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Picture of BobHale
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I have just watched a couple of videos about NFTs. I understand the computer principles behind them and how they work. I understand the implications of contract law and how that works. What I don't understand is this.
If I pay $100,000 for an NFT of a smoking monkey then what I seem to have bought is a link to a page on the web where there is an image of a smoking monkey. So in what way do I actually own ANYTHING of value.
(Warning - any plausible explanation may result in my offering you NFTs of my poetry.)

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"No man but a blockhead ever wrote except for money." Samuel Johnson.
 
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NFT???
 
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Google it. Non Fungible Token
Essentially it's a bit if art - or some other thing - that exists only in digital form on the internet. There was a story recently of a guy who paid over $9m dollars for the NFT of the first ever tweet. He had tried to sell it but his best offer was just in the thousands or as the headline I saw put "Man who paid 9.2m for the first tweet loses almost 9.2m".

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"No man but a blockhead ever wrote except for money." Samuel Johnson.
 
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quote:
I have just watched a couple of videos about NFTs.


I just watched a video by a lawyer (in the States). And, from what I understand about NFTs, yes, you've got a receipt for a URI (URL). There's not even a CRC of the image file at the end of the ipfs URI. It can change. Also, more importantly, you have not bought the copyright of the image or anything else that is not specified in the contract. In fact, the "contract" is simply a piece of code.


Ceci n'est pas un seing.
 
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Originally posted by zmježd:
quote:
I have just watched a couple of videos about NFTs.


I just watched a video by a lawyer (in the States). And, from what I understand about NFTs, yes, you've got a receipt for a URI (URL). There's not even a CRC of the image file at the end of the ipfs URI. It can change. Also, more importantly, you have not bought the copyright of the image or anything else that is not specified in the contract. In fact, the "contract" is simply a piece of code.


I think I have seen the same one. But I am still completely confused about what it is of value that I would actually own even if I am the first purchaser rather than a down line purchaser. For a down line purchaser I can't even see what it is of no value that I own.

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"No man but a blockhead ever wrote except for money." Samuel Johnson.
 
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I've been reading up on the IPFS (InterPlanetary File System). All objects (like images, etc.) get a unique CID (content identifier) based on some algorithm that creates a string based on the (file) content of the thing being attached to the NFT. The file itself is not a resource somewhere on the web but exists in a distributed manner similar to how P2P file systems work. So that part of my critique does not count anymore.


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Here's the problem I have with NFTs for digital art. If I buy an actual physical painting - expensive or cheap; good or bad; a landscape, a still life or a bored ape - I can hang it on my wall. If I purchase a bored ape NFT what have I actually got? The best I could do would be find it and print it and hang it on my wall. But without purchasing an NFT I can put "bored ape" into an image search, print the one I like, stick it in a frame and hang that on my wall. I just don't understand where the actual value lies in the NFT. The words South Sea Bubble come to mind.


"No man but a blockhead ever wrote except for money." Samuel Johnson.
 
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Or tulip-mania or Beany Babies. The one artist I know who has sold NFTs of his work, almost always includes a print to hang also.

I also have the sneaking suspicion that the prices one sees which are almost always in US Dollars are because lots of folks have crypto-currencies they got cheap and are trying to find a way to offload them. Something for nothing? And money for free?


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I do wish I knew more about cryptocurrency because it seems to be the wave of the future. What do you recommend reading?
 
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Originally posted by zmježd:
Something for nothing? And money for free?
Only if they're in dire straits.
 
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Originally posted by Kalleh:
I do wish I knew more about cryptocurrency because it seems to be the wave of the future. What do you recommend reading?


The wave of the future in that it will crash onto the shore of reality and disappear into the sands of time. Big Grin I see a future for a cashless society (though I don't want to be around to see it, I find cash in my hand much easier to keep control of) but Crypto currencies, like NFTs, seem to me to be one enormous techno-scam.

https://www.youtube.com/watch?v=9l4ugU2RgbA


"No man but a blockhead ever wrote except for money." Samuel Johnson.
 
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Yes, I think you are right, Bob. And it will be an international currency.
 
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Having considered further I think a more appropriate analogy might be the story of the King's new clothes. Big Grin


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