NFTs

[chava]

A game-changer for digital music?

https://www.musictech.net/news/artists- ... -millions/

[Ben Kohonays]

Sounds a bit gimmicky to me.

On the flipside, if this takes off it could be a strange situation for new artists trying to establish themselves. Yes there's the lottery ticket chance that someone takes a shine to your music and you get paid big. However there's also the chance that 'speculators' will buy up lots of work on the cheap while people are unknown, then when one does become popular the investor gets to cash in big, but the artist has already sold that piece so doesn't benefit.....? Dunno. Maybe there's aspects I haven't clocked.

[kronk]

may be something in it for the future but at the moment its total bollocks imho - crypto richboy playthings.

theyre talking about embedding id through blockchain so that when a file is played theres a renumeration stream back to the artist. a sort of turbo charged drm idea. the concept is good but v difficult to implement & the challenge with that is how to get around piracy.

[timc3]

That is really interesting and the first time that I had heard about it. I like the idea, but I am sceptical about it going mainstream.

[Lost to the Void]

Interesting but really will only serve established artists who already have so many ways of opening alternative revenue streams......

[dubdub]

Yeah, this is just monitizing fandom, ultimately. Not that different from selling $500 golden buttplug merch or whatever...

[Bradley1602]

I don't get it. Why is it better then buying vinyl in limited edition?

[Lost to the Void]

I don't get it. Why is it better then buying vinyl in limited edition?

It`s not really, it`s basically a meaningless scam with no legal weight.
Someone can copy the work and there is no legal comeback

[buffered]

I don't get it. Why is it better then buying vinyl in limited edition?

It`s not really, it`s basically a meaningless scam with no legal weight.
Someone can copy the work and there is no legal comeback

well it is makes sense for digital art. Until recently, digital artists were exhibiting or tying their work to physical objects in order to sell to collectors. Without some sort of physical object to link provenance to, digital artists were left with near no way of selling an original artwork as a buyer had little incentive to own an easily replicated file.
With NFT tech, digital artists can lock their work to a traceable receipt in the blockchain. Owner can always prove that they have the original.
In physical world it equates to an owner having to employ an expert to assess whether a painting is real or forgery. Here the digital contract binding the artwork to the blockchain is always there to be referenced for authenticity.
Yes this is now inviting all sorts of junk to be minted but there are legitimate digital artists out there where this finally allows their work to be treated as you would a painting or sculpture. If you think about it, our whole world is dependant on digital. Is weird that only now we are seeing a possible solution to the trade of digital works in the art world.

[Lost to the Void]

I don't get it. Why is it better then buying vinyl in limited edition?

It`s not really, it`s basically a meaningless scam with no legal weight.
Someone can copy the work and there is no legal comeback

well it is makes sense for digital art. Until recently, digital artists were exhibiting or tying their work to physical objects in order to sell to collectors. Without some sort of physical object to link provenance to, digital artists were left with near no way of selling an original artwork as a buyer had little incentive to own an easily replicated file.
With NFT tech, digital artists can lock their work to a traceable receipt in the blockchain. Owner can always prove that they have the original.
In physical world it equates to an owner having to employ an expert to assess whether a painting is real or forgery. Here the digital contract binding the artwork to the blockchain is always there to be referenced for authenticity.
Yes this is now inviting all sorts of junk to be minted but there are legitimate digital artists out there where this finally allows their work to be treated as you would a painting or sculpture. If you think about it, our whole world is dependant on digital. Is weird that only now we are seeing a possible solution to the trade of digital works in the art world.

The problem is that the certificate of ownership is a bit like an honorary qualification. It's essentially meaningless, has no real world implications.
I think it`s the wrong approach to solve the problem of digital ownership. I don`t know what the solution is, but this isn`t it.

[subvers^v]

It's something...and I think the value will be the time it was added to the blockchain, kinda like finding a nail buried in a tree trunk..

[ekwipt]

I've drunk the NFT cooled a bit too much, but basically anything with a contract will one day be an NFT.

