NFT (Non-Fungible Tokens) - Files as crypto currency

[Speakeasy Electric]

"What makes this $11.5M?"

Remember in Django, Unchained how DiCaprio's character et al were buying slaves specifically for the purpose of putting them up against each other in fights to the death - primarily for amusement?

The same principle applies here... wealth tends to be wasted on the wealthy.

That said, one could argue there is infinitely more value in watching "muscle-bound Jimmies" beating each other to death as circuses than there is in NFTs of that ilk.

Unfortunately that's harder to trade on an exchange.

Speaking of Tarantino, Quentin Tarantino to sell unseen scenes of Pulp Fiction as NFT’s

 

[Cool Dog]

And here I thought this madness was dying down, too late to join?

They aren't a jpg or mp4. Copyright ownership is not transferred through the sale of an NFT. You're buying a link embedded in a blockchain.

If you tried to use the jpg or mp4 for commercial purposes, the copyright owner can sue/DMCA you.


How are you going to make money when you don't even know how they work? You don't get the jpeg, you get a link. If the copyright owner decided to remove the image from the linked location, you now own a link to a 404.


She's a high end escort that "DJs" to get paid.

Any time you see an attractive D-list celebrity doing some WTF promotion, it's because that's how the payment gets laundered.

Wait, so even with legit NFTs, not pirated ones but ones sold by the actual artist, there's no transfer of copyright at all? whats the fucking point then? why buy this expensive shit if you don't own it at all?

Look at this shit LMAO. How we don’t have a PG thread on people who make NFTs is beyond me. Theres some definite milk here I’d say.
View attachment 2697597
On mobile right now so forgive me for the lack of video archive. If I’m not feeling lazy I’ll do that later and put it into this post with an edit.
(Original Tweet)
(Archive)

Who's this troony? the one making the lions?

I'm wondering the opposite. Why are social media users against NFTs so unbearably emotional about them?

Like this: https://twitter.com/FreyaHolmer/status/1458054074729893888

There's plenty other trends I find annoying and I'm not doomposting or losing sleep over them.

Like others have said this shit its unbelievably bad for the environment, at least the NFTs in the ethereum blockchain but no idea how more "green" the other NFT blockchains are or if those NFTs are worth less because its a less popular chain

Also this is likely being used to launder the filthiest money out there, talking shit not even scummy banks like HSBC would touch, and they've laundered for narcos.

Most artists I've seen prefer commissions to NFTs for some reason; unlike commissions, NFTs are ready-made. You can get whatever you want as a commission, and money transfers aren't as harmful as NFTs.

Also frequently bought NFTs are edited pictures of same lion or monkey. Not really "art". Think them as an extremely pricy non-custom pictures.

Spoiler: nft example: recoloured same lions

View attachment 2704201View attachment 2704202View attachment 2704203

The maker drew a lion and few accessories, put them together and sold them for millions. Actually a good way to gain money from brainrot "crypto-bros".
I don't understand what's the difference between downloading an NFT or purchasing. If it's not custom for you, how is it yours? I can download NFTs on my PC and technically the files are mine now.

How much money did this guy made exactly? and how famous was he as an artist or in the crypto space before this? because it seems only people who were already "in it" get to print money with this shit

Are you an NFT collector looking to diversify your portfolio in the physical art market? Or maybe you just are troubled by how easy it is for people to steal your NFT through right click > save as... ? No longer do you have to worry, Phygi.io is here to help. WIth Phygi.io you can finally protect your digital assets by printing them out, allowing the physical object to act as verification of ownership using physical-location-verification technology (a new concept we call "Phygital Assets")

Somebody discovered printers exist

 

[Suikafag]

Who's this troony? the one making the lions?

Yes

 

[Cool Dog]

Yes

Well fuck, guess he's a gazillonaire now?

 

[Speakeasy Electric]

People who are complaining about how “unbelievably bad for the environment” this stuff is seem to have a poor view of the overall picture. Crypto is moving away from proof of work to proof of stake.

