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A comment on Binance sees $2B in outflows as troubles compound. Parent comment

Re:Binance sees $2B in outflows as troubles compound by rnk on Wednesday March 29, 2023 @03:34PM (#35362147)
An NFT is yet another pointless digital construct that foolish people paid huge sums for. It's like selling a jpeg that is publicly available. "In this spreadsheet a jpeg named foobar with this hashed value is owned by Fred Johnson" - this is creating something useful?
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Re:Binance sees $2B in outflows as troubles compound by dlubarov on Wednesday March 29, 2023 @05:33PM (#35364051)
A jpeg of the Mona Lisa is also publicly available, but even if I created a replica with identical brushwork, it wouldn't be worth much compared to the one in the Louvre. Would you also call original paintings a Ponzi?
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Re:Binance sees $2B in outflows as troubles compound by rnk on Thursday March 30, 2023 @12:57AM (#35368201)
No, but those are physical objects. Your certified original jpeg (nft) is not worth anything really if everyone else can just find the jpeg on the internet. NFTs are just silly, another reason being that they are separate from copyright ownership of the image.
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Re:Binance sees $2B in outflows as troubles compound by dlubarov on Thursday March 30, 2023 @01:17AM (#35368366)
I don't think the physical object is really relevant. Imagine we all had robotic painters in our garages, which given $1 of materials, could precisely replicate any brushwork from some images.

Surely that wouldn't change the value of famous originals? Because their value is based on its provenance, not the physical difficulty of creating something like it. NFTs are the same - replicating a JPEG is trivial, but the replica won't have the same provenance.

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Re:Binance sees $2B in outflows as troubles compound by Karunamon on Thursday March 30, 2023 @08:35AM (#35371671)
And yet, SoundCloud and the iTunes Music Store and many other such sellers of trivially duplicatable bits of data exist and are successful. And yes, those bits of data are easy to find for free online.

You can just say you don't understand the appeal, that is a perfectly valid opinion.

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