NFT projects are just MLMs for tech elites

Re:NFT projects are just MLMs for tech elites by Godel_unicode on Friday October 01, 2021 @01:48AM (#28715071)

You seem to have missed the fundamental truth that NFTs are not scarce. With the example of a Vermeer, you create one original thing, and then imitations of that thing. Minting multiple NFTs of the same thing is creating more originals, but of the same thing. One is not somehow "more original" than the others.

This is a difficult concept for people to get their heads around because of the obvious but incorrect parallel between original art and reproductions. It would be slightly closer to say that an NFT is a photo of a Vermeer. Anyone can make more originals at any time and there's nothing you or anyone can do about it.

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Re:NFT projects are just MLMs for tech elites by daniel-grigg on Friday October 01, 2021 @10:34AM (#28718957)

My understanding is the NFT is essentially a signed object like a URL. So I think the analogy would be Vermeer signing photos of his painting. A nice thing to own sure but as the number of copies increases the market value tends towards 0.

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Re:NFT projects are just MLMs for tech elites by miracle2k on Friday October 01, 2021 @05:09AM (#28716206)

Have you heard of artists selling limited edition prints? The number of dot paintings Damien Hirst has his assistants produce is limited by what exactly?

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Re:NFT projects are just MLMs for tech elites by spoonjim on Friday October 01, 2021 @03:50AM (#28715776)

Yes - NFTs are not scarce, but the only property of an NFT is scarcity! It's like something Marcel Duchamp Salvador Dali would have thought up. It's exclusivity without having to drag yourself out of bed and get to an exclusive nightclub.

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