And just saying, Know what else is unbelievably bad for the environment? Fast fashion, which almost all clothing is today. Factory farms, where the vast majority of meat/animal products come from. Plastic. That Amazon packaging with the extra plastic bubble wrap? Welp goin’ in the landfill now, to literally never dissolve. Think of all the disposable plastic things you’ve thrown away this week. Packaging on food, disposable cups, etc.

Anyway, proof of work vs proof of stake. The comparison I’ve heard is One hundred years ago, people made the first car, which had very big carbon emissions, that did not mean we stopped creating cars - we improved the technology and today society has zero-emissions cars, and we are moving towards a world where all cars will be clean.

Cryptocurrencies, a young technology still, are evolving in much the same way. It’s moving from 'proof of work' to 'proof of stake' technology,’ which is more like the “Tesla of cryptocurrency,” in terms of emissions.

As for why people seem to hate NFT’s/crypto in general, they don’t understand it and parrot what others who don’t understand it/have interests in keeping power say about it.

The truth is that governments hate money that they can’t control. Cryptocurrencies empower users to take control of their finances. This use case is crucial in environments where citizens cannot trust that institutions will be responsible stewards of their money. Looking at you, government. Looking at you, big tech. You get the idea.

Also as cybersecurity incidents continue to affect more and greater financial institutions, more people will find their personal information vulnerable to hostile actors. In order to engage with the traditional system of personal finance, we must give over considerable information to banks which are their tied to our credit and debit card numbers.

Cryptocurrencies require no such personal information in order to engage in online commerce, and users do not need to trust that financial institutions and their vendors will be able to defend against all of the many daily attacks on their systems.

 

[69ing Ur Mom]

Wait, so even with legit NFTs, not pirated ones but ones sold by the actual artist, there's no transfer of copyright at all? whats the fucking point then? why buy this expensive shit if you don't own it at all?

The point is to launder money and take money from idiots that don't understand what they're not buying.

You need a legal contract to transfer copyright ownership. The work should also first be registered with a governing body. In the US, that would be the Copyright Office, which can be done online.

The file is not stored in the blockchain. The buyer gets some metadata attributed to the wallet they used to make the purchase. They don't even own the server the file is on, so the file can be changed at any time.

NeitherConfirm did just that by changing the art files they hosted to rugs. As they pulled the rug out from anyone stupid enough to buy an NFT.

https://twitter.com/neitherconfirm/

Here's another example of an exit scam:

Major Exit Scam by NiftyMoji Developers - Play to Earn

NiftyMoji pulled an exit scam as they have closed the official website, all social media and dumped their MEXP tokens on the market.

www.playtoearn.online

Register Your Work: Registration Portal | U.S. Copyright Office

This is your starting point for all things related to the registration of copyrights. Choose a category below to find out more about the different works typically registered with the U.S. Copyright Office.

www.copyright.gov

 

[Cool Dog]

The point is to launder money and take money from idiots that don't understand what they're not buying.

You need a legal contract to transfer copyright ownership. The work should also first be registered with a governing body. In the US, that would be the Copyright Office, which can be done online.

The file is not stored in the blockchain. The buyer gets some metadata attributed to the wallet they used to make the purchase. They don't even own the server the file is on, so the file can be changed at any time.

NeitherConfirm did just that by changing the art files they hosted to rugs. As they pulled the rug out from anyone stupid enough to buy an NFT.

View attachment 2710862

https://twitter.com/neitherconfirm/

Here's another example of an exit scam:

Major Exit Scam by NiftyMoji Developers - Play to Earn

NiftyMoji pulled an exit scam as they have closed the official website, all social media and dumped their MEXP tokens on the market.

www.playtoearn.online

Register Your Work: Registration Portal | U.S. Copyright Office

This is your starting point for all things related to the registration of copyrights. Choose a category below to find out more about the different works typically registered with the U.S. Copyright Office.

www.copyright.gov

Didnt they say NFTs were like smart contracts?

