Grumpy Cat NFT sold for nearly $80K

Re:Grumpy Cat NFT sold for nearly $80K by Sol- on Wednesday March 17, 2021 @07:32AM (#26489571)

To what extend does authenticity matter anyway? Does the seller actually have to prove that he owns the image? After all, they aren't selling the image, they are just selling a cryptographically signed hash of the image. That's all the contract claims, no?

But I suppose the platform leads people to believe that it's the original owners that created that signed hash (not that this means anything) and the illusion that this mattered is important for the auctioning behavior.

I wonder how regulators will react to this. Probably best to not regulate this at all, so that people realize that all NFTs are ultimately meaningless and the they die out quickly.

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Re:Grumpy Cat NFT sold for nearly $80K by qqii on Thursday March 18, 2021 @07:13PM (#26508557)

For buyers a lot of value of the NFT doesn't come from the bits that make up the image but creator's prior reputation. Like art NFT's representation is only secondary to the artist.

This can be plainly seen by looking at the flood of NFTs on opensea that have never been purchased.

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Re:Grumpy Cat NFT sold for nearly $80K by joshspankit on Friday March 19, 2021 @09:46AM (#26513248)

It depends on the platform. The platforms that garner the highest bids are also the ones who are vetting the artists.

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