Explain it to me like I'm 5.

[TopHook]

If that’s what’s in the contract. Smart contracts can say whatever the issuer wants.

I’ve seen some artist say that every time the ownership changes hands a 10% fee is given to the artist.

Each artist / issuer can come up with their own compensation scheme I believe.

I have over 500 websites that use my image that I took on my camera for work. I can charge them $1 each? I just have to have a contract on my image so they have to pay me? How is that contract generated through numbers and letters?

 

[Cincinattus91]

Just looked up blockchain. So... it could possibly be hacked.

I'm not worried about bitcoin getting hacked. Basically infeasible to hack and the blockchain is restorable as far as I know


Long term digital currency does not liberate us, the opposite imo. The asset of bitcoin is winding up to be centralized

Whatever the case might be, decentralized money isn't the revolution we need it to be with centralized food, energy, water, housing etc but that's for another thread

 

[TopHook]

Only thing I can think of right now.

 

[ChicagoFats]

I have over 500 websites that use my image that I took on my camera for work. I can charge them $1 each? I just have to have a contract on my image so they have to pay me? How is that contract generated through numbers and letters?

The contract is generated through a “smart contract” I think it’s also known as a “DAPP” or decentralized application and attached to the ETH block chain.

I don’t k ow the exact mechanics yet, still reading.

Now curveball. Just because you own the NFT doesn’t necessarily mean you are the only one who can use it.

Think of it like the Mona Lisa, anyone can print out a picture, put it in a frame and display it.

 

[ChicagoFats]

I'm not worried about bitcoin getting hacked. Basically infeasible to hack and the blockchain is restorable as far as I know


Long term digital currency does not liberate us, the opposite imo. The asset of bitcoin is winding up to be centralized

Whatever the case might be, decentralized money isn't the revolution we need it to be with centralized food, energy, water, housing etc but that's for another thread

Do you think block chain will decentralize those other things like food, energy, water etc?

Spoiler

I do

 

[TopHook]

Do you think block chain will decentralize those other things like food, energy, water etc?

Spoiler

I do

It kind of sounds like NFT will be watered down over time. Except you can create more "Mona Lisas'"

 

[ChicagoFats]

It kind of sounds like NFT will be watered down over time.

Very well could be, but it’s on fire right now. It’s a huge industry worth billions of dollars.

 

[TopHook]

Very well could be, but it’s on fire right now. It’s a huge industry worth billions of dollars.

I did do an edit.

 

[ChicagoFats]

And for what its worth I hate NFT’s. Haha. I don’t see the value in them but I’ve learned that doesn’t really matter.

What matters is that there are a shit ton of nerds that do care about them and they are spending a bunch of money on them.

 

[TopHook]

And for what its worth I hate NFT’s. Haha. I don’t see the value in them but I’ve learned that doesn’t really matter.

What matters is that there are a shit ton of nerds that do care about them and they are spending a bunch of money on them.

Agree.

 

[QuanChi]

Only thing I can think of right now.

You’re getting there. Keep going

 

[TopHook]

You’re getting there. Keep going

 

[Nayat]

So it’s like Kohl’s cash?

 

[QuanChi]

And for what its worth I hate NFT’s. Haha. I don’t see the value in them but I’ve learned that doesn’t really matter.

What matters is that there are a shit ton of nerds that do care about them and they are spending a bunch of money on them.

NFTs aren’t going anywhere. If they represent a unique digital asset that no one else can reproduce, and/or if they are associated with a collection/product/brand/platform that holds or grows value, NFTs are great things to own.
Many NFTs will be worthless in the end, but select ones will hold tremendous value.
Just think if Facebook sold NFTs from the beginning. And they sold 100,000 special profile icons that can become social media status symbols for the people that own them. Or what if the Blue check marks on Twitter were tokenized.
You can even have editions, where the first editions are worth considerably more than following editions

 

[QuanChi]

So it’s like Kohl’s cash?

Basically but with a few extra steps

 

[TopHook]

NFTs aren’t going anywhere. If they represent a unique digital asset that no one else can reproduce, and/or if they are associated with a collection/product/brand/platform that holds or grows value, NFTs are great things to own.
Many NFTs will be worthless in the end, but select ones will hold tremendous value.
Just think if Facebook sold NFTs from the beginning. And they sold 100,000 special profile icons that can become social media status symbols for the people that own them. Or what if the Blue check marks on Twitter were tokenized.
You can even have editions, where the first editions are worth considerably more than following editions

Okay, like an avatar or when you start a site that can be monitized with other montizable aspects, or image, of the website/internet. If the picture I take, people want to use, cause it looks so good, I have and NFT hold on that image?

 

[QuanChi]

Okay, like an avatar or when you start a site that can be monitized with other montizable aspects, or image, of the website/internet. If the picture I take, people want to use, cause it looks so good, I have and NFT hold on that image?

Yeah an avatar is a really great example.
As far as selling pictures you take, there are much easier ways to monetize that than NFTs.

 

[madman71]

If you haven't watched "South Park: Post COVID - The Return of COVID" yet, you should.

 

[ChicagoFats]

one looks like this nzdfuy5441.415ffdsg/5fg1
and one I can hold in my hand that looks like this:
View attachment 66465

Also: If I'm paying that much money I'm trying my hardest to own both

Your card is nice, but here is my card.

 

[quickfeet]

For NFt's you absolutely need crypto currency. If you don't have the crypto, you can't prevent the "double spend" problem.

That is, if we have a digital Mona Lisa, how would you know it was the real mona lisa and not one that was right clicked, copied and saved?

I guess the need for crypto makes sense. Its not like the creators of the NFT need to make an entire new blockchain to validate transactions. Just use one that is already there

 

[quickfeet]

Lets pretend we have a michael jordan rookie bascketball card.

Lets say I have the physical, real, original card in my posession. And lets say you have purchased the NFT to the same card.


Now lets talk about the differences between what we own. I'll start. I have a physical card and you have a digital representation of the same thing. Now you name some things that are different between the two.

Spoiler

Bear with me its been a year or so since I have done this exercise

But you, as the owner of the card, would be the only one that could sell the NFT in any form or fashion. And it would have to confer some rights to the owner of the NFT.

Because someone off the street just can't create a Michael Jordan rookie NFT. Most likely Jordan or the NBA would be the only ones that could release something like that. And by one of those entities licensing someone to create the NFT, that is what gives it value.

 

[Cincinattus91]

Do you think block chain will decentralize those other things like food, energy, water etc?

Spoiler

I do

Not necessarily as those require robust small business, private property and nuclear energy

I hope so but I don't see blockchain as a guarantor of that at all

 

[ChicagoFats]

But you, as the owner of the card, would be the only one that could sell the NFT in any form or fashion. And it would have to confer some rights to the owner of the NFT.

Because someone off the street just can't create a Michael Jordan rookie NFT. Most likely Jordan or the NBA would be the only ones that could release something like that. And by one of those entities licensing someone to create the NFT, that is what gives it value.

What governing body is going to prevent a NFT from being created?

nm

 

[quickfeet]

What governing body is going to prevent a NFT from being created?

The justice system. That is why Top Shots is successful because it is licensed by the NBA. And lets just say that current laws are somehow not applicable for NFTs (I don't think this is the case), NFTs have value because of the pedigree (I can't think of a better word at this point).

 

[PleasureMoose]

Your card is nice, but here is my card.

View attachment 66647

I can flip mine around and check out the stats on the back