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Re:Investors Spent Millions on ‘Evolved Apes’ NFTs. Then The... by bko on Saturday October 30, 2021 @01:36PM (#29050656)
Some people may just like the concept and like collecting things and having a personal stake in projects.

Do you have the same anger towards people who collect baseball cards? Think of all the billions wasted in printing and shipping little slips of paper with images on them.

Re:Investors Spent Millions on ‘Evolved Apes’ NFTs. Then The... by zeusk on Saturday October 30, 2021 @01:38PM (#29050671)
No one goes around saying baseball cards are the future of internet. And I really care because these "investments" are sold/marketed to some of the most gullible "investors", my dad lost quite a chunk of change on alt-coins and nft.
Re:Investors Spent Millions on ‘Evolved Apes’ NFTs. Then The... by bko on Saturday October 30, 2021 @02:46PM (#29051276)
I'm sorry to hear about your dad. I agree that the marketing and hype behind NFTs are pretty toxic. But I don't think its true that all people even tangentially involved in that space are scam artists or gullible.
Re:Investors Spent Millions on ‘Evolved Apes’ NFTs. Then The... by skohan on Saturday October 30, 2021 @03:34PM (#29051669)
Can you point to an example of what you would consider a legitimate NFT project?
Re:Investors Spent Millions on ‘Evolved Apes’ NFTs. Then The... by bko on Saturday October 30, 2021 @03:39PM (#29051704)
I don't subscribe or follow any NFTs. I'm generally pessimistic but I don't write it off entirely. I know a few people that bought NFTs and I don't think they're scam artists or naive. They're just having fun and playing around with some money. Maybe using it as an excuse to learn about Blockchain and feel like they're a part of a community. No different than my aws bills for apps that no one uses
Re:Investors Spent Millions on ‘Evolved Apes’ NFTs. Then The... by skohan on Saturday October 30, 2021 @03:47PM (#29051776)
Idk it doesn't sound like a very good argument for a real value proposition. Maybe knowingly participating in a highly speculative market isn't exactly being naive or a scam artist, but it still doesn't make NFT's seem any smarter.
Re:Investors Spent Millions on ‘Evolved Apes’ NFTs. Then The... by trophycase on Saturday October 30, 2021 @01:49PM (#29050801)
That's on your dad for being gullible. NFTs are the future whether you like it or not.

The JPEG/MP4/HTML/(literally any non fungible asset) is the house. The blockchain is city/state. The NFT is the deed to that house. It's really quite simple.

Re:Investors Spent Millions on ‘Evolved Apes’ NFTs. Then The... by skohan on Saturday October 30, 2021 @01:54PM (#29050840)
This is a terrible analogy. A house is a finite asset which only one person can occupy at a time. An infinite number of copies of a JPEG can exist. The city/state has the power to enforce property rights. The blockchain does not. The NFT is just a note in a ledger somewhere which others may or may not respect. It's really quite simple.
Re:Investors Spent Millions on ‘Evolved Apes’ NFTs. Then The... by aceazzameen on Saturday October 30, 2021 @02:02PM (#29050909)
There's so many terrible analogies associated with NFTs and blockchains too. It all comes from their confirmation biases. They're already too invested into it to back out. It's too easy to become blind to any valid criticism, so might as well come up with as many analogies as possible to attempt to gather more recruits and justify their decisions.
Re:Investors Spent Millions on ‘Evolved Apes’ NFTs. Then The... by cryptonym on Saturday October 30, 2021 @02:51PM (#29051319)
It's much more like "buying a star" website.
Re:Investors Spent Millions on ‘Evolved Apes’ NFTs. Then The... by giaour on Saturday October 30, 2021 @02:01PM (#29050899)
A better analogy would be that the blockchain is a filing cabinet. A deed has the force of law because the city/state is prepared to use violence to enforce the ownership claim inscribed on the deed. What authority is going to enforce your NFT?
Re:Investors Spent Millions on ‘Evolved Apes’ NFTs. Then The... by trophycase on Sunday October 31, 2021 @02:22PM (#29059085)
All of the people that use the blockchain as the source of truth and authority enforce it. The question you're asking is literally the same as "what gives bitcoin value". The answer is everyone who believes it has value. Why is TSL/SSL an agreed upon encryption scheme? Because people agreed to use it and you're excluded from access if you don't.

When twitter integrates NFTs and requires you to sign a proof of ownership to set an NFT as a profile picture (with a verification check mark), this effectively signals that twitter is enforcing the NFT. When facebook does the same, it signals that Facebook is enforcing the NFT. When Spotify integrates NFT licensing, they will be enforcing it.