Applications that rely on a central authority. For example, the current NFT artwork mania runs on a couple of centrally-operated websites. Once those sites go down, most of the URLs that those NFTs are linked to are going to stop resolving. It’d be way cheaper and environmentally safer to just use a centrally-operated RDBMS (disclaimer: I think NFTs and most cryptocurrency stuff is absolute bunk).
I think NFTs could be a great way to fund arts or charity. Especially if they can smart contract money to their cause with each transfer.
I personally don’t know how NFTs could really work as an investment mechanism because they aren’t a currency and their ties to artwork are about the same as reddit posts with the same URLs. If there isn’t an agreement under law giving people exclusive rigbts or monies from their NFTs then they are even more speculative than physical art.
Not saying they couldn’t work, just that I don’t comprehend the mechanism keeping people buying them at higher and higher prices.
Applications that rely on a central authority. For example, the current NFT artwork mania runs on a couple of centrally-operated websites. Once those sites go down, most of the URLs that those NFTs are linked to are going to stop resolving. It’d be way cheaper and environmentally safer to just use a centrally-operated RDBMS (disclaimer: I think NFTs and most cryptocurrency stuff is absolute bunk).
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I wouldn’t say they are stupid, they achieved what they wanted, namely making a shitton of money
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I think NFTs could be a great way to fund arts or charity. Especially if they can smart contract money to their cause with each transfer.
I personally don’t know how NFTs could really work as an investment mechanism because they aren’t a currency and their ties to artwork are about the same as reddit posts with the same URLs. If there isn’t an agreement under law giving people exclusive rigbts or monies from their NFTs then they are even more speculative than physical art.
Not saying they couldn’t work, just that I don’t comprehend the mechanism keeping people buying them at higher and higher prices.