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The vast majority of NFTs are now worthless, new report shows
(www.theguardian.com)
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this post was submitted on 23 Sep 2023
476 points (95.8% liked)
Technology
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Don’t need blockchain, no, but blockchain has some advantages since its peer verified and, when implemented well, much harder to fake data than a centralized database might be.
With a normal database we have to trust the one person/entity managing it.
With blockchain, it’s a community that we trust.
Ok, ok, hold on - what's being sold here? A link to a digital asset or something else? If it's a link, I still don't get the point. Does that link (or whatever it is) confer some kind of license? What's the use case for faking this data and why are we defending from this?
My idea is that the art is being sold and the NFT only says who owns it. It doesn’t need to be digital art, it can be just about anything where an original creator should benefit from the item changing hands.
Whenever the NFT changes hands, there are fees associated, which would include a portion of the sale going to the original artist, a royalty. And because the NFT exists on a publicly visible blockchain, back alley sales can’t happen ensuring that the artist gets paid.
This type of thing helps ensure that artists benefit from their art going into demand and increasing in value.
Blockchain mathematically guarantees trust... for info stored on the blockchain. What guarantee do you have that this info matches things that happen in reality?
If you say: we need a social contract to ensure people update the blockchain, then I say: that defeats the purpose of the heavy lifting you need to mathematically guarantee info on the blockchain is genuine. Let's just have a social contact to pay the artist when appropriate.
I don't see what other way could exist to keep the blockchain and reality in sync.