this post was submitted on 20 Aug 2023
1674 points (97.1% liked)
Memes
45727 readers
1150 users here now
Rules:
- Be civil and nice.
- Try not to excessively repost, as a rule of thumb, wait at least 2 months to do it if you have to.
founded 5 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
I buy a picture from you, I get a receipt proving I bought it.
I buy a picture from you on an NFT marketplace, I get an NFT proving I bought it.
What value does an NFT provide in this case? I guess it provides a better proof of the purchase but that hardly seems worth the effort of setting up a wallet and acquiring crypto (for the average person at least). Not to mention the seller also needs to do these things, and I fail to see how he will benefit in this case.
Maybe in a hypothetical world where everyone uses crypto this will make more sense.
I'll just use a small example.. Let's say you have an NFT for a online casino project. Simply holding the nft in your wallet will give you a weekly payout (certain percentage of profits for that week/month)
I use this example because nfts can have many different uses. Another would be gated communities/gated access to online services. Hope that helps it make sense a little
Stock ownership also gives you a payout. And yes you can use NFT’s for authorization, but you really don’t need to. That was already possible back in 2005 with some PHP. Although those systems were and still are often centralized and rely on the integrity of the infrastructure and the intentions of the people running it, you can’t host a service on the blockchain. Smart contracts can’t host a site. There still needs to be something in between the blockchain and the client.
I see the potential of a public ledger but most blockchain projects seem to simply use it as a marketing gimmick.
All the examples you give are things that can be done (and are done in practice) without NFTs, and you don’t really explain why using NFTs would be better.
Damn bro, I guess was wrong. Crypto is totally useless. Sorry for second guessing you
In this case, assuming you're a trader in this example, you'd be banking on whatever art you purchased to gain further value so you can then sell your certificate of ownership and make a profit. This is no different than art sales/trades IRL. Here's an art gallery owner discussing using NFTs as certificates of ownership for real world art sales and the added benefits over traditional COOs.
I guess if there is an issue with verifying authenticity of art and using NFTs solves that issue this makes sense. Selling digital art using NFTs is still dumb IMO, as there is no real concept of owning or displaying an “original digital painting” like you can do with normal paintings; in that case you only get a fairly abstract proof of ownership (NFT avatars on various sites and NFT items in games could change this if implemented widely I guess).
Other than a few similar use cases they still don’t seem very useful, and it I think in most cases they solve issues that already have good solutions.