As for that guy, is he an artist at all or just used stolen shit?

Also LMAO he's making more NFTs, is anyone dumb enough to buy again?

 

[axeltrite]

The point is to launder money and take money from idiots that don't understand what they're not buying.

You need a legal contract to transfer copyright ownership. The work should also first be registered with a governing body. In the US, that would be the Copyright Office, which can be done online.

The file is not stored in the blockchain. The buyer gets some metadata attributed to the wallet they used to make the purchase. They don't even own the server the file is on, so the file can be changed at any time.

NeitherConfirm did just that by changing the art files they hosted to rugs. As they pulled the rug out from anyone stupid enough to buy an NFT.

View attachment 2710862

https://twitter.com/neitherconfirm/

Here's another example of an exit scam:

Major Exit Scam by NiftyMoji Developers - Play to Earn

NiftyMoji pulled an exit scam as they have closed the official website, all social media and dumped their MEXP tokens on the market.

www.playtoearn.online

Register Your Work: Registration Portal | U.S. Copyright Office

This is your starting point for all things related to the registration of copyrights. Choose a category below to find out more about the different works typically registered with the U.S. Copyright Office.

www.copyright.gov

I would consider changing the pictures to actual rugs as a genuinely interesting form of critique of the media. Digital performance art, I guess?

 

[Five or Six Stores]

Those rugs actually look nicer than the original artworks. Is it just a mosaic filter slapped on random shit from google images?

 

[Speakeasy Electric]

I will say that I don’t really “get” the NFT fad myself, and I’ve been in the crypto space since 2012. I do appreciate art, but I’m also the type to torrent all of my media so maybe I’m just riddled with contradictions. What I don’t like is people assuming all of crypto is bad because some people don’t like NFT’s.

Unfortunately, the polarizing nature of the internet has encouraged the spread of ‘moral high ground’ arguments. People form their initial judgment based on one or two articles their friends posted on social media then somehow gain a feeling of entitlement to talk down on others who are completely unaware of the ‘facts’ professed by some amateur “”journalist””. While these articles bring forward valid points, they ignore all counterarguments. What good is an argument that doesn’t address the valid opinions of the other side? In fact, I wouldn’t consider it an argument at all. Rather, it is a ploy to gain Instagram followers while refusing to argue in good faith.

These people understand that social media algorithms function off controversy, and there is no better method of creating a controversial post than to completely ‘cancel’ a large group’s income source while claiming moral superiority.

Yes, the NFT space is riddled with scammers. All of crypto is and the NFT sphere even more so. People are getting swept up in the hype and spending ridiculous amounts of money on clip art/whatever. That is unfortunate, but also why people should, ya know, do their research. I do not believe that all NFT’s are “scams”. Personally I’d rather just spend my money on the underlying asset.

As someone already mentioned,
money laundering is already a major issue in the art world, and it has transferred to the world of NFTs. Does that mean all art is bad or a scam? Of course not

 

[Kosher Dill]

I do not believe that all NFT’s are “scams”.

It's a market where all the buyers either don't understand what they're really buying, or don't care because they're just laundering money.
I would consider an NFT to be "not a scam" if the buyer and the seller both understand that the only thing being traded is the right to move around a certain token on a certain blockchain, and the price corresponds to the market value of that right.

 

[69ing Ur Mom]

It's a market where all the buyers either don't understand what they're really buying, or don't care because they're just laundering money.
I would consider an NFT to be "not a scam" if the buyer and the seller both understand that the only thing being traded is the right to move around a certain token on a certain blockchain, and the price corresponds to the market value of that right.

There are some people that purchase NFTs as a form of patronage. This was done for artists in the past. It is also done through things like Patreon and crowd funding.

Crypto allows for another way to do this. It is convenient for crypto holders to do and supports the adoption of crypto. The "buyer" also has more control over their privacy.

 

[Tachibana]

People who are complaining about how “unbelievably bad for the environment” this stuff is seem to have a poor view of the overall picture. Crypto is moving away from proof of work to proof of stake.

