After watching this video im fully convinced that NFTs are a SCAM

[Kuwka_Atcha_Ratcha]

But this ability/technology has almost nothing to do with NFT's/blockchain

Thats why people call it crypto/NFTs a scam. Cuz they're selling you stuff today and claiming it will be very important in the future. But that future will probably never exist.

Why are NFT's useful?
Cuz one day if video game companies work together you can own digital property and move your stuff from one game to a different game.

Why would video game companies ever want to work together like that?
So they can sell NFT's.

Thats called circular logic

They're stupid for games I agree, but how are they stupid for art?

 

[boskey]

They're stupid for games I agree, but how are they stupid for art?

Cuz it's also circular. NFT adds no value to art. The art is used to give value to the NFT.

They added a digital receipt to jpeg and then used a bunch of tricks to drive the price up that might get you arrested for fraud in the traditional art world....

 

[Kuwka_Atcha_Ratcha]

Cuz it's also circular. NFT adds no value to art. The art is used to give value to the NFT.

They added a digital receipt to jpeg and then used a bunch of tricks to drive the price up that might get you arrested for fraud in the traditional art world....

It's not suppose to add value to the art. It supposed to be a form of distributing your art.

 

[boskey]

It's not suppose to add value to the art. It supposed to be a form of distributing your art.

People have been distributing art online for a long time already. The NFT is supposed to add value with "artificial digital scarcity"

 

[Kuwka_Atcha_Ratcha]

People have been distributing art online for a long time already. The NFT is supposed to add value with "artificial digital scarcity"

No it's not, and photographers and digital artists didn't have the avenue thru have via NFTs. So now they have a new avenue to sell via NFTs which also allow them to have royalties which wasn't a thing in digital art before.

 

[boskey]

People have been distributing art online for a long time already. The NFT is supposed to add value with "artificial digital scarcity"

This sums it up better than I could

 

[boskey]

No it's not, and photographers and digital artists didn't have the avenue thru have via NFTs. So now they have a new avenue to sell via NFTs which also allow them to have royalties which wasn't a thing in digital art before.

Is art royalties something that exists now or another thing ya'll hope someone will invent in the future?

How does it work? How are royalties collected and paid out? And how is ownership enforced without legal IP protection?

 

[Kuwka_Atcha_Ratcha]

This sums it up better than I could

Big difference is..

Alot of nfts come with physicals.

Alot of nfts also come with airdrops.

Alot of nftsngo up in value, good luck trying to sell a jpeg.

 

[Kuwka_Atcha_Ratcha]

Is art royalties something that exists now or another thing ya'll hope someone will invent in the future?

How does it work? How are royalties collected and paid out? And how is ownership enforced without legal IP protection?

They don't really exist outside NFTs l. If you bought a painting and it was resold 10 times the painter gets 0%. In NFTs the painters photographer, illustrator, musician would be paid royalties on every resale

 

[Prodyson]

It's not suppose to add value to the art. It supposed to be a form of distributing your art.

I can see that in the short term while the hype is up, but once NFTs become mainstream and everyone has awareness of it, how do NFTs help distribute art? Won’t it just end up being the like a “new age” Amazon marketplace where the cream rises to the top and the general public’s items are rarely purchased (outside of niche products)? Right now people are running to these NFTs looking for a quick way to get rich, which increases visibility for people’s art that’s hosted on these sites. But when people realize it’s unlikely that they’ll get rich and the traffic normalizes, what makes the use of NFTs for art any better than a regular website that allows people to sell their art? I guess a more concrete proof of ownership? But the only real value there, is for digital art, unless somebody steals it and you can prove ownership via your NFT.

I don’t know man. I can see how people see the potential, but I just don’t feel confident on how likely these best case scenarios will play out. Even if you have an NFT for a digital product, there is still the potential that others could easily experience that art and you have no exclusivity. And to me, that’s the whole purpose behind PAYING for the art. For the exclusivity of experience. Then you have to pay royalties on it too (is it only if you sell it or even if you make any profit from it, like selling merchandise?).

