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Non-fungible Tokens -- wanna buy a painting that's just been burned?


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Lightly Toasted

This seems seriously weird to me. I can see the point if it's a replacement (say) for a land registry document or for paper provenance to an art work, but people creating a token "representing" a painting that's been burned?

The societal singularity draws ever closer.

 

1.

https://www.investopedia.com/non-fungible-tokens-nft-5115211

Non-fungible tokens or NFTs are cryptographic assets on blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can be used as a medium for commercial transactions.

WHAT YOU NEED TO KNOW

  • NFTs are unique cryptographic tokens that exist on a blockchain and cannot be replicated.
  • NFTs can be used to represent real-world items like artwork and real-estate.
  • "Tokeninzing" these real-world tangible assets allows them to be bought, sold, and traded more efficiently while reducing the probability of fraud.
  • NFTs can also be used to represent peoples identities, property rights, and more.

The distinct construction of each NFT has the potential for several use cases. For example, they are an ideal vehicle to digitally represent physical assets like real estate and artwork. Because they are based on blockchains, NFTs can also be used to remove intermediaries and connect artists with audiences or for identity management. NFTs can remove intermediaries, simplify transactions, and create new markets.

In early March a group of Beeple NFTs was sold for over $69 million.

The sale set a precedent and a record for the most expensive pieces of digital art sold thus far.
The artwork was a collage comprised of Beeple's first 5,000 days of work,.

Much of the current market for NFTs is centered around collectibles, such as digital artwork, sports cards, and rarities. Perhaps the most hyped space is NBA Top Shot, a place to collect non-fungible tokenized NBA moments in a digital card form. Some of these cards have sold for millions of dollars. Recently, Twitter CEO, Jack Dorsey, tweeted a link to a tokenized version of the first tweet ever written where he wrote "just setting up my twttr." The NFT version of the first-ever tweet has already been bid up to $2.5 million.

 

2.

An artist complains that his work has been tokenised (someone made a tradable pointer to a web page, as far as I can see -- big deal (?)):

 

3.

https://www.theguardian.com/technology/2021/mar/12/non-fungible-tokens-revolutionising-art-world-theft

...

Sometimes, the boundary blurring is deliberate, as with the Burned Banksy NFT. This token, which sold for around £300,000, is an image of a Banksy print titled Morons, which was sold in an edition of 500. But the specific print that has been tokenised, number 325, was publicly burned as the token was minted, a move the anonymous creators argue “moved the value of the physical piece on to the NFT”.

 

 

 

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Frank Hovis

This is Emperor's New Clothes levels of mentalness.

 

When did you last see your fortune?  William Frederick Yeames.

1200px-William_Frederick_Yeames_-_And_wh

"Now tell me in your own words why you thought paying £2.9m for a Tweet was a good idea."

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Lightly Toasted
43 minutes ago, Frank Hovis said:

This is Emperor's New Clothes levels of mentalness.

 

When did you last see your fortune?  William Frederick Yeames.

1200px-William_Frederick_Yeames_-_And_wh

"Now tell me in your own words why you thought paying £2.9m for a Tweet was a good idea."

I was actually thinking of creating an NFT for a copy of The Emperor's New Clothes -- I guess Project Gutenberg has one.

or maybe an NFT for the whole of Project Gutenberg, imagine how much value that would be!

 

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wherebee

It's amazingly useful for tax evasion, tax avoidance, and other shenanigans.

 

why do you think the rich have jumped on it so fast.  Oh no!  My NFT has dropped in price by 35 million.  I sold it to my mate.  LOOK AT MY TAX LOSS!

 

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