And just saying, Know what else is unbelievably bad for the environment? Fast fashion, which almost all clothing is today. Factory farms, where the vast majority of meat/animal products come from. Plastic. That Amazon packaging with the extra plastic bubble wrap? Welp goin’ in the landfill now, to literally never dissolve. Think of all the disposable plastic things you’ve thrown away this week. Packaging on food, disposable cups, etc.

I don't get it either. The bulk of social media I see complaining about NFTs complains either about the "environment" or "haha I can save as I'm so smart". It's the sort of radical discussion I'd expect from the Rittenhouse legal proceedings.

I haven't heard a peep about the money laundering.

 

[Cool kitties club]

Wait a second, how did cryptocurrency gain any monetary value at all???

People buying them to donate to jersh

 

[ditto]

NFTs not even once.

 

[Full Race Replay]

People who are complaining about how “unbelievably bad for the environment” this stuff is seem to have a poor view of the overall picture. Crypto is moving away from proof of work to proof of stake.

And just saying, Know what else is unbelievably bad for the environment? Fast fashion, which almost all clothing is today. Factory farms, where the vast majority of meat/animal products come from. Plastic. That Amazon packaging with the extra plastic bubble wrap? Welp goin’ in the landfill now, to literally never dissolve. Think of all the disposable plastic things you’ve thrown away this week. Packaging on food, disposable cups, etc.

Anyway, proof of work vs proof of stake. The comparison I’ve heard is One hundred years ago, people made the first car, which had very big carbon emissions, that did not mean we stopped creating cars - we improved the technology and today society has zero-emissions cars, and we are moving towards a world where all cars will be clean.

Cryptocurrencies, a young technology still, are evolving in much the same way. It’s moving from 'proof of work' to 'proof of stake' technology,’ which is more like the “Tesla of cryptocurrency,” in terms of emissions.

As for why people seem to hate NFT’s/crypto in general, they don’t understand it and parrot what others who don’t understand it/have interests in keeping power say about it.

The truth is that governments hate money that they can’t control. Cryptocurrencies empower users to take control of their finances. This use case is crucial in environments where citizens cannot trust that institutions will be responsible stewards of their money. Looking at you, government. Looking at you, big tech. You get the idea.

Also as cybersecurity incidents continue to affect more and greater financial institutions, more people will find their personal information vulnerable to hostile actors. In order to engage with the traditional system of personal finance, we must give over considerable information to banks which are their tied to our credit and debit card numbers.

Cryptocurrencies require no such personal information in order to engage in online commerce, and users do not need to trust that financial institutions and their vendors will be able to defend against all of the many daily attacks on their systems.

Hey, do you nftookeners actually get triggered by right-clicking nfts or is that a joke? I'm having trouble telling due to poe's law

 

[Speakeasy Electric]

Hey, do you nftookeners actually get triggered by right-clicking nfts or is that a joke? I'm having trouble telling due to poe's law

Definitely a meme.

 

[centaursTesticle [CT]]

In case you don’t know what a Non-Fungible Token is, here is a quick recap :
it’s an identifier (a token) which represents the deed to a digital piece of media. Unlike currencies like the Dollar, the token cannot be copied or divided into smaller parts, which is what makes it “non-fungible”. To make sure ownership records are always correct and up to date, they are stored on thousands of computers throughout the world (the blockchain). That way, no one can fake ownership of the asset. In order to make the token unique and impossible to copy, computers on the blockchain have to create and solve incredibly difficult mathematical puzzles. Thats it, there’s not much else to it.

If this sounds exceptional or just incredibly confusing: welcome to the club.

It is not necessary to understand the gripping history of NFTs to realize why the concept is dumb, but if you want to read more specifics I've found an article simplifying the most popular complaints and issues people have with NFTs.


Source article: https://www.thepourquoipas.com/post/why-nfts-are-dumb

This private information is unavailable to guests due to policies enforced by third-parties.

