I have my problems with NFTs, sure, but this argument is dumb.
You didn’t actually get a dollar, you got a piece of fabric/plastic that points to a dollar.
Who the hell cares? If everyone agrees that your paper bill or NFT represents something, then it represents something.
If the server hosting the image goes down, guess what? You still have the thing you bought. If you go to the Wayback Machine or whatever, you can still find the picture. That’s ignoring the fact that it’s possible to create NFTs that don’t rely on an external server at all.
That’s a fair sight better than most other digital assets.
When you buy an nft, you but a number (and since you can’t own a number, you buy nothing).
The fact that you got scammed because some people told you that this number gives you ownership of anything is meaningless.
With your example of a dollar, it would be as if you were given monopoly money and you were going around thinking that you’re rich. Sure, if you find people that fell in the same scam, they might accept your fake money as payment, but that’s the extent of it. It’s basically a group of deluded people who imagine that they have something of value while they simply have a meaningless paper.
That is also why you can easily print monopoly money, but not real money. One has a value, the other doesn’t.
When you buy an NFT, a storage slot in the contract’s (contract == dumb Ethereum nomenclature for a program running on the blockchain) is set to your account’s address.
This is very similar to how any traditional database works, so nothing new here.
(and since you can’t own a number, you buy nothing).
A counterexample: This sentence is encoded as a number. I own the copyright for it. Someone could buy the copyright for it.
Unless you’re arguing the semantics of ownership? Like you can’t own a number because you don’t have exclusive use of it? If that’s your point, I’d generally agree. In the case of an NFT, you have exclusive use of that abstract “thing” represented on that particular chain.
The fact that you got scammed because some people told you that this number gives you ownership of anything is meaningless.
If I can exchange my number for something else I want, or it has some intrinsic value to me, it’s hard to argue it’s meaningless. I have a few NFTs simply because I want them, and couldn’t care less about whether anyone else finds meaning in them.
With your example of a dollar, it would be as if you were given monopoly money and you were going around thinking that you’re rich. Sure, if you find people that fell in the same scam, they might accept your fake money as payment, but that’s the extent of it. It’s basically a group of deluded people who imagine that they have something of value while they simply have a meaningless paper.
How do you think regular currency works? Everyone believes in the value of a dollar, so that dollar has value. Imagine you were trapped on a barren island with a stranger. You have a hundred dollar bill, and they have a box of rations. Suddenly your dollars are rather meaningless, no? *
That is also why you can easily print monopoly money, but not real money. One has a value, the other doesn’t.
Have you tried printing cryptocurrency? That’s kinda its whole raison d’etre.
*: hopefully they share out of the goodness of their heart!
In the case of an NFT, you have exclusive use of that abstract “thing” represented on that particular chain.
But you don’t. Everyone can download the picture of ‘your’ ape and use it. You can claim to own the copyright on it due to some blockchain mumbo jumbo and try to sue someone who uses ‘your’ property but do you realistically think you’re going to get very far with that lawsuit?
How do you think regular currency works? Everyone believes in the value of a dollar, so that dollar has value
Yeah, but that’s the point isn’t it? No one believes in the value of an NFT except for a small number of delusional tech bro’s, so that NFT has no actual value.
But you don’t. Everyone can download the picture of ‘your’ ape and use it. You can claim to own the copyright on it due to some blockchain mumbo jumbo and try to sue someone who uses ‘your’ property but do you realistically think you’re going to get very far with that lawsuit?
This is the “right click save” argument.
Sure, you can save a copy of it, but that’s hardly the point.
Anyone can print their own Magic the Gathering trading card or fake bank note. A counterfeiter, ideally, cannot prove their copies are legitimate because of the security measures in those objects.
The blockchain, in this analogy, is closest to those security measures.
Someone who has simply copied the image cannot prove ownership of the token.
An NFT itself cannot be copied, which is the whole advantage over just a PNG/JPEG on a webserver.
I mentioned in an another comment that the copyright sometimes, but not usually, accompanies the NFT. This is a whole other can of worms, and I am not qualified to discuss it beyond that.
No one believes in the value of an NFT except for a small number of delusional tech bro’s, so that NFT has no actual value
If you’re talking specifically about art NFTs, I fully agree with you. They’re as useful as beanie babies.
