Home > Topics > Speakers Corner – Ideas, Opinion & Debate > Topical debate > NFTs, the way of the future?
Just because you can doesn’t mean you should…
Hard to hold an NTF in your hand and admire the texture or hang it on the wall and admire how it finishes a room…
The real question to ask is why…and I’ve not heard any good answers that are meaningful to me.
If it’s not meaningful to me, screw it…
(actually the word I would use is “F&$k it” but this is mixed company)
😎
I read this explanation once, and it makes sense. 🙂
The concept of NFT have some merit (proof of ownership), but the current implementation reminds me more of a pyramid scheme.
The blockchain do not preserve the artwork itself, just the recipt that you paid for it. If the webserver with the image goes down, so do you artwork.
Just because you can doesn’t mean you should…
Hard to hold an NTF in your hand and admire the texture or hang it on the wall and admire how it finishes a room…
The real question to ask is why…and I’ve not heard any good answers that are meaningful to me.
If it’s not meaningful to me, screw it…
(actually the word I would use is “F&$k it” but this is mixed company)
😎
I read this explanation once, and it makes sense. 🙂
The concept of NFT have some merit (proof of ownership), but the current implementation reminds me more of a pyramid scheme.
The blockchain do not preserve the artwork itself, just the recipt that you paid for it. If the webserver with the image goes down, so do you artwork.
Hello Ronny, thanks for offering your opinion. You are actually wrong on the “if the webserver goes down, so does your image”, since most serious NFT platform use IPFS to store the images (see here: https://docs.ipfs.io/concepts/what-is-ipfs/). You are also wrong on the pyramid scheme, at least for NFT photography, although I’d be the first to admit that there are definitely high levels of speculation on pfp, as they call it; not much – if any at all – on photography (and more generally on 1/1 art) though.
If you are really interested in understanding NFTs, I’d suggest to do your own research rather than trusting some random bitter guy’s quote on a forum.
Best regards,
Vieri
“If you are really interested in understanding NFTs, I’d suggest to do your own research rather than trusting some random bitter guy’s quote on a forum.”
Hum…and I suggest that one does their own research rather than trusting some random “expert” on a forum…Fine art photography and NFTs are not likely to survive once the cryptocurrency craze evaporates…I bet those people last year that bought Bitcoin for $64,000/coin are questioning their choice now that it’s fallen to $21,000. But what do I know…(I know that it’ll be a cold day in hell before I buy into the NFT/crypto insanity)
Hell, I’m still of the mind that a photograph should be really nicely printed, matted and framed and hung on a wall to be able to admire it anytime ya want.
“If you are really interested in understanding NFTs, I’d suggest to do your own research rather than trusting some random bitter guy’s quote on a forum.”
Hum…and I suggest that one does their own research rather than trusting some random “expert” on a forum…Fine art photography and NFTs are not likely to survive once the cryptocurrency craze evaporates…I bet those people last year that bought Bitcoin for $64,000/coin are questioning their choice now that it’s fallen to $21,000. But what do I know…(I know that it’ll be a cold day in hell before I buy into the NFT/crypto insanity)
Hell, I’m still of the mind that a photograph should be really nicely printed, matted and framed and hung on a wall to be able to admire it anytime ya want.
Indeed, poor attempt at sarcasm aside, I am glad you agree on doing one’s own research.
I think you might be quite wrong about NFT not surviving the “crypto craze”, whatever that is. Time will tell.
About people who bought Bitcoin, I am sure those who were smart enough to buy it at $1 in 2011 are laughing their way to the bank, and I am pretty sure they are not questioning their choice at all. It’s all a matter of perspective and timing, isn’t it?
Last, I am a staunch print lover, and that’s why I do offer a signed print to everyone buying one of my NFTs. Imagine that. The NFT actually becomes the Certificate of Authenticity, and it’s forever burned into the blockchain.
In the end, we are all free to pursue whatever we want, that’s the beauty of it. But, when one side of any argument resorts to insults, swearing, sarcasm, and the like, personally I find that a pretty good indicator of which side is the strongest side of the argument. But, as you said, what do I know.
Best regards,
Vieri
Pot, meet kettle…
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Pot, meet kettle…
😎
Great argument! Thank you for making my point, Jeff.
Best regards,
Vieri
Then there’s this:
“Murakami Issues Apology After His NFT Plummets to $2000”
Seems his NFTs went from $260,000 to $2,000…that’s gotta hurt.
https://coinquora.com/takashi-murakami-issues-apology-after-his-nft-plummets-to-2000/
Tone it down, please, chaps. This isn’t the Other Place.