Seems like clarification on the use case is needed before it becomes more widely accepted. I wouldn’t call it a scam, but it has the potential to end being a fringe technology that people don’t adopt at a large scale because they don’t see the value in leaving their current tendencies to use NFTs. However, it does have the benefit of social media, and people love to do what they see other people doing, even if they don’t understand why.

 

[SleezyBigSlim]

I hate NFT's and the sad thing is that's what investors are using as a hedge against inflation in 2022. The good NFT's that are not scams are tens of thousands of dollars

 

[Kuwka_Atcha_Ratcha]

I can see that in the short term while the hype is up, but once NFTs become mainstream and everyone has awareness of it, how do NFTs help distribute art? Won’t it just end up being the like a “new age” Amazon marketplace where the cream rises to the top and the general public’s items are rarely purchased (outside of niche products)? Right now people are running to these NFTs looking for a quick way to get rich, which increases visibility for people’s art that’s hosted on these sites. But when people realize it’s unlikely that they’ll get rich and the traffic normalizes, what makes the use of NFTs for art any better than a regular website that allows people to sell their art? I guess a more concrete proof of ownership? But the only real value there, is for digital art, unless somebody steals it and you can prove ownership via your NFT.

I don’t know man. I can see how people see the potential, but I just don’t feel confident on how likely these best case scenarios will play out. Even if you have an NFT for a digital product, there is still the potential that others could easily experience that art and you have no exclusivity. And to me, that’s the whole purpose behind PAYING for the art. For the exclusivity of experience. Then you have to pay royalties on it too (is it only if you sell it or even if you make any profit from it, like selling merchandise?).

Seems like clarification on the use case is needed before it becomes more widely accepted. I wouldn’t call it a scam, but it has the potential to end being a fringe technology that people don’t adopt at a large scale because they don’t see the value in leaving their current tendencies to use NFTs. However, it does have the benefit of social media, and people love to do what they see other people doing, even if they don’t understand why.

Your question = how do NFTs help distribute art.

Simple answer = transparency of sales, and allows artists to have royalties.


I agree with you I don't think it will be widespread used

 

[Kuwka_Atcha_Ratcha]

I hate NFT's and the sad thing is that's what investors are using as a hedge against inflation in 2022. The good NFT's that are not scams are tens of thousands of dollars

What do you hate about NFTs? And there thousands of good infact great NFTs that are not expensive

 

[Prodyson]

Your question = how do NFTs help distribute art.

Simple answer = transparency of sales, and allows artists to have royalties.


I agree with you I don't think it will be widespread used

Fair…

1. Why do you need transparency of sales for art? I didn’t realize this was something that was needed, but I’m also not in the art world like that.

Also, how do you think buyers will feel about royalties being paid for future sales? From a few of the videos I’ve watched and articles I’ve read, it seems a lot of people don’t even realize there are royalties to be paid. I’m not sure if it’s royalties on your profit or on the total sale, but it could seriously hinder your ability to resell, which would be an issue if NFTs are an investment. Then you have people like Melania Trump tacking on 100% royalties, probably to get over on people ignorant to the whole process.

 

[Kuwka_Atcha_Ratcha]

Fair…

1. Why do you need transparency of sales for art? I didn’t realize this was something that was needed, but I’m also not in the art world like that.

Also, how do you think buyers will feel about royalties being paid for future sales? From a few of the videos I’ve watched and articles I’ve read, it seems a lot of people don’t even realize there are royalties to be paid. I’m not sure if it’s royalties on your profit or on the total sale, but it could seriously hinder your ability to resell, which would be an issue if NFTs are an investment. Then you have people like Melania Trump tacking on 100% royalties, probably to get over on people ignorant to the whole process.

I've never come across a website that allows 100% royalties. Transparency is good for the artists just on an analytics standpoint... To know how many hands your art has passed thru and the increase in price