News for hackers. Stuff that matters.

A comment on Digital collectibles / NFTs on Instagram are winding down. Parent comment

Re:Digital collectibles / NFTs on Instagram are winding down by lying4fun on Sunday April 09, 2023 @07:08PM (#35507357)
Its like saying you are not buying steam games, you are buying pointers to those games. I would say that you are in fact buying games/art, but doing so in a closed environment/ecosystem. An even better analogy is buying skins inside a game

The marketplace you propose could be interesting, but IG already existed with a huge number of artists who’ve already had a following/status/lore. Also there is the exposure to a tremendously broader&bigger audience than any other platform could possibly have. Not saying that migration would be unachievable, but so much would be lost for something that I don’t see come close to being a compensation

[ Parent | on HN ]
Re:Digital collectibles / NFTs on Instagram are winding down by dgellow on Monday April 10, 2023 @01:09AM (#35509360)
On steam you are buying licenses and digital assets. An NFT is a pointer to something, not the thing it points to. People who bought NFT of instagram posts own a pointer to this post, and that’s it. It’s quite evident now they are winding down the feature, people who bought NFTs of instagram posts own a pointer registered on a distributed ledger that has no use anymore. You can trade it, but without Instagram support it lost its social value. They never bought the asset, they never engaged in a contractual relationship with the artist.

What you seem to want is a kind of tipping or patronage system integrated with Instagram if I understand correctly? Sounds like a cool way to support artists. NFTs are a very contrived way of achieving this.

[ Parent | on HN ]