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NFT - Non Fungible Tokens. Complete scam or the future of ownership

  • 15-03-2021 8:10pm
    #1
    Registered Users Posts: 1,794 ✭✭✭


    It's hard to avoid all the hype recently about NFTs - Non Fungible Tokens. At its simplest, it appears to be a way to assert ownership over a digital asset by writing a record to a blockchain. Lots of artists are getting involved in this, and one piece of digital art reportedly sold for $69 million.

    Sounds like yet another cryptocurrency scam designed to extract money from morons who think there's an easy way to get filthy rich without doing any work for it. There's also concerns about energy consumption when using these blockchains - Bitcoin uses more energy than all data centres and all electric vehicles on the planet for example.

    Is anyone around her excited about this, hoping to make some money selling their digital art, or buying these NFTs? I see the creator of Twitter recently sold a NFT of the first tweet for $2 million. I'd be happy to have some of my most memorable and iconic posts on this site sold as NFTs, and would contribute the money to the continued operation of this site. It might also be used to train some proper moderators.


«13

Comments

  • Closed Accounts Posts: 190 ✭✭Quantum Baloney


    who cares about energy consumption, its all a load of baloney


  • Registered Users Posts: 202 ✭✭Papa_Bear


    What's this about Fungi?


  • Registered Users Posts: 9,659 ✭✭✭buried


    Beyond cringedome this is

    "You have disgraced yourselves again" - W. B. Yeats



  • Closed Accounts Posts: 4,105 ✭✭✭Kivaro


    Papa_Bear wrote: »
    What's this about Fungi?
    Fungi sold his bitcoins and retired to the Cayman Islands.


  • Registered Users Posts: 1,496 ✭✭✭Yester


    It's all Walrus Tokens now.


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  • Registered Users Posts: 1,650 ✭✭✭Muppet Man


    .... Bitcoin uses more energy than all data centres and all electric vehicles on the planet for example....

    I very much doubt that.


  • Registered Users Posts: 965 ✭✭✭SnuggyBear


    Load of bollocks


  • Registered Users Posts: 363 ✭✭Tig98


    who cares about energy consumption, its all a load of baloney

    If the energy is not sustainably produced then the Government and the EU care quite a bit, actually


  • Registered Users Posts: 7,878 ✭✭✭frozenfrozen


    Honestly they could be the answer to ownership of digital items. I have gone on and off the idea over the last few years of developing some formal way for news agencies to pay for usage of amateur pictures and video and to be able to display proof of permission when they use it

    Its just another gimmick if people are trading memes back and forth playing stonks only go up hot potato and you can't really do anything once you buy it. But if you are also buying usage rights then its something entirely different


  • Registered Users Posts: 6,176 ✭✭✭Ubbquittious


    Muppet Man wrote: »
    I very much doubt that.


    It might not be far off it. Of course there is the overlap that some bitcoins would be mined in what could be considered datacentres


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  • Registered Users Posts: 81,223 ✭✭✭✭biko


    Bring back the gold standard.


  • Registered Users Posts: 9,381 ✭✭✭Yurt2


    The potential for this to protect the IP and earning potential of musicians, filmmakers (and producers let it be said) and journalistic content on the internet is huge. Wouldn't surprise me if it caught on.


  • Registered Users Posts: 9,659 ✭✭✭buried


    Yurt! wrote: »
    The potential for this to protect the IP and earning potential of musicians, filmmakers (and producers let it be said) and journalistic content on the internet is huge. Wouldn't surprise me if it caught on.

    Its a fad yurt. The level of 'artists' and 'musician's' that are making or trying to make any sort of money from this thing won't be remembered in the future. They are only known in the present for current trends and previous rubbish the likes of them are involved in Eg : the kings of leon and jack dorsey. Its a way for those types to make money quickly now on the wave of a cryptocurrency trend.

    "You have disgraced yourselves again" - W. B. Yeats



  • Registered Users Posts: 9,381 ✭✭✭Yurt2


    buried wrote: »
    Its a fad yurt. The level of 'artists' and 'musician's' that are making or trying to make any sort of money from this thing won't be remembered in the future. They are only known in the present for current trends and previous rubbish the likes of them are involved in Eg : the kings of leon and jack dorsey. Its a way for those types to make money quickly now on the wave of a cryptocurrency trend.


    Why the quotation marks around 'artists' and 'musicians'? Are they not paid up members of some guild or something?


  • Registered Users Posts: 3,858 ✭✭✭Church on Tuesday


    OP has jumped the shark


  • Registered Users Posts: 9,659 ✭✭✭buried


    Yurt! wrote: »
    Why the quotation marks around 'artists' and 'musicians'? Are they not paid up members of some guild or something?

    Jack Dorsey is no 'artist' and IMO the 'kings of leon' are no 'musicians'
    Both of them types are corporate entities. Nothing more. And only the likes of these types will benefit within the few months this fad blows up and is then forgotten about, while real artists and musicians will be in the same world they always were.

