ctruss53
ctruss53 t1_j19cmld wrote
Reply to comment by ImActuallyGaryBusey in Can NFTs Offer a Fair Living Income to Artists? by [deleted]
Here is the scam.
Lets say an artist puts out a song and sells it to you as an NFT. Yes, that NFT you bought is encoded, you are not supposed to be able to copy it, and share it, so you paid extra for it because of that.
Well, the artist that wrote and performed the song still owns the song, so there is nothing stopping them from performing it again and selling an NFT of the same song to someone else willing to overpay for it.
You just paid extra to own something there is supposed to be 1 or a limited number of, but the artist can create more just like it.
So people claim NFTs are just like cryptocurrency in the fact that the coding limits the number of a given NFT, when there is nothing stopping the artist from creating more, lowering the value of what you just paid for.
Scam
ctruss53 t1_j19908u wrote
NFT's are the 21st century version of snake oil.
ctruss53 t1_iuikvgh wrote
Can you tell your partner you are doing it?
If not, it is cheating.
ctruss53 t1_j19inay wrote
Reply to comment by ImActuallyGaryBusey in Can NFTs Offer a Fair Living Income to Artists? by [deleted]
Because the whole selling point behind an NFT is it is supposed to be unique or limited production. They make 1 or some and that is it. Which makes them more valuable.
But the artist can just release more when they want more money, thus reducing the value of the one you already bought when they claimed that was all they would release.