Really. The entire concept is so fundamentally stupid that you’d have to be even stupider to fall for it. Turns out, there are plenty of people who are.
The concept of a shared cache layer that uses cryptographic hashes to distribute copies to everyone that request them isn't stupid at all. In fact that is how CDNs work and they are extremely useful. The stupid part is paying large sums of money to "own" a specific sequence of bits on a specific ledger. The ledger can be copied and is copied, but you have zero ownership of those copies and you don't own the original work either. So what did you pay for?
The ability for a 3rd party consensus of truth against an immutable ledger. Without it, the 3rd party has to keep their own copy or federate with an original authority. The fact nft still needs consensus of truth is only somewhat problematic. Blockchain solves ownership through secrets, but a coin or nft is only worth something if someone else cares about that ownership and agrees that ledger is valid. 1 bitcoin is not 1 dogecoin for the same reason I wouldn't buy a monkey picture for a million dollars, but that same million dollar monkey picture gets you into a yacht party with someone else. Ultimately you paid for dispute resolution by a 3rd party for some kind of use of that nft. If there is no use, then you paid for nothing.
Your comment tells us the definition of "worth". It doesn't tell us why someone is willing to pay that much for it, which is what bag-o-chips is asking about.
It's a shame because I think nft could find a use for high end art and photography, in the same way they offer limited prints, but it's mostly just the most boring pop art and grifting. Like the 1000s of slightly different monkey pictures. So dumb.
No matter what, the NFT is still subject to copying via the analog hole. Like the time Mozart visited the Vatican and pirated their super secret music by listening to it and then writing it down after he left.
There are some interesting pieces at the moco, (modern art museum chain) but to me it was only the ones that used the medium that were interesting.
There was one piece that I remember that took the hash of each owner it had ever had and changed the colours/metrics of the pattern over the animation. So if you bought it, you would become part of the art.
It was mostly just the "digital art section" though.
Back in high school my best friend was in print class. And on my birthday he printed me a massive poster of one of those ape NFT for shits and giggles. One of the ones that were worth like $20 million or something like that.
Lost him to suicide back in 2024, and I put the poster up on my wall, even though its the ugliest thing I've ever seen. He still put in effort to remake it for a poster. One day when the actual NFT is dirt cheap I'm gonna buy it, for shits and giggles. It's still $10K, but when it goes below $100 I'll find a way to get some of that crypto coins to buy it, even though it's a worthless piece of shit, it's the memories that make it worth it to me.
I don't want to oversimplify it (its a great watch/listen. Great when cleaning the house as background audio)
But it can be simpleified to
"rich guys bought into cryto. Cryto became mainly for drugs. Silk road dead. No use for cryto. Push NFTs, where the only way to buy in is with Cryto. Normie's buy into NFTs. Cryto value goes up. Rich guys can sell at a good price.
I used to work for a logistics company and if adopted blockchain tech including NFTs would solve huge problems we have but instead it got swept up into grifter bullshit and now discarded as an idea lol
We really went from “deterministic decentralized zero-trust computing is the future” to “stochastic monolith computing that can’t tell the difference between data and instructions” and bet the entire economy on it
34 Comments
baggachipz@sh.itjust.works · 34 pts · 169d
How is it “worth” any more than 0?
TomMasz@lemmy.world · 23 pts · 169d
Really. The entire concept is so fundamentally stupid that you’d have to be even stupider to fall for it. Turns out, there are plenty of people who are.
Lemming6969@lemmy.world · 0 pts · 169d
Why? How is it stupid to store a hash of something on a distributed ledger?
PowerCrazy@lemmy.ml · 1 pts · 169d
The concept of a shared cache layer that uses cryptographic hashes to distribute copies to everyone that request them isn't stupid at all. In fact that is how CDNs work and they are extremely useful. The stupid part is paying large sums of money to "own" a specific sequence of bits on a specific ledger. The ledger can be copied and is copied, but you have zero ownership of those copies and you don't own the original work either. So what did you pay for?
Lemming6969@lemmy.world · 0 pts · 169d
The ability for a 3rd party consensus of truth against an immutable ledger. Without it, the 3rd party has to keep their own copy or federate with an original authority. The fact nft still needs consensus of truth is only somewhat problematic. Blockchain solves ownership through secrets, but a coin or nft is only worth something if someone else cares about that ownership and agrees that ledger is valid. 1 bitcoin is not 1 dogecoin for the same reason I wouldn't buy a monkey picture for a million dollars, but that same million dollar monkey picture gets you into a yacht party with someone else. Ultimately you paid for dispute resolution by a 3rd party for some kind of use of that nft. If there is no use, then you paid for nothing.
someguy3@lemmy.world · 2 pts · 169d
It's worth whatever someone else is willing to pay for it.
baggachipz@sh.itjust.works · 2 pts · 169d
Yes, I understand capitalism. My question stands.
someguy3@lemmy.world · 2 pts · 169d
That's the answer to the question. It's unsatisfying I know, but that's the answer.
