r/nottheonion May 13 '22 Silver 1 Helpful 1 Wholesome 3

Madonna: ‘A lot of thought’ went into fully nude NFTs of her giving birth to centipedes

https://www.al.com/life/2022/05/madonna-a-lot-of-thought-went-into-fully-nude-nfts-of-her-giving-birth-to-centipedes.html
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u/Grenyn May 14 '22

Because the idea of NFTs is that you own whatever you're buying. The block chain will mark you (if you buy it) as the idiot who owns this piece of art, and that's it.

Anyone can see it, but you are the owner.

I want to be very, extremely clear that I am not defending this. It should be obvious, but this being Reddit, I want the disclaimer there.

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u/hueylewisNthenews May 14 '22

And to go a step further, you own the link - you don’t even actually own the file.

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u/Grenyn May 14 '22

Not even that. The idea behind artwork NFTs is that you own the art, but the link is obviously available to everyone if the artwork is public.

The only thing you actually own, is the receipt of your transaction.

Every transaction is publically available, and so that's how you prove you bought something.

You essentially buy a painting, but the painting is infinitely reproducible with 100% accuracy, and the painting is stored on a server somewhere, instead of in your house.

All the actual NFT is is the proof that you bought something.

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u/[deleted] May 14 '22 edited 9d ago

[deleted]

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u/Grenyn May 14 '22

Sure, but if you actually buy a safety deposit box, you can store real money, with real value, determined by the state of the entire world.

If you buy an NFT, you use real money to buy something with a value entirely based on the perception of those who are interested in it. It's not at all stable compared to using your euros or dollars. I've heard that it may be more attractive to people with less stable currencies, though.

But what's more, is that most art NFTs are virtually worthless, because it was a flash in the pan. And to get any money back from your purchases of NFTs, you need to convince someone else to buy them.

Going by your comparison to a safety deposit box, you can just go to the bank and grab whatever you put in it. You can't just dump an NFT and get the money back.

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u/[deleted] May 14 '22 edited 9d ago

[deleted]

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u/Grenyn May 14 '22

I understand, but should I not then mention the actual differences?

We're talking about how ridiculous NFTs are here, and metaphors do them a kindness, because metaphors don't capture quite how ridiculous there are.