Anyone here ever buy an NFT?

Capt'n Midnight

https://www.boards.ie/discussion/comment/118846650#Comment_118846650

You don't even have the marriage cert, you only have a photograph of it.

You can prove that the photo is genuine but you can't prove the marriage cert is genuine.

And you can't prove your photo is any better than anyone else's photo of that piece of paper.

If you had a piece of paper you could at least wipe your arse with it.

silliussoddius

https://www.boards.ie/discussion/comment/118839797#Comment_118839797

Are they on the block chain, thought? Supposedly it costs a lot of money to store things on the blockchain, and high fees is supposed to be a sign if something really is o the blockchain. Is anyone familiar with the workings of the blockchain?

Capt'n Midnight

https://www.boards.ie/discussion/comment/118849434#Comment_118849434

https://xkcd.com/2030/

That's the lovely thing about the blockchain, there's lots of them to choose from. Each image can be used to produce a unique NFT per blockchains.

The ledger size is going to increase rapidly, with estimates of it each 6.5 TB by Jan 2023. It will bring in the need to buy harder disk space to participate in the network. It's getting bigger, faster than hard drives are. There are scaling issues by they can be solved by cartels.

Nothing about blockchain or NFT's is scalable to 7 or 8 billion people using it for a sizeable number of transactions directly at a reasonable cost.

Penn

https://www.boards.ie/discussion/comment/118849262#Comment_118849262

There's a reason why people are pushing crypto and NFTs (and there are a lot of TV ads in America for crypto, even some starring Matt Damon) so hard. It's because they need new investors to create a new bottom layer, so that money will be passed up to higher layers.

The only reason groups like that spend so much money on advertising is because they know they'll make more money back from new investors.

The J Stands for Jay

https://www.boards.ie/discussion/2058238991/anyone-here-ever-buy-an-nft

Got a free one from crypto.com and sold it to some mug for $10

marcbrophy

OP, take a look at this if you've a spare 140 mins, it is a must watch documentary on the problem with NFT's and crypto in general :)

https://www.youtube.com/watch?v=YQ_xWvX1n9g

KevMayo88

I've actually decided to invest in two NFT projects, one is actually Irish so happy out about that.

Penn

The thing about NFTs, is that because they're on the Blockchain, they're completely safe and secure. Absolutely secure.

https://www.theverge.com/2022/3/29/23001620/sky-mavis-axie-infinity-ronin-blockchain-validation-defi-hack-nft

Witchie

I play a property trading game and have invested a sum total of €10 in the game so far. I "own" 4 properties, 3 in LA and 1 in NY. Recently, someone wanted to buy my NY property from me for about €100. I am sitting on it a while longer as there are infinite properties available and if the game takes off I will have a great asset. If it doesn't, I spent a tenner.

silliussoddius

https://www.boards.ie/discussion/comment/118857966#Comment_118857966

How much will the digital NAMA cost the rest of us?

bodhrandude

What's a NFT, is that the same as the GFT: Glasgow Film Theatre?

Capt'n Midnight

maccored

https://www.boards.ie/discussion/comment/118846610#Comment_118846610

Havent you answered your own question?

"sell NFTs of artists using their names, images and album art for which it had not obtained the rights, nor even attempted." Thats called stealing and they rightfully got caught at it. The problem there is the shady **** doing the stealing and selling - not the concept of an NFT

maccored

https://www.boards.ie/discussion/comment/118846664#Comment_118846664

you have done the research though obviously, yes? Please share and educate.

As Ive already said, blame people for scams. not the idea of an NFT.

maccored

https://www.boards.ie/discussion/comment/118848980#Comment_118848980

define art?

You have art, which people download for free and the creators make no money from, or you have art that people buying it define the value of. Time is usually what determines which were good bets and which weren't. Im sure theres plenty who think banksey's a vandal.

maccored

https://www.boards.ie/discussion/comment/118848267#Comment_118848267

or like Damien Hirst's diamond skull? Thanks for proving the point for me - art has always been that way.

Penn

https://www.boards.ie/discussion/comment/118889514#Comment_118889514

It means the argument that it protects artists or is good for art/digital media falls down when anyone can mint someone else's work as an NFT and profit off their work without their permission. It doesn't make it more secure, it just leaves it open to different forms of stealing, and gives those shady **** more avenues to steal other people's works and profit from them. And if existing copyright, digital protection etc laws cover those thefts, then they also already cover non-NFT thefts.

Therefore, one of the biggest selling points of NFTs (digital copyright protection) is actually completely redundant.