Buy a ticket to a Festival... NFT (can be a piece of digital art, entrance to the festival, download tracks from artists (visual and audio), will act as a pass to a branded club, you could even sell part of the company back to the punters who would make a profit, or sell the festival to the artists who would make a percentage cut of the tickets sold plus music rights attached to the festival, music amount of plays etc.... the list goes on

[Críoch]

Rant incoming: NFTs are shite.

People are stupid if they part with wealth for this stuff. At least with a fart in a jar, you have a jar and a fart.

Bad value is still bad value though.

I've seen the utter waste of kids buying power-ups and skins/costumes for their characters in games.. and my mp3 collection is fucking worthless.. and I have countless .pdfs and God knows what else on HDs and memory sticks all over the place. I shudder to think of the millions of meaningful digital photos that I actively archive, essentially ignore and in some ways, see very little value in, even though they are as unique & priceless as you can get.

I'll never buy any NFTs. If anyone does, they've no sense and too much money. Those who think this stuff has exclusively & has social currency to brag about.. OK. Thankfully I'm blissfully out of the loop. Someone has decided on a new way to make money by producing little. Minimum Maximum.

We have to make our own mistakes. I'm wiser for mine & this NFT stuff stinks imo.

I get the sense talking to college students to mid /late 20s people that they dabble in crypto & stocks. They live at home & haven't really a pot to piss in atm.. which is kinda normal at that age I guess, as you are just getting sorted usually. I could be wrong, but I think some younger people could be affected in ways that older people; more diversified & less engaged with online banks, might be if there's a recession or bubble burst. Its too easy to access services & some younger people may not have been through any recessions. When primary kids are talking about crypto, nfts & there's ads on TV for stocks apps.. its fucking over. At best its a diversionary and worthless way of thinking & being in the world. The Alarm is ringing.

[Val Endrada]

If someone wanted to launder money, the limited/non-existing legislation for NFTs makes them interesting. New rules and regulations are probably already under way, but since few people in power understand the technology and its implications in sufficient depth to be able to formulate loophole-free legislation, efficient global regulation is still in the future (and might turn out to be practically impossible).

[Bradley1602]

have to admit, no clue of what is the talk here hahahah.
I think I have been living in another milk street for a few years.

[Lost to the Void]

have to admit, no clue of what is the talk here hahahah.
I think I have been living in another milk street for a few years.

The simplest way to put it, is that it is a way to create artificial scarcity in the infinitely non degrading reproduceable digital media realm.

To elaborate a little more, its a form of digital receipt of ownership that can be tied to any digital file. So you can sell someone a file and they have proof of ownership.
You could sell a digital picture you made. And that person then has proof they own it.
However anyone can right click save.
And the artist retains the copyright and reproduction rights.
So they could make more copies themselves and sell them.

I see the Internet as anarchistic and NFTs are definitely a red flag to me.
The bullshit is already starting. They are selling digital real estate in the metaverse.
So they are selling actual virtual land for you to build a virtual property on.
It's the very first spark of everything monetized and a non inclusive Internet.

Fuck NFTs

[Críoch]

The metaverse is as fucked as here so

[loug]

People walking on the streets with VR glasses covering their faces and daft punk style helmets with integrated face masks for protection against covid-22 and its sigma and upsilon variants. Hell, the helmets will even administer booster shots as soon as they come out, automatically. Future is sweet baby, bring it on! NFTs are the new vinyl so I've already bought meself some meta real estate for a metaverse record shop.

[Ben Kohonays]

Traders are selling themselves their own NFTs to drive up prices

[[wesellboxes]]

youtu.be/YQ_xWvX1n9g

This is a very good documentary on everything wrong regarding NFT's. Over 2 hours long but never boring at any point so kudos to the filmmaker.

However....

Away from apes and ponzi scheme beenie baby collections, big commercial players such as Nike, Adidas and most fashion brands are involved in NFTs. What's validating it more for me is the likes of Tate Modern, MoMI, Arts Council are involved and thus this isn't going away. I lived through the late 90's dot com bubble and it reminds me of that. Chaos, nobody knows what's really going on, money being thrown at the most stupid of things and more failures than successes. Like that market, this will mature into something though and a few gains will be made until the corps get back in on it again.