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Re:Shopify to lay off 10% of workers in broad shake-up by ceejayoz on Tuesday July 26, 2022 @11:39AM (#32239802)
I think the dismissal is fair.

For physical objects, scarcity is an unescapable fact. It would be great if we could right-click on some Michelin starred chef's food and have another copy of it, but we can't.

NFTs unnecessarily add artificial scarcity to something that didn't really need it.

Re:Shopify to lay off 10% of workers in broad shake-up by bparsons on Tuesday July 26, 2022 @11:58AM (#32240025)
And they didn't even do that. You could still view and reproduce a jpeg without paying for it. It was a classic ponzi scheme.
Re:Shopify to lay off 10% of workers in broad shake-up by hn_throwaway_99 on Tuesday July 26, 2022 @12:02PM (#32240074)
> For physical objects, scarcity is an unescapable fact.

I disagree. It is pretty possible now to create a replica of a painting that would be indistinguishable to the human eye from a distance of, say, 2 feet.

Yes, the object could still be distinguished by other means, but presumably the only reason we enjoy art like paintings is for their visual effect - there is literally no other reason to appreciate it.

So my point is that the scarcity for the reason we value it in the first place is actually not an inescapable fact for something like a painting.

Re:Shopify to lay off 10% of workers in broad shake-up by no_wizard on Tuesday July 26, 2022 @12:41PM (#32240621)
Art is something we can appreciate the beauty of and for that alone, we don't per se need originals.

Arguably, however, someone wanting to own the original painting by a well regarded artist (say a van Gogh) you're stepping into Veblen goods territory[0] as its a display of wealth, status and prestige. This is what NFTs are trying to achieve

[0]: https://en.wikipedia.org/wiki/Veblen_good

Re:Shopify to lay off 10% of workers in broad shake-up by andreilys on Tuesday July 26, 2022 @12:19PM (#32240298)
You can pay a college art student to replicate the Mona Lisa, but the value will be nowhere close to the original.

Artificial scarcity is merely a signal/status booster in a virtual world where post-abundance is present.

If you are in a VR world and want to mingle with other fellow “tribe members”, what signal do you go off of that’s hard to replicate?

Re:Shopify to lay off 10% of workers in broad shake-up by com2kid on Tuesday July 26, 2022 @11:59AM (#32240049)
Paintings are one of those goods where we are able to make almost exact reproductions that, unless you get up close with a magnifying glass, are visually identical to the original.

The scarcity is not in the image itself, it is in a combination of image + canvas.

Re:Shopify to lay off 10% of workers in broad shake-up by tshaddox on Tuesday July 26, 2022 @12:07PM (#32240139)
> For physical objects, scarcity is an unescapable fact.

But when we’re talking about very expensive paintings, the physical scarcity of the raw materials plays essentially no role in the valuation. Provenance is everything. Sure, the canvas and paint is scarce, but the cost of canvas and paint is vanishingly small. Make no mistake, provenance is the reason people pay lots of money for original paintings.

Re:Shopify to lay off 10% of workers in broad shake-up by pxue on Tuesday July 26, 2022 @12:05PM (#32240111)
values of NFT is derived on the eagerness for the buyer to signal virtue. It's the same reason a gamer would spend $20,000 in purchases in game items/loot boxes.