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NFTs. Art plus blockchain. Crazy pills or the future? (1 Viewer)

Sam Posten

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If you haven’t heard, the new hotness in the art world is Non Fungible Things/Tokens. The idea is you add a link between a file like a jpg to the blockchain, and can thus make “things” that are unique and signed, unlike the infinitely copyable original. So 20 billion people can “see” the art but only one person can “own” the original.

So scarcity is added back into the mix, never mind that all the electricity propping up the blockchain is killing the world.


Of course the scammers and crazies are going nuts over this, but a lot of legit places are taking it very seriously.

 
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DaveF

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We’re too far away from the OASIS for me to care about this. I buy art to display physically in my home. I buy digital media to enjoy. The notion of singular digital art for real-art prices doesn’t suit me right now.

Long-term, big picture: sure why not? Eventually we’ll have starving-artist sales in the OASIS’s convention center, with loads and loads of NFTs of badly rendered sailboats and lighthouses.
 

DaveF

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It’s hit mass media big time: NFT’s were last week’s NPR econ topics. So I’ve moved my 401k from crypto-currency to NFT.
 

Sam Posten

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I finally gave in and bought my first cryptocurrency yesterday. I bought a few hundred bucks worth of ETH to try to remain relevant in the discussion and see how the whole ecosystem works. Boy do I wish I had bought Bitcoin when it was sub $20 tho :)
 

Edwin-S

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I think there are a lot of people.with too much money suffering from cabin fever. I'm probably feeling it myself, because I keep thinking of buying stuff that I most likely don't really need. The only difference is the stuff I want to buy are things I can actually use, rather than a stupid GIF of someone dunking a basketball for 60 million dollars.
 

Sam Posten

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DaveF

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“Photographic prints can be reproduced in unlimited quantities, but artists’ signatures cannot. This led to a situation where the market for art split in two, one fork for collectors and one for those only interested in the work as an experience. I would argue that this is good for everyone. Artists gained a way to sell work that would otherwise be reduced to a commodity, collectors gained access to a new and culturally vital art form, and great works of art became available to everyone at very close to the marginal cost of reproduction.

Digital art takes this unbundling of artistic experience from physical object a step further. Because these artifacts can be reproduced and distributed at essentially no cost, they can be enjoyed in perfect fidelity by anyone with an Internet connection free of charge.”

What Does It Mean To Buy a Gif? | Jack Rusher
 

BobO'Link

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People have lost their purchases. In reading this article I can safely say I'll never "own" one of these "products" unless they figure out a better method of "ownership."


A key bit of info:
"Closing the window" on an NFT isn't difficult. NFTs are rendered visually only on the front-end of a given marketplace, where you see all the images on offer. All the front-end code does is sift through the alphanumeric soup on the blockchain to produce a URL that links to where the image is hosted, or less commonly metadata which describes the image. According to Clement: “the code that finds the information on the blockchain and displays the images and information is simply told, ‘don't display this one.’”
 

Patrick Sun

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A mild curiosity at best, but staying on the sidelines. Not only a money laundering ecosphere, but the environmental impact hasn't eluded many who lean green.
 

jcroy

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(More generally).

Even if there is no fraud involved, blockchain type ledgers are vulnerable once somebody figures out a way to crack the encryption / hashing algorithms involved.
 

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