Hell yeah, it was a good run for the blogosphere
“The poetry of a dying civilization”. Fuckin’ hell, that just nails modern art right to the bloody wall. That’s a really good write up hey, thanks for putting that up
Yeah I do my best not to be a theory wonk on here but sometimes it is what it fucking is. The simulacra of the art, not the art itself, posing as money.
That being said, I think it’s important not to simply dismiss this as a trend. It is disruptive, somewhat populist, and also seems to be being talked about in trickle-down terms regarding how it will help the average starving artist. I smell bullshit.
Anyone minted their own yet? Experiences?
Our boy Richard raised $128,392.56 for permaculture today tho…
Good write up over at Hyperallergic about the environmental impact of all this. Pretty mind boggling power usage
Nfts on ETH are too expensive for the poor producers budget. I recommend third generation defi that can print nfts for no cost
You’re crypto rich and you want to flex by proving you actually paid 100 ETH for the CryptoPunk GIF you use as your twitter profile?
OK. You own real estate in a spreadsheet cell everybody else has a copy of.
A lot of the blockchain people i’ve talked to feel the same way.
The current NFT bubble is a a lot of annoying hype and it will pop. Lots of people’s NFT purchases will end in tears. a few will be worth a lot of money. like baseball cards. I have no interest or expertise in any of that.
That said, i think the underlying technology is really powerful. Both with NFTs and DeFI we’re still very much in the phase where people are just proving that this stuff can be done. Most of it isn’t ready for primetime and widespread adoption due to the energy use, fees, and overall clunkiness. All of those things are in the process of being improved.
Compound is a great example in the DeFi world. Instead of putting dollars in the bank and earning 0.02% interest for the privilege of letting them gamble with your money, you can deposit tokens worth $1 into a smart contract that earns 5-10% interest. cool technology, but the fees are still too high unless you’re putting in a lot of money.
The possibilities that are more exciting for us but not ready yet:
-DAOs and governance tokens that allow you to vote on changes to the platform you use to sell or stream your music. starting to see some of this in music, but it seems only very technical people are able to create DAOs.
-being able to use an NFT to prove that I contributed to a piece of music and collect my royalties as they happen. (I don’t use this service and can’t vouch for it, but I was told today that you can kind of do it already with a service called Paperchain)
-being able to buy and transfer ownership of a thing that’s actually scarce and generate a royalty for the original creator when its sold. something like a test pressing, piece of hardware, signed merch, the project file for a track
-being able to mint event tickets that are resistant to being scalped on the secondary market.
I’m not participating in the NFT world for now. Maybe once some of the energy and scaling issues are improved. in the meantime, i think it’s wise to start learning about how the underlying technology works and start accepting some of the bigger cryptocurrencies as payment if it applies to you, especially if you’re a freelancer.
Like it or not, it appears this stuff is here to stay.
Here’s a good breakdown of Beeple’s NFT sale. Goes pretty in depth explaining how it works:
If anyone wants to fool around with NFTs without destroying the environment and their wallets there’s this site https://www.hicetnunc.xyz/ which runs on tezos, a proof of stake currency that uses a fraction of the power of proof of work.
how much is minting and gas fees there? that’s also a big barrer to NFTs for a lot of people on an economic level