As with all things crypto, the hype around them is completely unwarranted. But, like crypto, they _do_ correspond to something we have done already in the physical world, and to the extent that anyone actually wants to do that digitally, well, here you go.
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Replying to @cmuratori
NFTs are just receipts for things you bought eg game DLC.
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Replying to @grumpygiant @cmuratori
Sort of. Without an authority to honor and enforce those receipts, they are useless. Game DLC is enforced by game clients and servers, which raises the question of what value blockchain adds if that system needs to be replicated anyway.
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Replying to @BartronPolygon @cmuratori
It has value for the consumer, as they can second-hand trade DLC, right? Still trying to figure out if there’s a producer advantage.
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Replying to @grumpygiant @cmuratori
They can trade receipts. The content isn’t encoded on the blockchain. I don’t see how it’s better than trading DLC within a walled garden?
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Replying to @BartronPolygon @cmuratori
Me neither, although one obvious use is it enables DLC to still be traded even if the company went out of business.
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Replying to @grumpygiant @BartronPolygon
This is sort of where I feel like there is a disconnect between me and CryptoPeople(TM). I, like you guys, am thinking about what the technology literally does. They seem to be thinking about all the things that someone could build on top...
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... but the problem is, the "thing you build on top" often did not actually need the crypto part, and the crypto part doesn't actually offer anything! So it's like, yeah, you could build FortNite's DLC on top of NFTs. And it would be... exactly the same as if you just didn't.
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It's sort of like saying, "look, GOLD!" And I'm like "OK, it's a metal." And they're like, "But now we can have capitalism!" And I'm like, "Actually no, if you built capitalism, you can just not bother with the gold - the gold is just an arbitrary thing on the bottom."
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Replying to @cmuratori @BartronPolygon
Why is gold not required for capitalism?
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Well, _why_ it isn't required is a philosophical question I'm not prepared to answer :P _That_ it isn't required is obvious, since capitalism existed prior to the gold standard, and now continues to exist after it, so, it must not have been required!
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Replying to @cmuratori @BartronPolygon
Gold standard isn’t required to back a currency, sure. Neither is bitcoin. But the fixed inflation rate of BTC makes a kinda of digital Magna Carta for commoners to force the king to sign off on for the next few years (see Peasants Revolt 1350)
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