFTs). The media does not eva
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by mattdesl 5y ago
I answered a similar question here[1]. The economic value of art has historically been tied to the scarcity of access to its media. NFT presents an alternative paradigm that separates the signature (artist-signed token) from the artistic me
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by mattdesl 5y ago
Many signed prints I own do not even include a verification document (not all artists distribute this). NFTs do not need to limit duplication; the tokens are already unique, as each is addressable to a different contract hash. This is why,
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by mattdesl 5y ago
Signed prints are not necessarily cheap—see Ansel Adams prints going for nearly $1M USD[1]. It becomes a matter of what price society (or, perhaps just a handful of buyers) is willing to place on the artefact. One of the great things with p
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by mattdesl 5y ago
You can easily copy the CryptoPunk contract and mint your own token[1], but the new token will be very easy to spot as a fake (as it will have a different contract address), and will have no market value, and likely zero buyers. Compare thi
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by mattdesl 5y ago
I have many NFTs that I have purchased, and although there was no license agreement (just as with signed prints), it is reasonably expected that I may display that art (on my digital or physical walls, or in some other fashion). I can of co
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by mattdesl 5y ago
How do you know a signed print is really from the artist? If the artist themselves gave it to you, then you can probably be fairly certain. If the provenance of that artefact can be reliably tracked over the years, then you can also be fair
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by mattdesl 5y ago
Similar lack of rights when you buy a signed print. At no point in that transaction is a copyright transferred to you.
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by mattdesl 5y ago
NFT is scarce by definition, hence their "non-fungibility." Unlike traditional physical art, the economic value of an NFT is not driven by scarcity of access to the media that it represents (such as a JPG or GIF), as the token rem
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by mattdesl 5y ago
The irony of the article is that two of the highlighted artists (Anders Hoff, Lia) are now selling their work through NFTs. The market for generative art prints is extremely niche. Importantly, what the technology gives digital artists (mys

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