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@rantsauce it's valuation you moron!
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The wiki page on NFT is a good summary of this bullshit:
https://en.wikipedia.org/wiki/...
"Ownership of an NFT does not inherently grant copyright or intellectual property rights to whatever digital asset the token represents. While someone may sell an NFT representing their work, the buyer will not necessarily receive copyright privileges when ownership of the NFT is changed and so the original owner is allowed to create more NFTs of the same work"
In other words, an NFT is analogous to an auction selling a post-it note saying "I own the Mona Lisa".
That piece of paper has no legal meaning, at all.
You do not own the Mona Lisa.
You own a piece of paper with text on it. You can look at the text and say "Wow, I guess I own the Mona Lisa".
You can't sue the Louvre for displaying the painting, or move it to your house.
You own a virtual pretend-certificate, which only has value within its own little bubble of suspension of disbelief.
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@bittersweet thanks for that post-it example, I‘ll use it to explain NFTs to friends and family.
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@bittersweet thanks for explaining this. This actually very well fits in the narrative of zuck's metaverse where nothing is real and people pay non-real money that they buy using a relatively real currency to buy some other non-real goods.
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@rantsauce Lmao “relatively real currency” too true
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@rantsauce
Well, to some extent that makes sense.
The value of many things in the real world is also questionable.
To take the Mona Lisa: The wood, canvas and pigment have value. But not $100M value. It's also a good, skillful painting... But not $100M good.
Most of the value comes from the fact that it's entangled with a famous painter, historical owners and events.
But such inflation of value still needs a solid "tangible foundation". A Gucci handbag is wildly overpriced, but still needs to be a quality handbag. The $1k Apple Pro Stand for displays is overpriced, but still sells because the inflation has a foundation of quality, it's an excellent display stand.
Now if "the Metaverse" was more tangible, more of a "I'm logging in to the Metaverse this evening with some friends" thing, AND you could actually put your NFT painting on the wall of your virtual house, AND this metaverse would enforce rules regarding NFT ownership... It would start to make sense. -
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@bittersweet And in 10 years, people like us that consider this to be absolutely retarded will be thought of as old farts that just don't get it.
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@ars1
Probably. I moved from IRC and usenet to MSN and ICQ, from Teamspeak to Discord, from Myspace to Facebook — and for a long time I thought "I will always keep moving along with it"
Then at some point I realized that I had no idea how the fuck "insta", "snap", and "tiktok" work, and didn't really feel like I had a reason to care.
This is the true meaning of "Senior Developer". Senior. Old.
I used to be with it, then they changed what "it" was.
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@ars1 it's to turn copyright into a major legal discussion again, instead of being the dead issue it is now.
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@bittersweet It wouldn't start "to make sense", it would start Ready Player One.
Dev: Hey our current server is starting to chug a bit. Can I get approved for $1200 additional spend to double the speed?
Manager: *Sharp inhale*. We need this project to cost as little as possible, we really can’t justify spending any additional money for any reason right now.
*2 days later*
Manager: YOU ARE APPROVED FOR $100,000 TO IMMEDIATELY IMPLEMENT SOMETHING RELATED TO NFTs IN ANY OF OUR APPS. THE BUSINESS NEEDS TO EXPAND INTO THE METAVERSE ASAP IMMEDIATELY. I NEED AN ETA BY EOD AS TO WHEN THIS CAN BE ROLLED OUT.
Dev: …
rant
management logic
garbage collection