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AFAICS it's a bit like buying a signed limited-edition print. Other people can have copies of the print, but only the buyers have the signature. The whole blockchain thing of course has other applications, but this, I think, paints a pretty good picture of what's going on with digital art NFTs. You create a valueless entity and engage with other speculators in the hope of driving it up. Conceptually, it's like selling a notarized statement that someone owns the RAM token of the MP3 of "My Way" you played on your computer on a certain occasion.
Last edited by Mark Hayes; 03/31/22 04:27 AM.
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AFAICS it's a bit like buying a signed limited-edition print. Other people can have copies of the print, but only the buyers have the signature. The whole blockchain thing of course has other applications, but this, I think, paints a pretty good picture of what's going on with digital art NFTs. You create a valueless entity and engage with other speculators in the hope of driving it up. Conceptually, it's like selling a notarized statement that someone owns the token of the MP3 of "My Way" you played on your computer on a certain occasion. I’m not sure that they are all valueless. Sure, there are some that are valueless but imagine that Picasso had created an NFT of the scribble he did on the napkin. That would not be valueless.
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AFAICS it's a bit like buying a signed limited-edition print. Other people can have copies of the print, but only the buyers have the signature The whole blockchain thing of course has other applications, but this, I think, paints a pretty good picture of what's going on with digital art NFTs. You create a valueless entity and engage with other speculators in the hope of driving it up. Conceptually, it's like selling a notarized statement that someone owns the token of the MP3 of "My Way" you played on your computer on a certain occasion. I’m not sure that they are all valueless. Sure, there are some that are valueless but imagine that Picasso had created an NFT of the scribble he did on the napkin. That would not be valueless. I'm not saying the associated art is valueless. In your Picasso scenario, the art would have its usual value and the NFT would have whatever value is generated by speculation. You could actually buy and sell the painting and the NFT separately. One is a painting, the other is a cryptographic entity on a blockchain. You could even create an NFT of the NFT, and buy and sell that independently of the other two. You might become rich that way!
Last edited by Mark Hayes; 03/31/22 04:40 AM.
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AFAICS it's a bit like buying a signed limited-edition print. Other people can have copies of the print, but only the buyers have the signature The whole blockchain thing of course has other applications, but this, I think, paints a pretty good picture of what's going on with digital art NFTs. You create a valueless entity and engage with other speculators in the hope of driving it up. Conceptually, it's like selling a notarized statement that someone owns the token of the MP3 of "My Way" you played on your computer on a certain occasion. I’m not sure that they are all valueless. Sure, there are some that are valueless but imagine that Picasso had created an NFT of the scribble he did on the napkin. That would not be valueless. I'm not saying the associated art is valueless. In your Picasso scenario, the art would have its usual value and the NFT would have whatever value is generated by speculation. You could actually buy and sell the painting and the NFT separately. One is a painting, the other is a cryptographic entity on a blockchain. You could even create an NFT of the NFT, and buy and sell that independently of the other two. You might become rich that way! I’m not sure I understand your point. Some art is made on the computer. It is only digital. There is no physical painting. You could argue the music is an example of “digital art”.
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I think that it would be very enlightening if you keep us informed. Thank you.
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You could argue the music is an example of “digital art” Not in question. Which is why audio tokens of songs are sold, for download or streaming, on services like Apple Music or personal websites. My point is that creating an NFT creates nothing new of value, it only provides a way for people to (A) speculate, in the hope of making money, (B) donate to people they like, or (C) fool around with fun tech stuff for the hell of it. Nothing wrong with any of that, per se, but as outlined in the wiki article, there are reasons for caution.
Last edited by Mark Hayes; 03/31/22 04:58 AM.
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You could argue the music is an example of “digital art” Not in question. Which is why audio tokens of songs are sold, for download or streaming, on services like Apple Music or personal websites. My point is that creating an NFT creates nothing new of value, it only provides a way for people to (A) speculate, in the hope of making money, (B) donate to people they like, or (C) fool around with fun tech stuff for the hell of it. Nothing wrong with any of that, per se, but as outlined in the wiki article, there are reasons for caution. Or (D) own something they love.
