Interesting thread. Some valid criticisms of NFTs on first read
New tech should be approached with a critical eye! This challenged me, as I have certainly fallen into the hype
Love being challenged!
But WOW there are some HUGE holes in the argument here
Let’s examine 🧵
New tech should be approached with a critical eye! This challenged me, as I have certainly fallen into the hype
Love being challenged!
But WOW there are some HUGE holes in the argument here
Let’s examine 🧵
https://twitter.com/smdiehl/status/1445795667826208770
The argument here is that NFTs aren’t tangible things with rights or utility, like physical goods. They are just a entry in a database.
NFTs are not the good itself. That is indeed correct!
Question though, do database entries have value?
Yes they do!
But also no!
NFTs are not the good itself. That is indeed correct!
Question though, do database entries have value?
Yes they do!
But also no!
https://twitter.com/smdiehl/status/1445795671022444544
Data entries are only as valuable as what they entitle you to
They are symbols corresponding to something else
Which means they are only as valuable as that other thing
They are symbols corresponding to something else
Which means they are only as valuable as that other thing
If you buy a gift card to restaurant, or a ticket to a concert you are buying an NFT!
If you buy a concert ticket outside a venue from some shady person, then get to the entrance and security tells you it’s fake, yes you just got scammed
THIS DOESN’T MEAN ALL TICKETS ARE SCAMS
If you buy a concert ticket outside a venue from some shady person, then get to the entrance and security tells you it’s fake, yes you just got scammed
THIS DOESN’T MEAN ALL TICKETS ARE SCAMS
Doesn’t matter if these gift cards or tickets or NFTs are backed by paper or database records
What matters is the good or service it corresponds to
What matters is the good or service it corresponds to
Star registry seems like a decent comparison at first, but totally fails if you take a closer look
One or even many companies selling a certificate to something they don’t own in the first place and can’t ever hope to enforce doesn’t mean that ALL certificates are a scam…
One or even many companies selling a certificate to something they don’t own in the first place and can’t ever hope to enforce doesn’t mean that ALL certificates are a scam…
https://twitter.com/smdiehl/status/1445795674696597506
If an artist sells a signed NFT, is it valuable?
Do you value a signed copy aka certificate for the art? Yes!
If a grifter steals the artwork and sells the exact same image, is it valuable?
No! Plagiarized or fake art obviously isn’t as valuable!
Do you value a signed copy aka certificate for the art? Yes!
If a grifter steals the artwork and sells the exact same image, is it valuable?
No! Plagiarized or fake art obviously isn’t as valuable!
The failure here is not that tickets don’t work
It’s that the value of the ticket and what it corresponds to didn’t match
It’s that the value of the ticket and what it corresponds to didn’t match
When you buy a jpeg NFT. You aren’t buying a jpeg
Its a ticket or gift card for a signed JPEG
A contract between artist and token holder for a good
That says this is a special copy, that belongs only to you
That’s it
Its a ticket or gift card for a signed JPEG
A contract between artist and token holder for a good
That says this is a special copy, that belongs only to you
That’s it
Most NFTs don’t give copyright, exclusivity, any utility or anything else.
You buy a poster and you get a receipt
That’s fine
That doesn’t stop the artist from printing more posters!
Even if you buy an original painting, artists often make and sell reproductions
You buy a poster and you get a receipt
That’s fine
That doesn’t stop the artist from printing more posters!
Even if you buy an original painting, artists often make and sell reproductions
https://twitter.com/smdiehl/status/1445795687938068480
Buying a ticket to a concert doesn’t give me copyright of the concert…
or the expectation that the artist will never play the songs again
A signed copy of a book doesn’t mean I own the printing rights
It’s just a different way to experience the music
Which may seem bizarre
or the expectation that the artist will never play the songs again
A signed copy of a book doesn’t mean I own the printing rights
It’s just a different way to experience the music
Which may seem bizarre
But digital goods are here, and they are not going away
Moving on…
Moving on…
So you are telling me that financial institutions like banks, currency exchanges, trade brokers, payment processors all make money by doing business?
Yeah that’s how it works
More businesses offering goods and services for $ increases the value of $
Welcome to the game lol
Yeah that’s how it works
More businesses offering goods and services for $ increases the value of $
Welcome to the game lol
https://twitter.com/smdiehl/status/1445795694527139847
If an artist prints 100 framed copies, that costs money to pay for ink, printing and delivery
The artist then hopes to sell those and make more money back
Cost of goods applies in real and digital goods
That doesn’t make printers evil…
This is how every business works…
The artist then hopes to sell those and make more money back
Cost of goods applies in real and digital goods
That doesn’t make printers evil…
This is how every business works…
https://twitter.com/smdiehl/status/1445795697907830788
MLMs
Wash trading
Money laundering
Fraud
All of these are happening crypto. 100% agree
The same exact way they happen right now with traditional currency!!
None of these are new!
A new financial system does not automatically fix every single problem with financial systems!
Wash trading
Money laundering
Fraud
All of these are happening crypto. 100% agree
The same exact way they happen right now with traditional currency!!
None of these are new!
A new financial system does not automatically fix every single problem with financial systems!
https://twitter.com/smdiehl/status/1445795715062640643
The same exact scams and manipulation that play out in traditional markets are playing out in crypto markets with way less regulation and oversight
Simply because it’s new and fast
This doesn’t mean crypto is bad. It just suffers from some of the same downsides
Simply because it’s new and fast
This doesn’t mean crypto is bad. It just suffers from some of the same downsides
Welcome to flipping items on eBay, day trading stocks, and beanie babies
Yes people got burned doing this!
But Tulip mania used real money!
Just because the tulip is digital and so is the money doesn’t mean its a problem with the digital nature or the crypto-network tech
Yes people got burned doing this!
But Tulip mania used real money!
Just because the tulip is digital and so is the money doesn’t mean its a problem with the digital nature or the crypto-network tech
https://twitter.com/smdiehl/status/1445795724902420482
OP raises all these problems and blames NFTs and crypto
When all these problems already exist for traditional markets, money, and trade
Blame digital representations for all the problems we haven’t fixed yet using paper representations
Zero sense lol
When all these problems already exist for traditional markets, money, and trade
Blame digital representations for all the problems we haven’t fixed yet using paper representations
Zero sense lol
Sorry crypto and NFTs didn’t fix every problem in the world
All of these issues occur regardless of the particular medium
OP is ngmi
Fin
All of these issues occur regardless of the particular medium
OP is ngmi
Fin
If you liked this thread dunking on the bad takes
Check out this other thread discussing what an NFT is and why crypto NFTs are useful!
Check out this other thread discussing what an NFT is and why crypto NFTs are useful!
https://twitter.com/NickADobos/status/1446943725297405954
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