786
Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.
(markets.businessinsider.com)
this post was submitted on 21 Sep 2023
786 points (96.5% liked)
Technology
59201 readers
3755 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
It always reminds me of those certificates for owning a piece of the moon.
Because it's pretty much the same.
At the very core ownership that isn't recognised by the state is meaningless. So that ape picture? No one really cares about some guy claiming to own it because they have control over the token. As long as it's on the internet everyone can just copy it and there's no authority caring about it one bit since NFT isn't recognised as for example copyright is.
Even when it comes to stuff like items in games, these also are only worth anything as long as the publisher of the game recognises your claim to it! And even if they did recognise it, there's absolutely nothing preventing them from changing their minds later. Simply because they create the game however they like and have 100% control over it's development.
Except it's not ownership, it is digital rights management. Right now DRM is handled by private corporations, not the state, and it generally is anti-consumer. NFTs could be used for DRM in a more pro consumer way.
That all hinges on a pretty big "could".
Absolutely, companies are not going to just decide to implement NFTs in a way that gives more control to users unless it means more money for them. Does change the fact that the technology has that potential, even if it remain unutilized.
Only if the companies in charge would allow that. And they really have zero incentive to do so. The way it currently is, is way more profitable for them.