Tagged “nfts”

unsurprising

This was where it lost me:

But at the most simple level, NFTs have given me, for the first time, a visceral understanding of the most basic innovation of crypto: What it means to digitally own a unique digital object.

Maintain a music collection long enough and you’ll own some pretty unique digital assets.

"The idea that decentralization of infrastructure equals decentralization of power is a trap

I don’t know what to make of this insanity

This is still an all-too-common occurence

I too have a lot of issues with this. What if your file moves? What if the file is fake? What if URLs change? What if servers shut down? Startups shut down or disappear all the time. And even if they don’t people don’t tend to do backwards compatibility anymore. This is a whole new and expensive consequence to link rot.

Short version:

The NFT token you bought either points to a URL on the internet, or an IPFS hash. In most circumstances it references an IPFS gateway on the internet run by the startup you bought the NFT from.

Oh, and that URL is not the media. That URL is a JSON metadata file

I still have no idea what is going on with all this.

What’s interesting is that Beeple, the creator of the artwork, is actually a business partner of Metakovan’s. He owns 2% of all the B20 tokens. I’m sure there is no conflict of interest here

NFTs as a recruitment tactic for some non-nerd advocates of crypto. The “what is digital ownership” section is legit - being digital and “on the blockchain” doesn’t make things magically last forever. Many parts of it could disappear.

4. A few artists really are making life-changing money from this!
5. You probably won’t be one of them.

This aspect isn’t particularly different from Spotify and similar.

Not sure tihs is actually everything I needed to know and I still have many questions. Good historical overview of the rise of them though.