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
If FS minted NFTs (call it series 1) and you bought #3, you'd get a receipt saying you bought position #3 of FS series 1. That position is in theory "yours." And uh... that's it! There might be an image associated with it but you don't own that image or the copyright to that image, and you can't claim or use that image as yours anywhere. The image is meaningless and just fluff decoration.
All the NFT is, is a receipt that you bought item #3 of FS series 1. Or "position #whatever of RandomThing series 123." Whatever that is. If that item or position in the series is attached to some other promise made by the minter, then that's your claim to whatever promise was made by the minters (which may or may not come to fruition, lots of these are scams that take money do not intend to fulfill whatever it is at all), but the NFT itself is just the receipt part, which cannot be duplicated (i.e. is non-fungible) but can be traded around (which is where the hype and money comes in).
Like when you go to a food court and they're like ok your order is #523 and you get a little receipt ticket that says #523-for-this-food-court. Except it's electronic, secured by the blockchain so nobody else in the world can forge your particular ticket, and sometimes there's a picture of an ugly AI-generated monkey on it. Seems straightforward enough, right?
NFT scams and scammers basically do that then hype up the value of the food court, advertise the food as way better than it really is, and artificially stuff bodies into chairs to make it look like everyone totally wants a seat, then turns around and sells you their food tickets for 100x the price cause now it's supposedly in demand. Your ticket #523 suddenly has value because people wanna get in! So you can sell your place in line (or position on the series) to someone else - hyping and reselling then cashing out before the crash is more or less how most NFT-bros make money (or lose it, if they don't jump ship fast enough).
Then when everyone realizes wait, this whole thing is kinda shit, the food is bad and nobody in the back is even cooking anything, and the price collapses, everybody leaves, and all the last ones out have got is a pile of worthless receipts that are totally promising them food that no one ever delivers, most of the time.
The receipts, however, are still doing their job! They're proving (non-fungibly!) that someone or something bought a position for something. But whether that position has value or not, or will continue to have value or not, is not anything inherent to the NFT itself.
Boomer-era NFTs: name a star, buy a plot on Mars, deviantart adoptables where only one lucky buyer gets to "own" the rainbow sparkledog in series #478576 out of #597689896 by one out of a billion artists...
There are some supposedly legit use cases of NFTs, e.g. Axie Infinity that uses NFTs as IDs linked to unique monsters in their game, but what gives those NFTs value is that they link to and can be used in an actual existing game, not the NFT itself. If the game were to close down, all you've got left is the token that once represented a monster. And going back to the Deviantart sparkledog, maybe "owning" that adoptable once let you participate in RP or contests or games as that sparkledog. But the value was in what you could do and access with the certificate (or what you could trade it for), not in the certificate itself, and the artist would still hold copyright and ownership of the actual artwork.
Final note: NFTs and crypto are not the same thing and technically aren't even directly related! Lots of NFTs are bought with crypto, and both are on and make use of the blockchain, but crypto is a currency and NFTs are well, receipts.
Re: NFTs
(Anonymous) 2022-01-17 04:12 am (UTC)(link)I forget that people don't know that NFTs and cryptos are two very different things that just share the blockchain. Thanks for pointing it out!
The legit uses of the NFTs are there and as a technology the blockchain is very fastinating and full of promises, but that marked is over saturated with scammers now and I just want it all to collapse as soon as possible.
Re: NFTs
(Anonymous) 2022-01-17 12:09 pm (UTC)(link)