Re:NFT's aren't the answer to the problems of digital art
by lobocinza on Tuesday November 09, 2021 @08:33AM
(#29161476)
NFTs are synthetic scarcity.
Re:NFT's aren't the answer to the problems of digital art
by dnautics on Tuesday November 09, 2021 @08:39AM
(#29161550)
So is money (or else it wouldn't work)
Re:NFT's aren't the answer to the problems of digital art
by newacct583 on Tuesday November 09, 2021 @08:46AM
(#29161631)
Only in a specious sense. The point to money isn't "scarcity", the point to money is TRUST. You trust that $1 is going to be worth $1 tomorrow, and that it will be worth $1 to the shopkeeper and the bank and your family and everyone else. So anywhere you want to trade for something, you can do it in dollars. It's true that to provide that stability you have to control the supply, so money is "scarce". But only in the sense that the economy it represents is finite.
NFTs don't provide that, therefore they aren't a good medium of exchange. They aren't "scarce" in the way that money is or has to be.
They're also a Tulip bubble, but that's a different thing.
Re:NFT's aren't the answer to the problems of digital art
by dnautics on Tuesday November 09, 2021 @09:33AM
(#29162223)
> It's true that to provide that stability you have to control the supply...
Doesn't sound specious to me. The artificial scarcity is real, and has real consequences for real people. While trust is the primary property of money, scarcity-at-any-point-in-time is a fundamentally necessary (but not sufficient) to be a money.
Do you have a different definition of specious?
This is fundamentally wrong.
NFTs allow you to show off who "owns"[0] something.
[0] for some generalized, possibly meaningless definition of "own". I say possibly meaningless, then again, what is property really, just a government-managed, non-fungible, token? Don't gaze too hard at the abyss, unless you are willing to let the abyss to gaze back.