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A comment on NFTs died a slow, painful death in 2023 as most are now worthless. Parent comment

Re:NFTs died a slow, painful death in 2023 as most are now w... by kolinko on Sunday December 24, 2023 @09:38PM (#38759158)
I like a comparison of NFTs to a casino. People care (cared) about the profit, and about their number winning, not necessarily about the number itself.

Having said that, I recently finally saw an art project I actually think makes sense as an NFT. Don't remember its name, but it's artist selling actual rights to their works on an auction to people that want to invest in the pieces, people trading the art NFTs, with the art piece being stored securely, and then one day if someone wants the physical piece for themselves, they can burn the NFT to request it's delivery.

Speaking of art, we did a project ~6 years ago, where we released ERC20 tokens attached to physical objects - imho this makes way more sense, because it allows for a fractional ownership of art/collectibles. Ideas like this make way more sense than NFTs.

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Re:NFTs died a slow, painful death in 2023 as most are now w... by unclebucknasty on Sunday December 24, 2023 @09:50PM (#38759227)
>finally saw an art project I actually think makes sense as an NFT

I feel like the idea of NFTs representing some right of redemption or ownership in the physical world was a fairly common NFT scheme / use-case back in the day.

Am I missing something?

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Re:NFTs died a slow, painful death in 2023 as most are now w... by babelchips on Monday December 25, 2023 @08:18AM (#38762354)
Yes that is the actual benefit of NFTs. It's happening.
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Re:NFTs died a slow, painful death in 2023 as most are now w... by kolinko on Friday December 29, 2023 @06:23AM (#38803852)
I've been away from blockchain for the last 3 years, but from what I checked most NFTs claimed some vague attachement to a real world asset, but no actual connection. As in "here is an NFT attached to this art piece" -> "what rights does NFT actually give to you?" -> "well, sentimental rights"
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Re:NFTs died a slow, painful death in 2023 as most are now w... by karmakurtisaani on Monday December 25, 2023 @11:55AM (#38764087)
It certainly sounds like a great solution for a non-problem. Why would I ever want to buy this NFT instead of the actual artwork? I guess i could speculate with the value, which, who am I kidding, is basically the only non-criminal crypto use case.
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Re:NFTs died a slow, painful death in 2023 as most are now w... by kolinko on Friday December 29, 2023 @06:26AM (#38803872)
It is an actual case, a plenty of people want to buy an artwork but they don't want an actual piece in their possession - sometimes they want to just hold it for investment purposes, and sometimes they don't have the space yet, but they expect to have it sooner or later.

That's why you have storage houses for artworks, and artists often sell their artworks to collectors but keep it in possession for years. Also people own artworks but "rent out" to galleries - which makes it a win-win, and a free storage for them :)

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