#nfts
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Bill Gates: NFTs "100% based on greater fool theory" • The Register
Non-fungible tokens for dummies
Want to buy nothing? You'd probably say no. That's because people don't like nothing, they like scarcity and status. In the digital world, scarcity doesn't work because data can be infinitely replicated.
But what if I faked digital scarcity? A database with limited spaces, each identified by a unique number. Think a line of people queuing for nothing. There's no value inherent in one spot over another, but I sell you a position in the queue. I'm not selling you the queue, or its destination (there isn't one), just the right to stand in this particular position.
You give me a dollar, and I give you some paper work, signed by yours truly, that says you have the right to stand there. Your position in the queue combined with my paper is a token that can't be recreated. There is only one of each position. It is, therefore, "non-fungible." The blockchain checks every single sale of a queue position and once you've bought your spot, it's listed on the blockchain. Want to sell your position to someone else? You can, and that transaction will be listed on the blockchain too.
Why would anyone want a spot in my queue? Well, what if I put up a poster next to your position? Every spot now has a unique poster, and buying a place in the queue means you can now stand next to that poster. You don't own the poster, you don't own the image on the poster, you can't reproduce the image, or sell copies, or claim any other type of ownership. What you've bought is the right to stand next to that poster – that's it. You can show your friends the receipt that says you can stand there. They might even think it's cool.
Congratulations, you now understand NFTs. Yes, it really is that stupid.
BAMF Podcast auf Twitter: „Someone has finally combined two of my great pleasures: #dungeonsanddragons and making fun of #NFTs https://t.co/UUfPgCVByA“ / Twitter
One for @That Harp Guy
Video: NFTs Are Legally Problematic
by LegalEagle ft. S. Mould & Coffeezilla
This video is very easy to understand.
Key points:
- NBA Top Shots - this great NFT scam proves who promises NFTs might just take the money and run away with no responsibility
- Bored Apes and the like - in reality are just links to public hosted images the buyer does not own
- Click-Wrap Agreements - an NFT is equivalent to an hyperlink and you can't own an hyperlink
- Smart Contracts - are programs and not necessarily real, valid contracts. They cannot be enforced
- Copyrights - NTFs do not replace the copyright law and do not give the buyer copyright right, just a license to use something which might change at any time!
- Art created by artificial intelligence - cannot be copyrighted as law says only humans can create "art", another extra reason Bored Apes and the like are not art and cannot be protected by law
- NFTs - are a market manipulation to sell fake art by creating artificial scarcity in the market and people who buy them are getting nothing but a limited license, there is absolutely no consumer protection
- IPFS - makes the scam worse as the destination resource of those ipfs links embedded in NFTs smart contracts can change at any time
Conclusion: a wise buyer should not invest in non-fungible tokens.
Tags: #nft #nfts #crypto #market #boredapes #legal #video #ipfs #bitcoin #btc #ethereum #smart-contract #scam #fraud #tutorial #nonfungibletokens
State securities regulators order virtual casino firm to stop selling NFTs
Cyprus-based Sand Vegas Casino Club and co-founders Martin Schwarzberger and Finn Ruben Warnke allegedly offered 11,111 NFTs in a "high-tech fraudulent securities offering" to fundraise to build virtual casinos in the metaverse. They also erroneously told potential buyers the tokens were not securities, the Texas State Securities Board said in a statement.
Another Day Another NFT Scandal Scheme Exposed
#NFTs #NFT #Reuters #SecurityRegulators #VirtualCasinoScammers #CryptoTheft #Texas #Alabama #SandVegasCasinoClub
#NFTCriminals #Scammers #OffshoreScammers
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"When a company like Nike finds someone using its brand without permission, it can ask the courts to order the unauthorized goods to be destroyed. Nike has done this in the past, but its latest trademark lawsuit comes with a twist -- the products it wants to 'destroy' are NFTs, which are inscribed permanently on the Ethereum blockchain."
"The best outcome for a brand that is seeking to have NFTs destroyed may be to have them sent to a burn address, which still does not actually destroy them but renders them incapable of being transferred anymore."
Nike wants to 'destroy' unauthorized NFTs -- how will that work?
The problem with stolen NFTs
From The Comments On This Video: "...without connection to the real world or a law. Who do you run too?
It is a free place where you can do what you want, oooh no my crypto coins were stolen and now my monkeys are gone too! To what police should this go?
It is like trading on a market full of Pirates and Thieves. Beyond "pirate honor" there are no real rules.
While in the real market yes you got taxation and there are rules regarding prices and systems. But at least if anything happens you can go to the police/judge/go through contracts and try to fix it."
NFTs are A SCAM.... As I Have Said Before... You Own NOTHING When You Buy One
#NFTs really bring out the best in people, don't they...? https://mastodon.social/@glynmoody/107676984520751546
What the hell are NFT's?
In Layman's Terms What they are, how they work, and what a Horrible Scam They Are.
Don't Buy The Monkey, The Monkey Is A Lie and Launders Money
#NFTs #NFT #MoneyLaundering #SCAM #Technology #YouOwnNothing
Why the climate-wrecking craze for crypto art really is beyond satire - https://www.theguardian.com/commentisfree/2022/jan/08/why-the-climate-wrecking-craze-for-crypto-art-really-is-beyond-satire "A Modest Proposal for Preventing the Children of Poor People from Being a Burthen to Their Parents or Country and for Making Them Beneficial to the Publick" #NFTs
web0 manifesto
web0 is the decentralised web. In other words, web0 is web3 without all the corporate right-libertarian Silicon Valley bullshit.
Sign here → https://web0.small-web.org/
#web #internet #decentralisation #decentralization #web0 #web3 #NFT #NFTs #blockchain #metaverse
#NFTs not annoying enough? Now they come with wallet-emptying malware - https://www.theregister.com/2021/10/17/in_brief_security/ another reason to avoid this utterly daft idea...