An NFT just sold for $69 million, the highest price ever for digital art
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NFTs are fun because it's not a question of whether NFTs are a bubble or not. NFTs are a bubble.
The question is: will the bubble burst altogether, or will it simply deflate and eventually find stability around something with real underlying value?
In my opinion, music and literature are two types of "digital art" that the public at large might have a long-term desire to patronize through inflated NFT prices. Both of these art forms are a) in super high demand but b) have terrible unit economics that are forcing the supply side to have to adapt.
Put more simply, musicians and novelists don't make shit for individual units of their work because it's simply too easy to copy-paste the MP3/EPUB files.
In general, this isn't something like a market crisis or anything: regardless of the low pay, there will always be new writers and new musicians to replace any disgruntled starving artists who throw in the towel.
But what would happen if a Stephen King or a Radiohead said, "Fuck it. No more novels. No more albums. If you're one of our fans, find us on the NFT market."
You'd almost certainly have takers.
And other popular artists would notice and follow suit.
This is a fantastic and nuanced take. Many takes about NFTs are simply hot takes, but this one deserves praise.
Tbh, this just really fun for me to watch. I probably involved, but it’s still interesting to see it go viral.
A month ago it was Clubhouse, now it’s NFTs. It’s always fun to think, what’s next?
I'm more excited about what the tech can enable, rather than cryptoart itself.
Personally I think cryptoart is in a bubble at the moment and those who are in early stand to make tonnes of money. Late players will probably lose.
But NFT itself is interesting for the types of applications it could enable. An NFT token is basically a record of a unique key and a record of who owns that key. So I could have an NFT to access my bank account for example. And if I decide to give my partner access to the same account, I could perhaps mint an NFT for her based on my NFT, and send that new NFT to her wallet.
BTW NFT applications aren't limited to just digital goods.
The problem with this scenario is that the "key" is public, and your bank needs some way to verify that you're the owner. So now you're basically back to square one, where the bank would need you to present some sort of secret so they know you're the actual owner of the NFT.
A blockchain is basically just a decentralized database. So there’s already a way for a bank to give your partner access to your account: they can accept their login as well as yours.
Blockchain handles that. It's a database of transactions. So, somewhere in the blockchain there's a record saying "Key X belongs to person Y", and that info can't be changed easily.
Yes, but your bank now needs to verify that you are person Y. So from an authentication perspective, there’s no difference between “only give the account owner access” and “only give the owner of this token access”.
Sure. But identification isn't a problem for blockchain to solve. It has already been solved elsewhere.
I really like the initial goals of NFTs and ICOs, but they are so vulnerable to abuse which let so many people get burn in the process. If only there is a better way to highlight the legit ones from the others.
What a waste of money. They should just invest all that money to all the indie hackers here.
😂 I wish.
Hot potato, hot potato... https://www.youtube.com/watch?v=meh2An-QEzE