Case (![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png)
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fandomsecrets2022-01-16 04:26 pm
case) wrote in fandomsecrets2022-01-16 04:26 pm
[ SECRET POST #5490 ]
⌈ Secret Post #5490 ⌋
Warning: Some secrets are NOT worksafe and may contain SPOILERS.
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Notes:
Secrets Left to Post: 02 pages, 32 secrets from Secret Submission Post #786.
Secrets Not Posted: [ 0 - broken links ], [ 0 - not!secrets ], [ 0 - not!fandom ], [ 0 - too big ], [ 0 - repeat ].
Current Secret Submissions Post: here.
Suggestions, comments, and concerns should go here.
Re: NFTs
(Anonymous) 2022-01-17 02:52 am (UTC)(link)Fungible:
The first thing to know is what fungibility is. Basically if one thing is identical to another. If I have two five dollar bills and you have a ten, we can trade. There's a difference, but nothing has changed. That's fungibility. I have a bucket of chicken from KFC, you have the same sized bucket from KFC, we trade. Technically the chicken in the buckets are different, but nothing has really changed.
Non-Fungible:
If something is unique. Say I have the Mona Lisa, and you have Starry Night. They may be worth the same amount of money, but they are not the same. If we trade, we have completely different experiences. These are non-fungible items. Even the prints of the Mona Lisa they sell in the gift shop is not the same as the actual Mona Lisa. Even if Leonardo had created two other Mona Lisa's that we find in the basement of the Louve, they're not THE Mona Lisa.
So, when you get to computers, everything is basically fungible. If a digital artist makes a meme, they can then send a copy to a friend, delete their original, have the friend send it back, and nothing has changed. It is as if they never deleted it in the first place. NFTs are an attempt to change that. By generating a new block in the block chain, they imbed their ownership of some digital thing to be stored in the block. They can then register selling this digital item in the block as well, so that now there is a "receipt" proving the new ownership. This also registers into the block how much a digital item is "worth". If I create a digital item and then "sell" it to myself for $100K, it will be recorded as being "worth" that amount in the block chain. I can then sell it at a "discount" for $50K, and because the block chain references that it was "sold to" me for $100K, and whoever is stupid enough to do it can buy it at the "discount".
Here's the thing: doing this will not stop anyone from just right clicking on the meme and saving it. It does not make the meme exclusive to the "owner". I, as a random netitzen don't want the "receipt" proving ownership, I just want the meme. (NFT fans would call me a "dirty right clicker").
Basically all of this is done in the HOPES that someday, their "registered digital ownership" will a) be respected and b) be worth money. It's basically investment gambling. In the meantime, resource usage in generating blocks to buy and sell these NFTs have used an ENTIRE COUNTRY'S carbon allowance. They are literally burning the planet on the off chance that one day they might get rich.
Re: NFTs
(Anonymous) 2022-01-17 04:13 am (UTC)(link)Re: NFTs
(Anonymous) 2022-01-17 06:14 pm (UTC)(link)Re: NFTs - SA
(Anonymous) 2022-01-18 03:59 am (UTC)(link)Basically, they think that someday, having that "special" digital skin that in all ways is the same that everyone else has, will have the same value that having a physical copy of the game signed by the player would have. Something that actually is non-fungible.