Non-Fungible Tokens - creating scarcity and value in a digital ecosystem?

I can alreasdy see that NFTs, at least for a while, may become a generational line of demarcation with all of us olds saying. "Damn Emporers New Clothes" while the Young'uns (Let's say the under 35s) are buying, selling and enjoying them as "art".
In the grand scheme of things, it doesn't really matter.
 
puredrifting said:
I can alreasdy see that NFTs, at least for a while, may become a generational line of demarcation with all of us olds saying. "Damn Emporers New Clothes" while the Young'uns (Let's say the under 35s) are buying, selling and enjoying them as "art".
In the grand scheme of things, it doesn't really matter.
Click to expand...

Maybe you're right:

"Legendary Is the First Studio to Release an NFT for a Movie"
https://nofilmschool.com/nft-godzilla-kong

Maybe I'll stick to buying Picassos
 
ahalpert said:
Maybe you're right:

"Legendary Is the First Studio to Release an NFT for a Movie"
https://nofilmschool.com/nft-godzilla-kong

Maybe I'll stick to buying Picassos
Click to expand...

I don't invest in art but if I had the money to, I would definitely buy "real" artwork over NFTs although NFTs in the short term
are probably a better speculative investment. It's like crypto, I have not jumped in because of my inherent skepticism but I keep
meeting younger people who don't have my entrenched mindset who have made a LOT of money, very quickly, with crypo investing and
trading. My mindset is to my detriment in the world of 2021.
 
ahalpert said:
https://www.bbc.com/news/newsbeat-57227290.amp

Charlie Bit My Finger video to be taken off YouTube after selling for £500,000

The Davies-Carr family auctioned the clip as an NFT, a non-fungible token.
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Saw that on the news last week. Went and watched it one last time. Me and my GF used to play it constantly and laugh every time, as it was really getting big around the time we started dating. And we would even use the phrase, “Ouch Charlie”, complete with accent, anytime someone would get get hurt.
 
Wow, what a story...that clip has been around for so long. And 10 years later, they add some money to the bank from it.

I thought its auto tune remix might have been better than the original.
 
Buying an NFT is like buying a star. You get a nice fun gimmick certificate telling you that you own it, but you really don’t. How many people have downloaded Charlie Bit My Finger? How many are going to repost it on the internet? What makes your NFT copy different from everyone else’s copy? Nothing except for that “certificate.” It’s the most hilarious scam I’ve ever seen taken so seriously. NFT is for rich idiots who don’t understand crypto but are obsessed with it.
 
The same for stamps, autographs, baseball cards, pokemon cards, numbered litho's.
It is called market.

I think this NFT can change the way digital rights work. Now anyone can publish 'borrowed' content. I think NFT's can become a way to protect your digital work.
 
But it’s not the same as physical merchandise. If they stop printing a certain baseball card then there will only be finite amount of cards in the world. A digital file is infinitely reproducible by everyone. NFT is just an illusion, a false peace of mind for collectors who don’t know better. It’s a scam.
 
Bob Loblaw said:
But it’s not the same as physical merchandise. If they stop printing a certain baseball card then there will only be finite amount of cards in the world. A digital file is infinitely reproducible by everyone. NFT is just an illusion, a false peace of mind for collectors who don’t know better. It’s a scam.
Click to expand...

How can you ignore the certificate though? Isn't that what you're really paying for with a NFT?
 
Bob Loblaw said:
But it’s not the same as physical merchandise. If they stop printing a certain baseball card then there will only be finite amount of cards in the world. A digital file is infinitely reproducible by everyone. NFT is just an illusion, a false peace of mind for collectors who don’t know better. It’s a scam.
Click to expand...

There's only one NFT. And I would imagine that the NFT owner owns the copyright of the work and can make other people take down their versions or get royalties from the distribution? I dunno. And if anyone wants to verify that their copy of the work is complete and unadulterated, they'll have to compare it to the NFT which has a record of the fact that it was never changed since being minted by the artist.

I'm not saying I'm an NFT fan. I'm just saying that it's not that simple.
 
Bob Loblaw said:
But it’s not the same as physical merchandise. If they stop printing a certain baseball card then there will only be finite amount of cards in the world. A digital file is infinitely reproducible by everyone. NFT is just an illusion, a false peace of mind for collectors who don’t know better. It’s a scam.
Click to expand...

Well it is, ebooks, netflix movies, Itunes-music, aren't physical either. Though people pay money for it. Nothing new here.
 
ahalpert said:
There's only one NFT. And I would imagine that the NFT owner owns the copyright of the work and can make other people take down their versions or get royalties from the distribution? I dunno. And if anyone wants to verify that their copy of the work is complete and unadulterated, they'll have to compare it to the NFT which has a record of the fact that it was never changed since being minted by the artist.

I'm not saying I'm an NFT fan. I'm just saying that it's not that simple.
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An NFT does not give copyright ownership. Besides, you can already get a copyright on digital art that provides a record of the original file. An NFT is just a digital file on a blockchain. Unlike crypto, this blockchain doesn’t offer anything. It doesn’t make the file unique, it only puts it on another platform. NFT is sailing on the hype & ignorance surrounding cryptocurrency. It reminds me of Quibi, rich people trying to capitalize on fads without understanding them.

Publimix said:
Well it is, ebooks, netflix movies, Itunes-music, aren't physical either. Though people pay money for it. Nothing new here.
Click to expand...

That’s exactly right, it’s nothing new. But it’s being sold to the highest bidder as being something new. It’s the promise of returning to the lucrative era of physical media and rare collectibles. It’s not.
 
The local NBA team here is trying to get in on the NFT craze, because they KNOW people are F'n stupid and will lap it up like kittens with a saucer of milk. Because tickets are no longer physical things, either, they are offering (limited numbers) of NFT's of your "ticket" for certain games. For an extra cost, of course. "Oh, you want a ticket stub to put into your scrap book? Sorry, we don't use paper tickets anymore. BUT, we will sell you a "digital note" that says you were here at the game".

On the one hand, it's absolute (evil) genius on the teams part, but on the other hand it shows just how ****** DUMB we as a species are. Just imagine if P.T. Barnum was still alive today...
 
I think some of you aren't seeing the potential of NFTs. They are a class of digital assets, recorded in a block chain, that YOU can create if you have some technical skills. What you do with them, is up to your entrepeneurship ad technical creativity. THey're not just a way to digitally record the ownership of baseball cards, curios or youtube videos. Decentralized blockchains as much as DeFi are all about empowerment. There must be limitless applications for NFTs, I have a few buzzing around myself that I want to develop.
 
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