-Additionally, a slightly longer read, but if you're really interested: this article goes more in depth. (Thank you to @Synthwave Obsessed for the suggestion)

“BUT THE ENVIRONMENTAL ISSUES WITH CRYPTOART WILL BE SOLVED SOON, RIGHT?”

Cryptocurrencies and NFTs are an absolute disaster for so many more reasons than the ecological.

everestpipkin.medium.com

This private information is unavailable to guests due to policies enforced by third-parties.

----------
If you haven't seen an NFT yet then here are some examples.

...
People are selling these jpegs for THOUSANDS of dollars.
I wouldn't even take one for free, honestly...

Now other than the appearance, what makes this newfound crypto scam laughable and internationally exceptional? The people behind it. AKA the "artists" who draw up the NFTs in the first place.
If you haven caught on yet, owning an NFT is basically useless, so you can practically simulate owning one by downloading the image or taking a screenshot, which pisses off the creators.

Not only that, but apparently a lot of NFT artists aren't even aware of how NFTs work.. observe:

Of course ending it off with the classic "I was only pretending to be retarded!"


It doesn't even end there, these NFTards are so butthurt about a nonexistent problem they created that they're now attempting to commission artwork from furries and other commission artists and sell them as NFTs..

----------
Extra shit to giggle at

They're making a cartoon for it?:

This tweet from the guy who made the Lion NFTs:

A shitpost someone made has more artistic effort and meaning than the thousand-dollar NFTs it's making fun of:

----------


Any suggestions/contributions to this post are welcome and encouraged, I plan to work on polishing it over the next couple days. ALSO apologies if the formatting is ass, I'm on mobile

 

[Cesspit Clogger]

I think we're being a bit early. We need to start documenting the massive amounts of copium when Sotheby's realizes how pointless another less reliable money laundering scheme is and plunges the prices into the ground.
Otherwise, it's pretty comfy seeing shitposting subreddits meme so hard about them

 

[Least Concern]

There's a lot of bad takes on NFTs recently so I congratulate you on getting the basics right. So many people don't get the fact that the NFT is not the ugly monkey picture itself, but rather a contract representing ownership of it. It's like how the title documents to a car represent ownership of a car but are not the car itself.

Some feedback and opinions:

The phrase "the blockchain" implies there is only one blockchain. In fact, most cryptocurrencies have their own entirely separate blockchains; there's a Bitcoin blockchain, a Litecoin blockchain, an Etherium blockchain, a Dogecoin blockchain, etc. Heck, you could start your own blockchain today on your home PC if you so desire. Most NFTs are represented on the Etherium blockchain which was the first "next-generation" blockchain which was designed with the extensibility to do things like have other tokens and contracts stored and traded on it which subsequently became widely used, whereas with earlier and simpler blockchains like Bitcoin's, you can exchange Bitcoin tokens and… that's about it.

Regarding the environmental concerns, see above about most of these NFTs being traded on the Etherium blockchain. That blockchain existed before NFTs were popular, and would continue to exist if they all disappeared tomorrow. The energy expenditure and environmental concerns were all there before NFTs really became a thing and NFTs haven't really affected things all that much. Saying NFTs are causing environmental damage is like saying wearing a hat while driving a car causes you to use gasoline.

As far as NFTs having no inherent value, you could say the same about Etherium or Bitcoin… or US dollars. But if a buyer and a seller come together to exchange items in mutual, voluntary trade, those things have value at least to the people involved in that trade. Capitalism 101. If you wouldn't have participated in such a trade, then the items perhaps didn't have value to you, but it still had value to somebody. Saying "I'd never buy an NFT so they're worthless" is like a man saying "I'd never buy tampons so they're worthless" or a non-diabetic saying "I'd never buy insulin injections so they're worthless."

Also, I'm not the first to make this argument, but I like it so I'm going to repeat it: How many of these perpetually-offended people whining about NFTs would gladly put down thousands of dollars for a rare Funko Pop doll made of plastic, an environmentally-unfriendly material made of petroleum?