howrar@lemmy.ca · 1 pts · 169d
Your comment tells us the definition of "worth". It doesn't tell us why someone is willing to pay that much for it, which is what bag-o-chips is asking about.
someguy3@lemmy.world · 1 pts · 169d
It doesn't matter, that's the answer. You can be unsatisfied all you want, that's the answer.
eldavi@lemmy.ml · 1 pts · 169d
they're successful attempst by the ultra rich to hide their money while getting more from everyone else.
ordnance_qf_17_pounder@reddthat.com · 32 pts · 169d
the NFT is mine now motherfuckers
TrickDacy@lemmy.world · 8 pts · 169d
That thing is fugly
Grimy@lemmy.world · 1 pts · 169d
It's a shame because I think nft could find a use for high end art and photography, in the same way they offer limited prints, but it's mostly just the most boring pop art and grifting. Like the 1000s of slightly different monkey pictures. So dumb.
collapse_already@lemmy.ml · 3 pts · 169d
No matter what, the NFT is still subject to copying via the analog hole. Like the time Mozart visited the Vatican and pirated their super secret music by listening to it and then writing it down after he left.
purplemonkeymad@programming.dev · 2 pts · 168d
There are some interesting pieces at the moco, (modern art museum chain) but to me it was only the ones that used the medium that were interesting.
There was one piece that I remember that took the hash of each owner it had ever had and changed the colours/metrics of the pattern over the animation. So if you bought it, you would become part of the art.
It was mostly just the "digital art section" though.
Peppycito@sh.itjust.works · 4 pts · 169d
Flaunt it moneybags!
MidsizedSedan@lemmy.world · 2 pts · 169d
At what price are willing to part with it. I have half a bowl of chips ready to trade it for? (Respond soon. I am still hungry)
ordnance_qf_17_pounder@reddthat.com · 1 pts · 168d
what flavour?
MidsizedSedan@lemmy.world · 1 pts · 168d
Regular pub potato chips.Too late...All eaten. (Except 3 the at fell on floor. You have to beg the bar for them.)
Geki@lemmy.ml · 17 pts · 169d
Back in high school my best friend was in print class. And on my birthday he printed me a massive poster of one of those ape NFT for shits and giggles. One of the ones that were worth like $20 million or something like that.
Lost him to suicide back in 2024, and I put the poster up on my wall, even though its the ugliest thing I've ever seen. He still put in effort to remake it for a poster. One day when the actual NFT is dirt cheap I'm gonna buy it, for shits and giggles. It's still $10K, but when it goes below $100 I'll find a way to get some of that crypto coins to buy it, even though it's a worthless piece of shit, it's the memories that make it worth it to me.
HiddenLayer555@lemmy.ml · 12 pts · 169d
Still less than the money he stole from scamming his (majority children) viewers.
criticon@lemmy.ca · 11 pts · 169d
$155 is still overpriced
LastYearsIrritant@sopuli.xyz · 4 pts · 169d
Yeah, I just downloaded it off that screenshot for free...
Suckers...
Dagamant@lemmy.world · 8 pts · 169d
Yeah, grifters spent a lot on NFTs to convince others that they were valuable and it worked. Logan made a shitload of money off NFT scams.
Enkrod@feddit.org · 8 pts · 169d
People keep posting images with the headline "such and such bought THIS NFT", but they didn't even buy the image, they bought a receipt for the image.
Manmoth@lemmy.ml · 6 pts · 169d
I'm pretty sure it was just money laundering
MidsizedSedan@lemmy.world · 4 pts · 169d
Dan Olsen has a great video on it.
https://www.youtube.com/watch?v=YQ_xWvX1n9g
I don't want to oversimplify it (its a great watch/listen. Great when cleaning the house as background audio)
But it can be simpleified to
"rich guys bought into cryto. Cryto became mainly for drugs. Silk road dead. No use for cryto. Push NFTs, where the only way to buy in is with Cryto. Normie's buy into NFTs. Cryto value goes up. Rich guys can sell at a good price.
mavu@discuss.tchncs.de · 5 pts · 169d
Unfortunately incorrect. It's worth the same it was in 2021, which is exactly zero.
Phoenix3875@lemmy.world · 4 pts · 169d
It wasn't stupid…for the seller.
knee@lemmy.ml · 3 pts · 169d
I'm so out of it I had to look up NFT! Anyway woteva...
hamid@crazypeople.online · 2 pts · 169d
I used to work for a logistics company and if adopted blockchain tech including NFTs would solve huge problems we have but instead it got swept up into grifter bullshit and now discarded as an idea lol
Neps@lemmy.blahaj.zone · 2 pts · 169d
Four_mile_circus@lemmy.ml · 2 pts · 169d
rapchee@lemmy.world · 2 pts · 169d
THE lauren chen? the one that took millions from russia to influence american politics?
not to say she's wrong in this instance
kibiz0r@midwest.social · 2 pts · 169d
We really went from “deterministic decentralized zero-trust computing is the future” to “stochastic monolith computing that can’t tell the difference between data and instructions” and bet the entire economy on it