NFTs - digital art or something.

[cybershot]

So I see one of my mates talking about this on his socials a lot. Sounds like a load of bollocks currently. I can see that this sort of stuff may have a place at some point but at the moment but due due to links with cybercoins (Bitcoin etc) it will eventually all fall flat on its arse right?

People are spending millions on NFTs. What? Why?

NFT WTF FAQ.

www.theverge.com

 

[Artaxerxes]

Just no.

 

[maomao]

I really can't work out what these actually are. Is it sort of like a one off commemorative coin but the coin's on a blockchain?

 

[skyscraper101]

I prefer FAT32

 

[pbsmooth]

a load of bollocks. and half of them are broken already.

Your million-dollar NFT can break tomorrow if you’re not careful

Like paintings, NFTs need to be properly maintained.

www.theverge.com

 

[Lord Camomile]

I really can't work out what these actually are. Is it sort of like a one off commemorative coin but the coin's on a blockchain?

My current, certainly ill-informed and very possibly incorrect, understanding is it's a way to 'prove' you 'own' the original digital file of something. For example, it might be the file that your camera saved when you took the photo/video, or it might be the specific file that you worked on in Paint to create your masterpiece.

Point is it's the 'original' file that was first created, not one from an attachment, or saved off the web.

I think

For reasons I also haven't looked into, the creation of these certificates or whatever also uses an enormous amount of processing power, which needs an equally enormous amount of energy, so many people believe it's a real climate change/sustainability issue too.

 

[a_chap]

I don't really understand what NFTs are either, but I gather they are very, very valuable.

Fortunately I have a quite a few of them, so I'm open to offers.

The London Bridge NFT is an especially good bargain. Yours for a mere £100,000...

 

[hitmouse]

 

[hitmouse]

Does seem like nice work if you can get it, though:

Investors Spent Millions on ‘Evolved Apes’ NFTs. Then They Got Scammed.

The developer behind the NFT project, ‘Evil Ape,’ suddenly disappeared along with its Twitter account, website, and $2.7 million.

www.vice.com

Although $2.7 million is probably a drop in the ocean compared to the stupid money that idiots are throwing around on this stuff.

 

[NoXion]

I don't think whoever named them actually knows what "fungible" means. If something is non-fungible then surely that should mean you can't make money off it, right?

Yet whenever the subject of NFTs comes up, the focus almost always seems to be on the enormous value of the damn things. I'm guessing that "non-fungible" means you can't sell it on? So what's the point, again? "Ooooh, I have a unique digital token that I paid millions for and can't do anything with, look at meeeeeeee"

I think anyone rich enough to even consider wasting such sums of money for so little gain, has to be infested with capitalist brainworms.

 

[platinumsage]

 

[hitmouse]

 

[hitmouse]

Just had to really restrain myself from bursting out in laughter in the middle of a zoom meeting when seeing this:

 

[On Fire]

Hopefully it is just a fad or phase that goes away quickly.

 

[UnderOpenSky]

Someone's probably going to get rich. Like Bitcoin. Seems bonkers mind.

 

[Magnus McGinty]

The London Bridge NFT is an especially good bargain. Yours for a mere £100,000...

Pfft. Beeple’s Everydays: The First 5000 Days went for almost $70M. Apparently it’s the second most expensive.

 

[hitmouse]

 

[platinumsage]

They're mostly still going FWIW

Name a Star | International Star Registry <- this one even named a star for Princess Dianna in 1997.

 

[xenon]

There's a good podcast ep on this phenominum, in particular the especially shite Bored Apes Yacht Club, on Qanon Anonymous podcast.

 

[wtfftw]

I keep meaning to read this page but I've already decided NFTs make zero sense.

What The Fuck Is An NFT And Why Are Pictures Of Monkeys On Sale For Outrageous Prices

What is an NFT and why is every celeb talking about it lately?

www.pedestrian.tv

 

[Magnus McGinty]

We could sell this thread about NFTs as an NFT.

 

[magneze]

My first impressions of web3

Despite considering myself a cryptographer, I have not found myself particularly drawn to “crypto.” I don’t think I’ve ever actually said the words “get off my lawn,” but I’m much more likely to click on Pepperidge Farm Remembers flavored memes about how “crypto” used to mean “cryptography” than ...

moxie.org

Posted this in the bitcoin thread but might be more relevant here. NFTs are covered.

 

[SpookyFrank]

If they're non-fungible how are people selling them? Seems like the sort of thing that would count as fraud if anyone, anywhere gave a shit about the sort of moron who would pay for such a thing being ripped off.

 

[maomao]

If they're non-fungible how are people selling them?

Fungible doesn't mean 'able to be swapped for money' it means 'having the exact same value as an equivalent item'.

 

[magneze]

But they're not non fungible. NFTs are not themselves stored on the blockchain. Only pointers are. Change the pointer, change the token. Moxie details all this in the article I posted above.

 

[Artaxerxes]

Well worth a watch for a real deep dive into how fucked up they are.

 

[magneze]

Over 2 hours. Is there a summary? Is it worth it?

 

[magneze]

Oh, same guy that did "in search of a flat earth". That was excellent.

 

[Storm Fox]

Over 2 hours. Is there a summary? Is it worth it?

I watched it this morning, I found it very interesting. It didn't feel like 2 hours. The first 1/2 hour is about bitcoin and Ethereum and then moves on to NFTs.

As well as flat earth he did a critique of Fifty Shades of Grey both the book and film and again really interesting. That's what his copy of the Grey book is referencing in this video.

 

[Artaxerxes]

Yeah its hard to summarize a video that long other than "so NFT's are for tech-bros and are inherently about scamming the roobs but also be aware that this is the future corporations would love to have - a world where every transaction, every item, every tweet and jpeg is tagged and non-fungible."

Theres 2 hours of stuff in there but it didn't feel like it was two hours.