If you’re talking about crypto as a whole… Coinbase alone has millions of customers, so not exactly a small number. (source via Wikipedia)
You’re right! The copyright can be transferred separately from the token, just like a trading card (eg. Magic the Gathering) can be bought and sold separately from the art.
I wouldn’t say I’m a crypto bro, but I’ve been interested in it from a tech point of view for a long time. I much preferred when no one knew cryptocurrencies existed 🤣
I have my problems with NFTs, sure, but this argument is dumb.
Who the hell cares? If everyone agrees that your paper bill or NFT represents something, then it represents something.
If the server hosting the image goes down, guess what? You still have the thing you bought. If you go to the Wayback Machine or whatever, you can still find the picture. That’s ignoring the fact that it’s possible to create NFTs that don’t rely on an external server at all.
That’s a fair sight better than most other digital assets.
Yeah thats a really big if.
When you buy an nft, you but a number (and since you can’t own a number, you buy nothing).
The fact that you got scammed because some people told you that this number gives you ownership of anything is meaningless.
With your example of a dollar, it would be as if you were given monopoly money and you were going around thinking that you’re rich. Sure, if you find people that fell in the same scam, they might accept your fake money as payment, but that’s the extent of it. It’s basically a group of deluded people who imagine that they have something of value while they simply have a meaningless paper.
That is also why you can easily print monopoly money, but not real money. One has a value, the other doesn’t.
When you buy an NFT, a storage slot in the contract’s (contract == dumb Ethereum nomenclature for a program running on the blockchain) is set to your account’s address.
This is very similar to how any traditional database works, so nothing new here.
A counterexample: This sentence is encoded as a number. I own the copyright for it. Someone could buy the copyright for it.
Unless you’re arguing the semantics of ownership? Like you can’t own a number because you don’t have exclusive use of it? If that’s your point, I’d generally agree. In the case of an NFT, you have exclusive use of that abstract “thing” represented on that particular chain.
If I can exchange my number for something else I want, or it has some intrinsic value to me, it’s hard to argue it’s meaningless. I have a few NFTs simply because I want them, and couldn’t care less about whether anyone else finds meaning in them.
How do you think regular currency works? Everyone believes in the value of a dollar, so that dollar has value. Imagine you were trapped on a barren island with a stranger. You have a hundred dollar bill, and they have a box of rations. Suddenly your dollars are rather meaningless, no? *
Have you tried printing cryptocurrency? That’s kinda its whole raison d’etre.
*: hopefully they share out of the goodness of their heart!
But you don’t. Everyone can download the picture of ‘your’ ape and use it. You can claim to own the copyright on it due to some blockchain mumbo jumbo and try to sue someone who uses ‘your’ property but do you realistically think you’re going to get very far with that lawsuit?
Yeah, but that’s the point isn’t it? No one believes in the value of an NFT except for a small number of delusional tech bro’s, so that NFT has no actual value.
This is the “right click save” argument.
Sure, you can save a copy of it, but that’s hardly the point.
Anyone can print their own Magic the Gathering trading card or fake bank note. A counterfeiter, ideally, cannot prove their copies are legitimate because of the security measures in those objects.
The blockchain, in this analogy, is closest to those security measures.
Someone who has simply copied the image cannot prove ownership of the token.
An NFT itself cannot be copied, which is the whole advantage over just a PNG/JPEG on a webserver.
I mentioned in an another comment that the copyright sometimes, but not usually, accompanies the NFT. This is a whole other can of worms, and I am not qualified to discuss it beyond that.
If you’re talking specifically about art NFTs, I fully agree with you. They’re as useful as beanie babies.
If you’re talking about crypto as a whole… Coinbase alone has millions of customers, so not exactly a small number. (source via Wikipedia)
The U.S. government does not agree. They only own the art (copyright wise) is if the contract explicitly says so.
You’re right! The copyright can be transferred separately from the token, just like a trading card (eg. Magic the Gathering) can be bought and sold separately from the art.
I thought all the nft bros had transformed into ai bros. What a rare sighting.
I wouldn’t say I’m a crypto bro, but I’ve been interested in it from a tech point of view for a long time. I much preferred when no one knew cryptocurrencies existed 🤣