Interesting critique of NFTs and crypto: https://everestpipkin.medium.com/but-the-environmental-issues-with-cryptoart-1128ef72e6a3
NFT stands for non-fungible token. If I decide to sell you the "original" (digital) recording that I make, this token says you own it even if there are a bajillion copies circulating.
Of, if I decide to sell you the "original" of somebody else's work that I have no right to . . . this token is still minted and exists, because who the fuck cares about creators? This is an investment vehicle.
Counterpoint: Buying things to hold them in a vault is bad actually.....
Also, if the original is a digital file something something Walter Benjamin something something
I'm sorry, I don't want to have a go at you, but this idea is just awful in every way I can think of. If art is just going to be held in a vault, you might as well set it on fire.
@celesteh Like with many new things, it's the mental models that hold us back.
Of course, while it's the wild west everything is terrible. And, like you, I'm a bit afraid of a capitalist dystopia.
But, on the other hand, NFTs potentially lead to a situation where the artist gets an automatic share of the profits every time their work is traded.
(I was going to write a ranty anti-NFT blog post, but the more I've discovered the more I'm willing to withhold judgement)
We could just write a law that says that artists get a share of auctions. The auction houses are in London and New York. The possibility for democracy exists in those places.
Meanwhile, if I issue an NFT, that's more carbon that I would otherwise use in a decade. Why would I boil the oceans rather than amend the law?
@celesteh Code is law, basically https://www.harvardmagazine.com/2000/01/code-is-law-html
Law is also law and actual law doesn't materially harm people who live in coastal areas. Code on the other hand can be made in a way that will literally destroy people's homes and/or kill them.
@celesteh If you think that the law doesn't kill people then you haven't been paying attention.
Anyway, we're off topic from NFTs and I'm running a workshop ;)
@celesteh The concept is fascinating, but you hate to see it in action.
Yeah, material costs really really matter.
@celesteh Among other things.
@celesteh how does cryptoart enforce artificial scarcity for digital objects? If you have a copy, why give a shit about what the blockchain has to say about it?
* the proof of work does determine the value, it's part of a mechanism to secure it. The other way around the $$ of a coin does end up determining the energy use, because mining a block gives a bunch of those coins.
* the general trend of cryptocoins rising is survivor bias, literally thousands are shitcoins.
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