It’s more like scribbling your name on the back of a monopoly card for Park Place and then selling it as a deed to park place.
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Unfortunately, as other have explained is not an one-of-a-kind medal made by as an artist, like this one.
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…and, it “spreads the money around”. There are however people who can’t afford bad investments who sink money into commodities without intrinsic value, this concerns me a bit. I hear the concerns about energy use, particularly wrt cryptocurrencies, but just about any human activity can be criticized on the basis. Better to focus efforts on “stop burning things” to generate electricity I think, not try to decide which activities are worthy and which are not.
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To add to this scam, people are stealing other people’s art and turning it into NFTs.
Say you post a piece of art because you want to share. Then some other asshole comes along and turns it into an NFT. According to the blockchain, yours is now the copy. If you want to lay claim to your own art, you’ve got an uphill battle to prove it’s even yours.
NFTs aren’t just a scam. They’re a scam that could kill the creative side of the internet, completely.
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A year from now we’ll be saying WTF is a NFT.
That’s quite a leap!
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Really? If you’re running the risk of having your work stolen and not being able to prove it’s yours without a lengthy court battle? How many creatives are going to think twice about posting? People for whom their art is their livelihood already run the risk of it being stolen, and NFTs make it worse. Because now someone can say “I legitimately bought this.” while the actual creator loses out entirely.
There’s already chatter in the art and comics circles about this. People are legitimately spooked. I don’t think it’s that big a leap at all.
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Sounds like you’ve got it figured out!
That’s the whole reason NFTs are garbage. They aren’t a certified original. Anyone can create as many NFTs as they want for any piece of art. That is, in fact, the entire premise of the article you posted.
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I am not able to form a strong opinion about something so new. I envy your confidence!
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Bitcoin and art theft combined.
Not a great “product” by any means.
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Do you think the whole NFT will collapse or no?
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Hopefully. I fail to see how anything that combines the worst aspects of Bitcoin mining with the looting of digital artefacts of unproven provenance can be anything positive.
Then again hedge funds and short selling survive.
If you want a chance to ride a financial bubble that could possibly make you some money while it burns the world faster and rips off artists, go for it. I’m not touching it with a ten-foot pole, digital or otherwise.
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Because the economic markets can be irrational, something can be crap and still be successful. By all rights NFTs should collapse. But that doesn’t mean they will anytime soon.
It does seem that at some point there is going to need to be new statute and/or case law to decide whether or not people can sell an NFT to IP they don’t own and what degree it represents an infringement upon the rights of the copyright or trademark holder.
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Nasty Fart Truck?
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It seems likely the NFT scam market is bound to be orders of magnitude larger than the market for NFTs sold by actual owners of the intellectual property which the NFTs supposedly represent. IANAL, but I would hope no legislature or court in its right mind would recognize NFTs as legal property rights.
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Sez you.
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If they do then I’m selling copies of Richard Prince’s work.
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