Jeremy
Ruh row….
Crypto hedge fund Three Arrows Capital in default on $665 million loan
Ya know things are going downhill when the a crypto hedge fund is in default…
From the article:
“The loan default comes at a perilous moment for cryptocurrencies, as industry players and investors brace for a “crypto winter” after a crash in prices and abrupt layoffs, and amid a renewed and emboldened sense of skepticism that has boiled over to condemnation among critics and market observers. The industry’s high level of interconnectedness has also flashed warning signs. Many companies borrow from and invest in each other, and the risks to investors are amplified because failure at one institution could cascade into others.
Across the industry, investors have endured staggering losses. Bitcoin, the most prominent cryptocurrency, was trading Monday around $20,700, far below its November peak of roughly $69,000. Meanwhile, the market value for all cryptocurrencies stood just below $1 trillion; seven months ago, that figure approached $3 trillion.”
So, cryptocurrencies that were close to 3 trillion is now under 1 trillion?
Wow, that’s gotta hurt! 😱
While one can buy NFT’s without crypto, it’s not straightforward. But I for one would not consider buying any cryptocurrencies in the near future and NFT’s remain completely speculative in nature at best and likely doomed at worst. The reality is likely somewhere in the middle but it’s a playing field I’m not gonna play on.
YMMV!
It’s an old thread, but I have just read this article in a (free) daily email I get from Matt Levine, a chap at Bloomberg. It serves as a perhaps salutary warning.
Jeremy
NFT Stuff |
One way to think about crypto is that it often applies infinitely scalable technology to ideas that kind of only work once. So in the early days of Bitcoin, a lot of people, including me, thought there was a logical flaw at its heart: Bitcoin was just a ledger maintained by some open-source code, and if it ever got valuable there was nothing to stop anyone else from cloning it and printing many more quasi-Bitcoins that had the same properties and, therefore, the same value as actual Bitcoins. This easy clonability would keep a lid on Bitcoin prices. This was totally wrong! In fact a lot of people did make Bitcoin clones, and a few of them ended up being worth, you know, two or three orders of magnitude less than Bitcoin, and the rest ended up being worth nothing. There were powerful network effects to being the original thing, and while it was easy to copy the technical properties of that thing, the value was not in the technical properties.
Non-fungible tokens have a similar story, but much more so. I do not fully understand the appeal of, like, Bored Ape Yacht Club. But it’s something like:
It’s a combination of quasi-art collection and quasi-club membership and very 2021 crypto price speculation.
When I put it like that I feel like:
Anyway here is a very funny report on the state of NFTs:
A report by dappGambl based on data provided by NFT Scan and CoinMarketCap indicated that 95% of non-fungible tokens were effectively worthless. Out of 73,257 NFT collections, 69,795 of them had a market cap of zero ether. …
“This daunting reality should serve as a sobering check on the euphoria that has often surrounded the NFT space,” the researchers said. “Amid stories of digital art pieces selling for millions and overnight success stories, it is easy to overlook the fact that the market is fraught with pitfalls and potential losses.” …
“It becomes clear that a significant portion of the NFT market is characterized by speculative and hopeful pricing strategies that are far removed from the actual trading history of these assets,” the researchers said.
They’re not assets! They’re a joke that was funny once, twice, maybe a thousand times, but good lord not 73,000 times, come on.
We talked the other day about the modern history of art pranks, art that was designed not to look pretty but to convey that a collector was cool and in on the joke. I wrote:
And then non-fungible tokens were invented to sort of mass-produce this effect for the internet age. This should not work:Pretty pictures lost their edge in the art world because they became too easy to mass-produce, and now being-in-on-a-dumb-stunt has also become easy to mass-produce, and it too has, I think, lost its edge. For like seven minutes in 2021, you could say “give me money and I will give you a receipt for nothing” and people would be like “oh that’s a cool joke, here’s the money” and feel good and sophisticated, but that was very easy to do, so everyone did, so that market was saturated and it is, I insist, no longer cool.
So saturated! So not cool.
NFTs seemed all the rage but they pretty much have died off from anyone offering them. Obviously this is for many reasons. Jeremy points some of those out. Trump did a whole bunch of NFTs of himself. Wonder how that’s working out for people who bought them. Like many oithers I stayed clear of NFTs.
Kevin Raber
Owner and Publisher of photoPXL
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Owner, CEO, Publisher
