Re:NFT projects are just MLMs for tech elites
by danShumway on Saturday October 02, 2021 @12:45PM
(#28730029)
The question becomes, what are NFTs adding to this system?
It sounds like the current system is working, that the social system for determining value based on context is working. NFTs aren't making that better or worse, we're using the same social process that we used before.
And I mention elsewhere, NFTs aren't even really helping that much with the distributed ledger either, they still have to hook into the existing systems for determining seller trust and authenticating that the NFT you're buying is "real". There's little benefit in decentralizing the ledger when sellers have to coordinate with each other to ban bad actors anyway.
So we have two systems that already work, that have worked for ages, and now they're linked to the blockchain because... why? All of the use-cases people talk about with NFTs are stuff that you could always have been doing, you don't need a blockchain for any of this. And it's not clear that the blockchain makes any of it easier to do.
It sounds like the current system is working, that the social system for determining value based on context is working. NFTs aren't making that better or worse, we're using the same social process that we used before.
And I mention elsewhere, NFTs aren't even really helping that much with the distributed ledger either, they still have to hook into the existing systems for determining seller trust and authenticating that the NFT you're buying is "real". There's little benefit in decentralizing the ledger when sellers have to coordinate with each other to ban bad actors anyway.
So we have two systems that already work, that have worked for ages, and now they're linked to the blockchain because... why? All of the use-cases people talk about with NFTs are stuff that you could always have been doing, you don't need a blockchain for any of this. And it's not clear that the blockchain makes any of it easier to do.