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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: mattereum.com/

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

@dajbelshaw

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

@dajbelshaw

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)

@dajbelshaw

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?

@dajbelshaw

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.

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