It’s not even the picture, it’s the promise you own a picture
Imagine waving the receipt of your brand new TV you don’t have in your home around in public for prestige
And the picture itself is just a randomly generated picture of a money or a picture of Donald Trump photoshopped into something from the first page of Google images.
Holding an NFT can give you ownership of an image. If you have a bored ape NFT you own some legal rights to the image.
That’s because of contract law, and IP law. A contract assigns the copyright to the holder of the NFT, and governments enforce legal contracts.
The only thing that gives NFTs any claim to value is the fact that a centralized authority can enforce it. The entire concept behind the decentralized leaderless authority of the blockchain is a myth.
Yeah you can own an NFT but you can own any image through a license agreement with the owner.
Yes… That’s the point of my comment.
“You own the image“ functionally doesn’t mean anything in the context of NFT’s because the image component in an NFT is not actually exchanging hands so there’s nothing to truly enforce here. It doesn’t grant exclusive rights and all that comes with it, it just gives them ownership rights - an artist can’t say the owner can’t use it for their own purposes. People can screenshot it, make memes of that, etc. and you have no legal recourse because you do not have exclusive rights to the actual work. They did nothing that violates your ownership. The NFT is you have a receipt that nobody can dispute that says “I own this receipt associated with this image and can use it as such.”
When I shoot video and give people a screener, I watermark it and have legal rights to the image/video content itself. They cannot duplicate it or use it in any fashion without risking legal action by me against them. NFT’s do not have that same protection. I can screenshot a bored ape image that someone “owns,” barely augment it, and mint a new NFT with no repercussions from the person who bought the original NFT. The original artist could come after me potentially because they have the actual exclusive rights to the creation, which again does not transfer with an NFT purchase.
In addition, you don’t even own the means to protect the receipt. If the blockchain goes down, your receipt is meaningless and you don’t even have exclusive rights to the image to sell or license out.
To give one more example: if I buy a video game, I have certain ownership rights associated with that disk. This is assuming physical copies of course. I can do whatever I want with that physical copy within the bounds of ownership of a distributed IP. I can snap it in half, I can back it up to a drive, etc. What I cannot do is make copies and distribute it because I have no rights to the IP, it has not been transferred to me with the purchase. The developer/publisher still has exclusivity, they control the IP. And if somebody else makes copies of my gave to be distributed, I have no legal recourse. This is really the key factor here. That law they’re breaking is not about my ownership, it’s about the game developer and publisher’s rights to the IP. They are the only ones who have legal recourse. NFTs, it’s the same way. The artist has all of the legal protections that come with IP ownership. Not the person who bought an NFT of the artwork.
TL;DR: NFT’s are buying receipts. They’re roughly as useful as “a certificate of authenticity“ they comes bundled with collectors items that were sold on infomercials in the 90s and 2000s. Except you don’t even get to store the certificate yourself, you’re dependent on somebody else
NFT’S
Stay in school, kids.
I twitch every time I see a basic English error in a meme.
You don’t even buy the photo, you buy the hyperlink to the photo. In a sense, your buying the treasure map to gold, but you can’t have the gold.
Its like buying gold on the stock market pretty much. You cant have it in your hands but you still own it and it has value
No, you buy a certificate of ownership. That’s what NFT is.
I was pretty shocked when I found out that NFT pictures aren’t even stored in the block chain. NFTs are just records on the block chain with links to images stored on ordinary servers.
This is because you (in theory) need the whole blockchain to validate an NFT, so you want to keep it as small as possible.
But since you store the Cryptographic Hash of the image too, you can validate that the image on the server is actually the same one referenced by the blockchain. You could even move it to another server, but it will break the link obviously
Except you don’t own that server and have no control over it, and if the server owner takes the image offline you’re screwed
It does not really matter. You’ve still got the JPEG (or whatever else). Just calculate the hash and you can proof that it’s the one referenced.
NFTs are just USED for pictures. They actually had potential to solve real world problems, but jetzt isch d Katz de Bååm nuff as we say in hohenlohe.
NFTs
Note: this is how you spell it. Apostrophes are for possession & contraction …not making words plural.
That’s not true, clearly an apostrophe means: “watch out, here comes an s!”
Correction:
That’s not true, clearly an apo’strophe mean’s: “watch out, here come’s an 's!”
You forgot /'s
What about for the Goa’uld?
That’s not true. Apostrophes can be used to make acronyms plural, and there are cases where not doing so is clearly wrong (e.g. Oakland A’s)
No style guide says this. The only exception I have ever seen is single letters, and even that is up to interpretation.