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To my way of thinking NFT's are as likely to be pirated and resold as anything else. To do that, one would have to break the encryption.
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NFTs are supposed to gain value due the limited availability of whatever it is you are selling. It is the proof of ownership that is the limited part. I think it is a scheme and probably will be hugely popular. Who knows what is going to happen with all this stuff?
My wife asked if I had seen the dog bowl. I told her I didn't even know he could.
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I hate to upset you, but yes it can be done.
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I hate to upset you, but yes it can be done. You would have to hack, undetected, into thousands upon thousands of computers on which copies of the block chain ledger are stored. It’s not possible. NFTs can be lost and they can be stolen but they can’t be pirated.
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And you really think that there are people out there that cannot do that. Not many, but they are there. They are called hackers.
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NFTs are supposed to gain value due the limited availability of whatever it is you are selling. It is the proof of ownership that is the limited part. I think it is a scheme and probably will be hugely popular. This is 100% accurate. It's already hugely popular. But it's not sustainable. The value of NFTs is entirely based on the expectation that the future value of the NFT will rise, because people are expecting someone in the future will pay more than they did. But the price of something can't continue to rise forever, as people don't have an infinite amount of disposable income. At some point, an NFT will reach an equilibrium price, where the perceived future price is lower that the selling price. Since the only value of an NFT is that it will have a higher price in the future, the last person to purchase the NFT will be stuck holding something of negative value - they can only sell at a loss. The tipping point for NFTs happens when collective value of negative valued NFTs outweights the sum speculative value of new NFTs. At that point, it's game over for that NFT market.
-- David Cuny My virtual singer development blogVocal control, you say. Never heard of it. Is that some kind of ProTools thing?BiaB 2025 | Windows 11 | Reaper | Way too many VSTis.
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You would have to hack, undetected, into thousands upon thousands of computers on which copies of the block chain ledger are stored. It’s not possible. NFTs can be lost and they can be stolen but they can’t be pirated. The blockchain assumes it's too big to fail. Unfortunately, there are a lot of sufficiently large bad actors who could prove this wrong. The people who say the blockchain "can't" be hacked are either promoting cryptocurrencies, or lack sufficient imagination.
-- David Cuny My virtual singer development blogVocal control, you say. Never heard of it. Is that some kind of ProTools thing?BiaB 2025 | Windows 11 | Reaper | Way too many VSTis.
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The people who say the blockchain "can't" be hacked are either promoting cryptocurrencies, or lack sufficient imagination. Well, a blockchain certainly can’t be hacked by doing something naughty on thousands of personal computers at once, but that wouldn’t be the ticket anyway. You’d find a vulnerability and exploit it from a single node, injecting your toxic transaction and turning it loose to replicate.
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It is an interesting debate for sure on whether the block chain can be hacked or not. I am sure that individual exchanges and wallets can be hacked (for example via the normal phishing type attacks) and the contents of that wallet or exchange can be stolen.
This is the same with any financial institution that has a digital offering.
The difference is that crypto is not regulated and these exchanges don’t have the means or insurance or processes to pay the clients back for what they have lost. Savvy investors know this and mitigate this risk by taking care of their credentials and researching what exchanges/block chains to get involved with. They also don’t put all their eggs in one basket.
But how would someone hack the actual block chain? If anyone has knowledge of how the block chain actually works and has any feasible theories on how this could be done I would love to know because the Bahamas are waiting for me
Last edited by JoanneCooper; 03/31/22 07:01 PM.
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Asking how it would be possible is rather like asking a magician how he does a spectacular trick. You have nothing to fear about it happening to your piece of music. Anyone capable of doing such a thing is highly unlikely to try and do it with a $1 piece of music.
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The value of NFTs is entirely based on the expectation that the future value of the NFT will rise, because people are expecting someone in the future will pay more than they did. ... which is, of course, the way all speculation works, from commodities to art. The trick is to estimate the effect well, and often enough, to gain more than the bad estimates lose.
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