    "You have disgraced yourselves again" - W. B. Yeats



  • Registered Users Posts: 16,109 ✭✭✭✭Pherekydes


    Tokenism is the new wokeism.


  • Registered Users Posts: 9,381 ✭✭✭Yurt2


    buried wrote: »
    Jack Dorsey is no 'artist' and IMO the 'kings of leon' are no 'musicians'
    Both of them types are corporate entities. Nothing more. And only the likes of these types will benefit within the few months this fad blows up and is then forgotten about, while real artists and musicians will be in the same world they always were.


    A Buried-penned letter on an Aertel opinion page sometime in the mid-90s:


    "The internet is a pyramid scheme for w*nkers from Foxrock who go to UCD. The Government will bankrupt the country chasing this so-called 'world wide web' pipe dream. Invest in more post offices and improved Aertel services. I've made my opinion known to the Minister of Posts and Telegraphs in the strongest terms.

    Also, Kula Shaker are a poor man's Deep Purple and I'm appalled they were nominated for a Brit award. Travis are the future of rock music on these islands."


  • Registered Users Posts: 9,659 ✭✭✭buried


    Yurt! wrote: »
    A Buried-penned letter on an Aertel opinion page sometime in the mid-90s:


    "The internet is a pyramid scheme for w*nkers from Foxrock who go to UCD. The Government will bankrupt the country chasing this so-called 'world wide web' pipe dream. Invest in more post offices and improved Aertel services. I've made my opinion known to the Minister of Posts and Telegraphs in the strongest terms.

    Also, Kula Shaker are a poor man's Deep Purple and I'm appalled they were nominated for a Brit award. Travis are the future of rock music on these islands."

    Well, how about instead of being all smartarsery about it, lets see how it goes next year for all real artists both of the genuine variety and of the con variety like Jack Dorsey when all this cringe fad is forgotten about and comes to naught next month?

    lol @ Kula Shaker BTW

    "You have disgraced yourselves again" - W. B. Yeats



  • Moderators, Category Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 22,119 CMod ✭✭✭✭Ten of Swords


    Yurt! wrote: »
    the Minister of Posts and Telegraphs

    I had to look that up :eek:


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  • Registered Users Posts: 18,069 ✭✭✭✭fryup


    can someone please spoonfeed me and tell me in a nutshell (i have a low attention span) - what nft's is exactly about 😶

    i heard an item on the radio the other day about it - is it simply creating a unique digital image and hope that it goes viral and then sell the rights to it??



  • Posts: 0 [Deleted User]


    I read this a lot and perhaps it is right but I can't see it being a simpler solution than a subscription service



  • Registered Users Posts: 18,847 ✭✭✭✭Del2005


    It's a link to an image that you own. You don't own the image or the rights to sell the image.



  • Registered Users Posts: 18,069 ✭✭✭✭fryup


    so you own the rights to the link as such? the ip address?



  • Registered Users Posts: 6,793 ✭✭✭FunLover18


    It's an absolute scam, you just have to look at the quality of those bored apes to see it. Nothing to stop anyone screenshotting these supposed unique pieces of art and there's also very little proof that the person selling the NFT is indeed the owner/creator of the art.



  • Registered Users Posts: 3,672 ✭✭✭silliussoddius



    Seems to be a very grey area. A lot of them may not even be on the block chain, which people think they are. Heres is an interesting interview.





  • Registered Users Posts: 18,069 ✭✭✭✭fryup


    block chain? wtf is that - as i said keep it simple i'm a technophobe😐️



  • Registered Users Posts: 10,506 ✭✭✭✭EmmetSpiceland


    You own the receipt that says you purchased a piece of digital art from someone who may, or may not, own the original.

    The tide is turning…



  • Registered Users Posts: 33,191 ✭✭✭✭Penn


    It's a scam. Digital ownership and copyright is one thing. The glorification of NFTs as some sort of investment, moneymaking idea is based on nothing more than hype built up by the sellers to create artificial value and scarcity. It's a pyramid scheme that targets "techbros" instead of middle aged women selling makeup kits and sh*te, except at least the makeup kits are an actual thing with some use rather than a digital image of a monkey with a chefs hat, biker jacket and blue lips.



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  • Registered Users Posts: 33,530 ✭✭✭✭listermint


    It's one of the biggest pump and dump scamps of this century. Items being bought and sold and high value by the same person selling that's buying it and then advertised the scale of the sales across the net in the hope that some asshat with real money takes a bite.

    Now you have companies getting influences to buy nonsense nft shite for the metaverse. It's absolutely tomfoolery for the stupidly inclined and easily parted with their cash.

    You don't even get this level of hustle and robbery on the streets but it's all perfectly legal on the webbbbzzz.



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