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D Way posted it but Hosoi, Tommy G, Kareem, and Elissa are all apart of this NFT nonsense.
It’s hard to understand at this point, since the whole concept is so new, but I think of NFT’s as pieces of digital art. “Artists” create a one-of-a-kind piece of work and the value of that item is essentially agreed upon by the demand for it. Some random shitty little image from someone nobody has heard of won’t mean anything, but your favorite skater selling a unique one-off? $$$
Mike Mo talked about starting an NFT company with some other Crail dudes on his Bunt interview. They’re gonna call it ABD and sell skateboard memorabilia - unused angles from old videos and pieces of boards that bangers went down on. I’m no expert, but it seems like this is a topic you can only benefit from by learning about. No way working a regular job is enough for a good life anymore, you have to have some other source of income or some side-hustle. It’s not cool to be ignorant anymore.
Someone that knows better can correct me if I'm wrong, but this is my understanding:
NFTs are basically a kind of code that you can attach to a file to verify that is the original file of whatever. This makes sense if you're selling, say, tickets to a concert digitally and don't want to risk people copying files and therefore essentially stealing tickets. Or like e-gift certificates or something, stuff you can exchange for good and services in the real world. It seems like it would have a practical application from an IT/security application, behind the scenes code stuff that isn't very sexy or easily explained.
This is where the scam comes in: they're attaching it to images that anyone can "save as", and these images have no function in the real world (i.e. they're not tickets, receipts etc) or they function the same in the real world as they do on your computer: nobody is stopping you from printing out a JPEG, and viewing a JPEG on your screen vs on a piece of paper doesn't change anything about the image. The experience you receive by "buying" the NFT is the exact same experience people that just view or save "your" JPEG have.
The whole point of buying art, or almost anything for that matter, is to own it. If I buy a car I own it, and I know when I leave to go to work, nobody else will be driving my car, cause I own it. What happens when you own the Dancing Kermit meme? Millions of other people are watching MY Dancing Kermit meme, for free! But I paid for it! Even though paying for it doesn't change anything and we're all viewing the same Muppet dancing gracefully to Dreams by Fleetwood Mac, you've gotten nothing out of it except a lighter wallet.
This is the Mona Lisa, yes or no?
You can print it out and put it on your wall and watch it forever. Is that different from your argument? Now, you can add to that and say but there is a unique physical original, the rest are just copies. With digital art NFTs there is a unique original as well, it’s just digital instead of physical.
Paintings are easy to separate from digital, they have canvas and brush strokes and frames, physical qualities (you could of course consider forgeries that share the same physical qualities if you want) but what about photos for instance. Arto Saari sells photos he took in his web shop for like $100 or something, don’t recall exact price. Are you paying solely on the print quality there? Is it a $40 print in a $60 frame? He can print as many as he wants, so is that a scam? What if he sold the same photos as NFTs?
Surely there is a lot of opportunistic hustling going on with these lazy cartoon graphic celebrity NFTs and lazy lions or whatever, but what they are selling is a real thing and the market dictates the price. And the market is acting on FOMO and greed and bragging rights. But if I spit on a piece of paper and exclaim that this is a painting I’m selling for 1 million dollars, I wouldn’t consider that a scam but whoever bought it would be an idiot.
The market is still forming, there are a lot of people trying things and time will tell what will become of NFTs but I’m pretty confident most of this shit we’re seeing will fade out. But then again it’s very cheap to put it out so they don’t have to sell many or any to keep going.
One cool idea about NFT art I heard earlier was that since you have a perfect record (or a
ledger) of the transactions on the item and it’s movements you could for instance make it so that the artist gets a cut of each sale made for the item, for eternity. So for instance if some rich bored collectors start swinging their dicks at an auction it not just another rich bored collector who benefits but also the artist themselves.
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