In other NFT news, Ubisoft, a game developer who introduced NFTs to one of their games (Ghost Recon Breakpoint), has announced they're ending support for the game. Which means those NFTs are essentially worthless. They thanked people who bought the NFTs and claimed they now "owned a part of the game forever" or some such nonsense.

maccored

https://www.boards.ie/discussion/comment/118889645#Comment_118889645

its emerging tech - obviously theres glaring loopholes. though I wonder - do you complain about musicians getting **** all for the music spotify listeners only spend a tenner on?

Regardless - the concept of making a digital creation into an individual item is a massive step forward, regardless of how the conmen are running the market at present.

Rome wasnt built in a day, and its a perfect solution for new material - NFT it the minute you create it and its virtually copywrit from day 1

https://www.boards.ie/discussion/comment/118889523#Comment_118889523

That's why I said the "NFT space", genius. The space being where the scams occur.

🤯

maccored

https://www.boards.ie/discussion/comment/118889830#Comment_118889830

is that your research?

https://www.boards.ie/discussion/comment/118889839#Comment_118889839

People are being arrested and having criminal fraud cases being brought against them as we speak, you well informed individual. Look it up.

Imagine thinking paying money for a URL is a great idea and entitles you to some kind of intellectual property.

L😊L

https://blockworks.co/two-20-year-olds-charged-in-alleged-1-1m-nft-scam-defrauding-investors/

This is just the beginning for the crypto scammers, such as some on here, I'd wager.

Penn

https://www.boards.ie/discussion/comment/118889791#Comment_118889791

Again, if someone can mint someone else's work as an NFT, then NFT does not and can not work as copyrighting. Any abuses of it are still already covered by existing laws regarding intellectual property rights. NFT neither eliminates nor solves those issues.

As for your Spotify comment, Spotify allows a person to listen to a song, not to own any rights to it. Regardless, artists are paid through people listening to their song. What's the NFT equivalent? The artist minting millions of individual NFTs which people then have to buy to own a copy of the song? Or the artist mints one NFT, Spotify buy it to have it streaming exclusively on their platform... Can the artist then not allow the song on Apple Music? Can they even allow it on Youtube? If they can, then what have Spotify bought?

What is the benefit to an artist minting an NFT of their work that isn't already covered by existing copyright laws?

The blockchain. You don’t have to understand it (in fact it helps if you don’t), but you have to have an obsessional belief in the power of a slow, append-only database to change the world.

https://www.boards.ie/discussion/comment/118889923#Comment_118889923

I don't know why you're bothering, mate. There's no talking to these crypto heads.

Penn

https://www.boards.ie/discussion/comment/118890052#Comment_118890052

Maybe not, but hopefully someone else reading it who might be thinking about getting into NFTs will be put off.

https://www.boards.ie/discussion/comment/118890064#Comment_118890064

Good point. Fair play to ya.

https://youtu.be/XwMjPWOailQ

Here's a entertaining video on the topic.

riclad

Many people are making money off selling heroin cocaine , but is it morally right to do so? I understand crypto coins can be useful eg donate to charity's in digital coins and they are being used by people in country's with high inflation and weak currency to make investments

Most of the new digital coins are scams or based on the greater fool theory I buy thus for 1000 euro maybe some eejit will buy it from me for 2000.drug company's in America charge 100 dollars for a drug that costs 10 dollars in the UK. The are tech bros and rich people out there will will buy anything if its promoted by a brand or celebrity Nfts and digital coins use up alot of energy to produce something that might be worth nothing in a few years

at a time when we are facing high inflation energy costs and we have maybe 5 years to avoid irreversible climate change I think cyrpto coins are popular because they are outside of government control and also young people think this might be my only chance to get a great profit it's like buying a lottery ticket eg it's a sign of desperation as young people get locked out of the property market

It's ridiculous that people are basically paying for an image linked to a url when. The Internet is a source of an infinite range of possible urls

banie01

https://www.boards.ie/discussion/comment/118846650#Comment_118846650

So what you're saying is.... Will Smith invented the NFT!😯

There are uses for NFTs but them as art is bollox. The moves towards tying ownership of digital assets and in particular games to an NFT and making it a transferable form of ownership? Thats going to be quite a kick to the gaming industry in particular IMO. It will allow people to sell on digital games they have purchased. It can also be managed in such a way to ensure that for any future sale, that a % kicks back to the publisher.

Not to go all crypto bro, but I do think that there is a place in equity markets for an NFT or similar tokenised blockchain ledger to ensure the validity of asset, ownership and in particular settlement of derivatives trades and their validity.

That said, they are a solution is search of problems. A glorified digital asset tag that can have a perpetual smart contract attached. I own a few. I have never bought one nor sold one. They are a curiosity that has potential.