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.

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@celesteh You might want to have a look at what Mattereum are doing with NFTs. Basically, AFAIK they hold the physical object in a vault for you:

The CEO is Vinay Gupta, one of the smartest (and ethical) people I've ever met. Also was release manager for Ethereum.


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?


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.

@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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