Originally published at: Nonfungible Olive Gardens | Boing Boing
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Is this infinite, like the pasta bowl?
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If it doesn’t come with bottomless Suppe Tuscana, it’s not worth it.
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Being crypto tokens, quite the opposite. Scarcity (and thus deflation) are coded in. Perhaps this is one of the creator’s subtle commentaries.
[edited to correct typo]
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So, what, I could generate an NFT of any old thing and claim “ownership”? Like, what’s the input of NFTs, like do I need the business number or the address or the image data of a picture I took of the front of the building? If I wanted to make an NFT of the Mona Lisa, is that of a scan or picture of the painting, or is it just the fact that it exists? Do I just input the string “MONA LISA” or “OLIVE GARDEN #12345” into an algorithm and get an NFT out?
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Yes. Minting and transacting an NFT of Olive Garden #12345 is exactly equivalent to writing “Olive Garden #12345” on a Post-it note and owning/buying/selling that.
Except with more atmospheric carbon.
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Are they Michelin rated?
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I’m not sure I follow you here. Don’t get me wrong, I fully expect these to deflate in cost to zero in fairly short order. I’ve just thought of them deflating in spite of the scarcity, not because of it. I’d attribute the loss of worth to a lack of any intrinsic value whatsoever.
The goal in this deflationary scenario is make sure that the societally assigned value (as opposed to the spot price) of a given token is as high as possible and also that the token is concentrated in as few hands as possible.
Between hard-coded caps on tokens issued, transaction costs/vig, and the occasional “halving”, the Libertarian greedpig techbros have built in plenty of ways to achieve their goal, which is basically to re-construct the gold standard – what Keynes correctly termed the “barbarous relic” – in digital form (having pre-emptively cornered the market, naturally).
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I tried to get some of the “free” breadsticks and was told “insufficient funds”. Maybe I’m not doing it right? Maybe I don’t care enough?
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I got some fungal toe cheese for the low price of $10,000. No haggling. I know what I got.
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Yes. As long as you have a digital file you can hash you can make an NFT. It’s basically like having a monopoly deed and claiming you own park place.
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Well, the food does mostly taste like burnt rubber so…kinda?
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I once had a “libertarian” explain to me with a straight face that deflationary money was obviously correct because if you own a certain percentage of the money supply that should stay the same percentage of the whole as the economy grows if you do nothing. Even a die hard capitalist should object to that, but most of the people who claim to be capitalists are feudalists so that all tracks.
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Ok, I think I understand what you’re saying. That’s probably a correct assessment of what the NFT peddlers would like to see happen. Even at my most cynical, though, I’m skeptical that Olive Garden JPEGs are going to become a new gold standard.
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Agreed. Say what you will about gold, it does have legitimate uses that make it valuable as a substance. NFTs and cryptocurrencies, not so much.
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“some recently having sold for more than 0.15 ETH”
Probably sold by the people who minted them to themselves, as NFT markets are hives of scum and villainy.
Except there’s not even a claim of ownership of anything, with an NFT. It’s just “Here’s my ‘Park Place’ NFT.” Certain buyers may naively think they’re buying ownership of something, but I’m baffled by the marks in these transactions who think that, especially at this point.
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