Shes right an nft is a hallway to the picture. You don’t even own to picture
I thought NFTs is the title to the car. Just a title without any law backing it up.
No, because an NFT just tells you were the picture is on the block chain. In theory If you had access to the block chain and another picture you can just change the picture stored at that point
Some hacker needs to make it a mission to replace every Bored Ape and Trump Card NFT with Goatse.
In theory If you had access to the block chain and another picture you can just change the picture stored at that point
In theory if you had access to your bank’s safe you could just take out money.
Well, you dont.
In the US money is insured. You will get your money back
The point was that if you had access to it, you could do some bad stuff but you wont ever have access to it.
You cant have access to the blockchain so you couldnt change anything. Saying “if i had access to the blockchain,…” is like saying “if I had access to your stuff, I could steal it”. Yeah, thats right but that doesnt mean anything…
FWIW nobody who is actually knowledgeable about crypto ever thought anything positive about NFTs. It’s all just wallstreetbets types who read one article and think they’re economists now. The tech is interesting and has applications but monkey jpegs are what idiots spent millions on for some reason.
People who are knowledgeable about crypto spent real money on a thing called dogecoin.
Nobody who is knowledgeable about crypto ever thought dogecoin was anything but a meme coin or pump and dump scheme. They would have known it offered zero benefits technologically over existing cryptos. Some may have bought it to cash in on the crazy market surrounding it, but they never thought doge was the future or anything. The people who thought that were the “i read one article and I’m a crypto expert now” crowd referenced in my original comment.
I viewed it as more of a donation to see the stupid meme on Nascar or other dumb sponsorships.
I think the entire boom it had was from regular people, people who specifically weren’t knowledgeable about crypto.
Exactly. Same with NFTs
Physical money is just metal, plastic and paper.
The problem is the virtual value we give certain things.
“This comment is an NFT and if you screenshot this I will sue your ass without hesitation. Please paypal me 4500 USD if you would like this comment, and don’t mess with me. I got my whole crypto gang on my side. We will fuck you up if you try stealing this comment, so don’t fuck with us.”
Oops
Why are they asking for fiat currency?
Crypto
BrosLosers would be really mad at reading that, if they weren’t busy fellating the owners of BoredApes after they made them blind.…
What? No, that’s not a joke.
https://www.theverge.com/2023/11/6/23948464/bored-ape-nft-event-eye-injury-sunburn-uv-exposure
“Had a good time with the homies who also got their eyes burned”. These people are unbelievably down there in the pathetic human scale.
Cryptobros incoming to tell us all the real-world problems blockchain’s going to solve any day now in 3… 2…
I got 99 problems, but a blockchain solves none
They can’t read because they burned their eyes.
To be fair most art is just pictures (using the term picture loosely). That’s not why the nft is dumb.
They’re not even pictures. They’re hyperlinks to pictures that may or may not even be there.
Famously, it’s uncommon that your “NFT” ends up hyperlinking to a picture of a rug because the people running it know it’s a scam.
They are actually not hyperlinks, more like certificares of ownership over a picture (or a “token”, as the name suggests)
It’s very expensive to add the actual image picture into the blockchain, so most NFTs actually contain a hyperlink and the NFT owner “owns” (because to my knowledge there’s no legal base to assert ownership) only that hyperlink within their token, not the image itself.
Thats true but they also usually contain things like the pictures hash so as long as you have the file you can always claim it (even if the hyperlink becane invalid).
Pretty much any kind of data related to the image is useless for verifying the actual image. For instance saving the exact same image with a different compression algorithm will make a new hash.
Go away, feddit de you never have anything useful to say
Oh yes, generalizing. At least you didnt write any racist jokes (yet)…
I think NFT’s had some promise for stuff you actually have to own (not some ape pictures). Like a digital version for maybe an invitation or tickets or if done properly (by your countries government for example) maybe even for stuff like licenses (i.e. driving license, welding license etc.) Or identification (passport, id, etc.)
Every single one of the examples you gave relies on some single centralized authority to give it value. Passports and licences are meaningless without a government. Tickets rely on the venue.
I have not heard anyone mention any application for NFTs that would work better than a database run by the agency that is required to give the document value.
Blockchain is a solution in search of a problem.
The problem IS the centralized authority. Can you forever trust a government to not artificially inflate or deflate the value of a currency? The whole point was to have a system with no single authority. No single point of failure.
It is, however, not perfect. The volatility, limited number of transacrions per second , and reliance on an incredible amount of energy expense were the largest of these when the original bitcoin concept was created. Some of these issues have solutions, but its still an evolving technology.
