NFT's aren't the answer to the problems of digital art

Re:NFT's aren't the answer to the problems of digital art by acjohnson55 on Tuesday November 09, 2021 @07:44AM (#29160979)

Yes, this is correct. For now, people are willing to participate in the collective delusion that these tokens are what they claim to represent: real ownership of an off-chain asset. I don't think that's going to last.

It's possible to imbue an NFT, itself, with real value. Like if it was a legally recognized title. Or if ownership of an NFT could be used to produce an authorization token for access to some physical or digital experience.

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Re:NFT's aren't the answer to the problems of digital art by Kye on Tuesday November 09, 2021 @08:57AM (#29161765)

Isn't this the entire purpose of smart contracts in Ethereum, the underlying system for most NFTs? What do NFTs add?

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Re:NFT's aren't the answer to the problems of digital art by acjohnson55 on Tuesday November 09, 2021 @06:25PM (#29168950)

Smart contracts are a very generic concept. NFTs are a smart contract design pattern. They typically employ standardized smart contracts (e.g. ERC-721, ERC-1155) so that services can be built to interface with any standard NFT contract. But it's also possible to make custom smart contracts to manage non-fungible digital assets.

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