Re:NFT's aren't the answer to the problems of digital art
by indigochill on Tuesday November 09, 2021 @08:54AM
(#29161719)
> society can place value on many different abstract concepts
What society definitely can't place value on is a URL to a digital asset that may or may not be there tomorrow, because an uninsured, untrusted value store can't be relied on.
There's nothing saying NFT artifacts have to be digital, though, I'd think. Using them to facilitate trade of physical artifacts would back the trade with (relatively) reliable value stores (physical artifacts) while benefiting from the low transaction fees.
What society definitely can't place value on is a URL to a digital asset that may or may not be there tomorrow, because an uninsured, untrusted value store can't be relied on.
There's nothing saying NFT artifacts have to be digital, though, I'd think. Using them to facilitate trade of physical artifacts would back the trade with (relatively) reliable value stores (physical artifacts) while benefiting from the low transaction fees.