The biggest crypto lending company is a ponzi scheme

Re:The biggest crypto lending company is a ponzi scheme by ebiester on Thursday December 09, 2021 @10:04AM (#29498094)

Art is a really weird market in general. The problem with NFT is that people are buying it as an investment rather than a work of art with its own merit of which appreciation might be one benefit.

There's likely no museum backstop for most NFTs. (By which I mean that rich people buy art, sell it amongst themselves/have inflated art appraisals to raise the price, and donate to museums and claim as a tax writeoff.) See https://www.latimes.com/local/la-me-irs2mar02-story.html

NFT as a concept will live - I can see them as placed alongside offline art as an online component that doubles as proof of ownership and lineage, and in the long run could be a major anti-counterfitting strategy.

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Re:The biggest crypto lending company is a ponzi scheme by fossuser on Thursday December 09, 2021 @10:18AM (#29498274)

I think the art is the wrong thing to focus on. The more novel piece is a ticket to community membership and a way to align incentives within that community. It can take the form of art, but doesn't really have to.

That said, yeah regular art markets don't really make sense wrt value either.

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Re:The biggest crypto lending company is a ponzi scheme by shiohime on Thursday December 09, 2021 @04:19PM (#29503085)

This is what drives me to explore the NFT space - proof of ownership is a powerful concept. I'm creating a generative art project that leverages both art and proof of ownership to grant access to specific services, it's pretty neat and a really fun space to explore.

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Re:The biggest crypto lending company is a ponzi scheme by micromacrofoot on Thursday December 09, 2021 @10:47AM (#29498696)

art serves a similar purpose and the community is "being rich"

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Re:The biggest crypto lending company is a ponzi scheme by physicsguy on Thursday December 09, 2021 @10:46AM (#29498679)

> NFT as a concept will live

I think we just need to wait until the first NFTs start disappearing because of the servers hosting the images shutting down. The actual images aren't stored in the blockchain, it's just a URL.

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Re:The biggest crypto lending company is a ponzi scheme by shiohime on Thursday December 09, 2021 @04:15PM (#29503042)

you clearly have no idea how projects like arweave actually work.

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Re:The biggest crypto lending company is a ponzi scheme by twox2 on Thursday December 09, 2021 @10:55AM (#29498846)

With regards to the museum backstop... I think it's coming. The big auction houses are there already and it's a blurred boundary.

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