No, NFTs do have good uses, but things like image NFTs are just a misappropriation, like SPAM is to email.
One use case, is clear, independently verifiable ownership of non-tangible things, like Intellectual Property rights. Movie rights for a book adaptation for instance moving between companies in IP sales and mergers/acquisitions.
One use case, is clear, independently verifiable ownership of non-tangible things, like Intellectual Property rights.
Why is your system better than the existing one?
There is, for example, the first-owner problem in a public blockchain. What happens if I make an NFT saying I own you property? Without an external system, how can you prove your NFT is real and mine isn’t? And if there’s an external system, why not use that instead?
I thought of that problem the moment when they started explaining their use case. I had no idea there is a name for it, kinda cool. If the blockchain people have a real solution for it, it would be a pretty big deal
IP rights is not a problem that needs solving. In fact, the existing legal system has ways of punishing copyright violations whereas the Blockchain does not.
Supply chain validation is also an example of the block chain “in action”. But the people that are entering the data on the Blockchain are the same people that were typing it in an email yesterday.
I used to be a fan of the technology as well but so far it hasn’t show itself to be useful. A solution in search of a problem.
The perfect use case is tickets to live events. One entity creates one NFT for each seat or spot available and can initially sell them. The owner of that NFT (ticket) can then do whatever they want with it without the need for a third party (Ticketmaster) to scalp the shit out of any subsequent transactions.
Proof of ownership of a single ticket at the time of the event is the end goal, which is what NFTs do.
Why this hasn’t been done is pretty baffling to me.
What’s better, is if artists want to provide a subset of tickets that are not resellable they can. Those tickets will only be accepted if a single transaction has taken place.
Why this hasn’t been done is pretty baffling to me.
Because the blockchain needs an incentive. Who is going to be taking part in the blockchain if there is nothing in it for them? That’s why these tokens are often tied to crypto currencies, as mining is the incentive.
The sounds like scalpers paradise. They can buy multiple tickets and sell it without thinking about any authorization (id card or something) when using that tickets
The owner of that NFT (ticket) can then do whatever they want with it without the need for a third party (Ticketmaster) to scalp the shit out of any subsequent transactions.
How is that supposed to prevent scalping, exactly?
Proof of ownership of a single ticket at the time of the event is the end goal, which is what NFTs do.
And that’s better than physical tickets, because…?
What’s better, is if artists want to provide a subset of tickets that are not resellable they can.
That’s also already a solved problem: write a name on a ticket and validate that name with an ID.
Just responding to the “scalping” quote. It absolutely wouldn’t stop scalping, what I HOPE op was trying to say was that it could be used to prevent Ticketmaster, or any entity like it, from charging fees on every exchange of said ticket.
That is an absolutely TERRIBLE use case because it is by definition centralized. The venue already has ample control over who tf gets in and there is little problem with counterfeit tickets.
And it’s ALWAYS the same problem. You can have all the lists you want. A central authority has to recognize and enforce that list. At which point, the structure of your list is completely irrelevant. It could be ANY list. What matters is that it’s chosen to be enforced. And currently, most power structures are happy with plain old databases. Or pen and paper.
A plain old database also has ways of dealing with theft.
If someone steals your crypto keys and sends your assets to themselves, they have no legal ownership over those assets but they’re listed as the owner in the blockchain, so blockchain isn’t even any good at being an accurate, verifiable record of ownership.
Yes, you can’t make changes to the blockchain, but that also means you can never fix anything. So you actually can’t rely on the blockchain to be accurate.
"Intellectual Property[sic]" is dishonest loaded language, but yes, I agree with you that blockchain could be a good way for a copyright holder to prove their monopoly. 'Course, that’s also what registering your copyright with the Library of Congress is for, so…
No, NFTs do have good uses, but things like image NFTs are just a misappropriation, like SPAM is to email.
One use case, is clear, independently verifiable ownership of non-tangible things, like Intellectual Property rights. Movie rights for a book adaptation for instance moving between companies in IP sales and mergers/acquisitions.
Why is your system better than the existing one?
There is, for example, the first-owner problem in a public blockchain. What happens if I make an NFT saying I own you property? Without an external system, how can you prove your NFT is real and mine isn’t? And if there’s an external system, why not use that instead?
I thought of that problem the moment when they started explaining their use case. I had no idea there is a name for it, kinda cool. If the blockchain people have a real solution for it, it would be a pretty big deal
It’s a term from copyright. The First Owner of a work is usually the person who makes a work, and they can then do all sorts of things with that.
IP rights is not a problem that needs solving. In fact, the existing legal system has ways of punishing copyright violations whereas the Blockchain does not.
Supply chain validation is also an example of the block chain “in action”. But the people that are entering the data on the Blockchain are the same people that were typing it in an email yesterday.
I used to be a fan of the technology as well but so far it hasn’t show itself to be useful. A solution in search of a problem.
I hear that now since 12 Years. Its not going to happen.
Without really having an opinion on the matter - I think there’s a difference in having a use and being adopted.
Something can be absolutely awesome in theory but useless if no one is using it.
That just sounds like you’re describing me.
The perfect use case is tickets to live events. One entity creates one NFT for each seat or spot available and can initially sell them. The owner of that NFT (ticket) can then do whatever they want with it without the need for a third party (Ticketmaster) to scalp the shit out of any subsequent transactions.
Proof of ownership of a single ticket at the time of the event is the end goal, which is what NFTs do.
Why this hasn’t been done is pretty baffling to me.
What’s better, is if artists want to provide a subset of tickets that are not resellable they can. Those tickets will only be accepted if a single transaction has taken place.
Because the blockchain needs an incentive. Who is going to be taking part in the blockchain if there is nothing in it for them? That’s why these tokens are often tied to crypto currencies, as mining is the incentive.
Yeah why would ticketmaster, who makes a killing having their ticket monopoly and control, develop a system where they lose control?
The sounds like scalpers paradise. They can buy multiple tickets and sell it without thinking about any authorization (id card or something) when using that tickets
How is that supposed to prevent scalping, exactly?
And that’s better than physical tickets, because…?
That’s also already a solved problem: write a name on a ticket and validate that name with an ID.
Just responding to the “scalping” quote. It absolutely wouldn’t stop scalping, what I HOPE op was trying to say was that it could be used to prevent Ticketmaster, or any entity like it, from charging fees on every exchange of said ticket.
Would it? Or would Ticketmaster just buy all the NFTs and then have even less regulation on their scalping?
Duranium-on-the-Mohs-scale hard pass. Tickets work fine.
What’s baffling to me is the ramping up of the 21st century penchant for mindless wheel-re-inventing.
That is an absolutely TERRIBLE use case because it is by definition centralized. The venue already has ample control over who tf gets in and there is little problem with counterfeit tickets.
And it’s ALWAYS the same problem. You can have all the lists you want. A central authority has to recognize and enforce that list. At which point, the structure of your list is completely irrelevant. It could be ANY list. What matters is that it’s chosen to be enforced. And currently, most power structures are happy with plain old databases. Or pen and paper.
A plain old database also has ways of dealing with theft.
If someone steals your crypto keys and sends your assets to themselves, they have no legal ownership over those assets but they’re listed as the owner in the blockchain, so blockchain isn’t even any good at being an accurate, verifiable record of ownership.
Yes, you can’t make changes to the blockchain, but that also means you can never fix anything. So you actually can’t rely on the blockchain to be accurate.
"Intellectual Property[sic]" is dishonest loaded language, but yes, I agree with you that blockchain could be a good way for a copyright holder to prove their monopoly. 'Course, that’s also what registering your copyright with the Library of Congress is for, so…