You sound knowledgeable. Can you describe a scenario where NFTs are useful? I have heard about tokens for work over a decentralized network but I don’t fully understand what that means.
That is, there can be scenarios where they are useful as “You cannot trivially recreate this hash code” systems, but… we can already do that without the massive overhead of a blockchain and the PITA of keeping a ledger in check.
Or, as always: There is no application for NFTs which cannot be done faster, easier and better by just using a completely normal database.
and if you want the immutability of the blockchain (which is not a good design btw, what if fraud or mistake happens that needs correcting?), you can literally just use a insert-only database, meaning no updates.
It’s not. Think of them as receipts, transferable proof of purchase, on a globally accessible digital ledger. Their use and value is only in the systems that are built up around them, not the NFT itself.
But real systems are unlikely to be built up without government support and backing or significant corporate investment, and those take money and time.
Depending on the object, the ticket and the jurisdiction, the ticket has some actual legal meaning. An NFT does not. If you bought ape #165345234 as an NFT and someone copies it, they’re free to do that and there’s fuck all you can do about it. In fact they could even change the owner of the NFT by forking the blockchain, and there’s fuck all you can do about that though luckily in that scenario it’s quite unlikely they they’ll end up being the fork that is adopted by the majority.
But say if the biggest players in a specific blockchain, especially a proof of stake one (and proof of work is shit anyways so let’s say “all usable blockchains”), do not like you owning NFT #XYZ, they can undo that. And again, you got no recourse.
What you’d need is a central authority that mediates conflicts and enforces a set of rules. Specifically thing most people do not want in the DeFi universe, but the absence of which is also why a physical - or even digital - normal ticket or receipt is so much more useful, and why DeFi is just grifter’s heaven and very little else. It lacks the very abhorred but utterly required central authority.
Such markets already exists. Blockchain does something other tech already does, blockchain just does it much more inefficient and unreliable. This is why you only see pyramid schemes as real life applications of blockchain. Noone has been able to come up with other usages than those.
Not the art. The token. The ledger only says that the token belongs to someone.
You sound knowledgeable. Can you describe a scenario where NFTs are useful? I have heard about tokens for work over a decentralized network but I don’t fully understand what that means.
Hrm… not really, no.
That is, there can be scenarios where they are useful as “You cannot trivially recreate this hash code” systems, but… we can already do that without the massive overhead of a blockchain and the PITA of keeping a ledger in check.
Or, as always: There is no application for NFTs which cannot be done faster, easier and better by just using a completely normal database.
and if you want the immutability of the blockchain (which is not a good design btw, what if fraud or mistake happens that needs correcting?), you can literally just use a insert-only database, meaning no updates.
I guess it could enable markets for used non-physical copies of videogames, reselling of tickets, stuff like that.
I don’t understand. How it different from reselling a physical copy of ticket?
It’s not. Think of them as receipts, transferable proof of purchase, on a globally accessible digital ledger. Their use and value is only in the systems that are built up around them, not the NFT itself.
But real systems are unlikely to be built up without government support and backing or significant corporate investment, and those take money and time.
Depending on the object, the ticket and the jurisdiction, the ticket has some actual legal meaning. An NFT does not. If you bought ape #165345234 as an NFT and someone copies it, they’re free to do that and there’s fuck all you can do about it. In fact they could even change the owner of the NFT by forking the blockchain, and there’s fuck all you can do about that though luckily in that scenario it’s quite unlikely they they’ll end up being the fork that is adopted by the majority.
But say if the biggest players in a specific blockchain, especially a proof of stake one (and proof of work is shit anyways so let’s say “all usable blockchains”), do not like you owning NFT #XYZ, they can undo that. And again, you got no recourse.
What you’d need is a central authority that mediates conflicts and enforces a set of rules. Specifically thing most people do not want in the DeFi universe, but the absence of which is also why a physical - or even digital - normal ticket or receipt is so much more useful, and why DeFi is just grifter’s heaven and very little else. It lacks the very abhorred but utterly required central authority.
Well, I was talking of digital stuff. Of course for physical things it doesn’t apply.
Such markets already exists. Blockchain does something other tech already does, blockchain just does it much more inefficient and unreliable. This is why you only see pyramid schemes as real life applications of blockchain. Noone has been able to come up with other usages than those.
Do they?
Who’s Noone? Never heard of him, but he sounds like a smart guy. (couldn’t resist, sorry)