The coming NFT crash of 2022

Montoya

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Feel free to tell me where I am wrong in this video. NFT's are hitting fear and greed levels, which puts them near the top of this cycle. The NFT crash may be this year, or next year, I dont have a crystal ball, but there will be a dash for the exits. More in the video:

 

NaffNaffBobFace

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I've got this question in my head but no one has been able to answer it yet:

An NFT is a token with a URL in it to the referent it is supposed to be proof of ownership of unless I misunderstand how that works. Apart from the URL becoming a 404 not found, what happens if the URL gets a 301 permanent redirect through fair means or foul? Of if the asset on the end of that URL is replaced with another one with the same file name which the URL would still point to?

The thought in my head is a 301 to get your $10 catmeme NFT to point to that Tweet which someone paid over $2 million for. If I can get any NFT to point to the asset which should be ownable by one single person, they don't even do what they pretend to be able to do?

Example: lets pretend I'm an NFT Trader. I get my name on an NFT public blockchain when its cheap and then sell it on. I do that a bunch of times, and each time I log the URL in the NFT. Then I just mint some new ones with those URLs and wait for those items to get expensive. It's not the original blockchain but it is the original asset.

Is that a thing?
 

Vavrik

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An NFT is a token with a URL in it to the referent it is supposed to be proof of ownership of unless I misunderstand how that works.
You do misunderstand. You do not own the item, you own ACCESS to the item.

Apart from the URL becoming a 404 not found, what happens if the URL gets a 301 permanent redirect through fair means or foul? Of if the asset on the end of that URL is replaced with another one with the same file name which the URL would still point to?
This is the thing. It's a Non Fungible Token. Non Fungible. More than unique, it is also unchangeable. - forever. That is the ramification of the "non fungible" part.

The thought in my head is a 301 to get your $10 catmeme NFT to point to that Tweet which someone paid over $2 million for. If I can get any NFT to point to the asset which should be ownable by one single person, they don't even do what they pretend to be able to do?
Again, it is not a URL being protected. It is a non-fungible token. A 301 redirect would just update the http service application trying to use the token. Don't authenticate, no access. Don't have even the right URI, no access. Using a VPN? No access. That and more can be enforced, no idea if it all is in every service, but I mean you wouldn't want to use a service that doesn't.

Example: lets pretend I'm an NFT Trader. I get my name on an NFT public blockchain when its cheap and then sell it on. I do that a bunch of times, and each time I log the URL in the NFT. Then I just mint some new ones with those URLs and wait for those items to get expensive. It's not the original blockchain but it is the original asset.

Is that a thing?
Unfortunately, yes it is a thing, but it is almost easy to tell when it happens... If you bother to look. We have AI's and database queries that can detect it but, not everyone is good at writing that kind of stuff.. or writing updates when a new vulnerability is detected.

Also remember my perspective is NFT is interesting, but the use cases of it are so far questionable.
 
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NaffNaffBobFace

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You do misunderstand. You do not own the item, you own ACCESS to the item.


This is the thing. It's a Non Fungible Token. Non Fungible. More than unique, it is also unchangeable. - forever. That is the ramification of the "non fungible" part.


Again, it is not a URL being protected. It is a non-fungible token. A 301 redirect would just update the http service application trying to use the token. Don't authenticate, no access. Don't have even the right URI, no access. Using a VPN? No access. That and more can be enforced, no idea if it all is in every service, but I mean you wouldn't want to use a service that doesn't.


Unfortunately, yes it is a thing, but it is almost easy to tell when it happens... If you bother to look. We have AI's and database queries that can detect it but, not everyone is good at writing that kind of stuff.. or writing updates when a new vulnerability is detected.

Also remember my perspective is NFT is interesting, but the use cases of it are so far questionable.
Many thanks, I've been asking these questions everywhere for about a week now and no one has to this point actually come up with any answers, much appreciated.

That was the thing that was getting me, the token can't be changed but URLs which they need to work can be and that could be very much out of the control of the owner.

I come from a hobby photography background, I fell out of the hobby in 1999 just before the introduction of the wildly successful Nikon D1 for photo journalists, and came back to it in 2007 just after most camera manurefacturers announced they were ending production of chemical film camera bodies. I couldn't even pick up a packet of reversal paper from the high street camera shop!

Beyond the ever running questions of indexicality and relation to the referent an issue for electronic images is their effortless reproducibility with the consensus that of you don't want an image stolen, you keep it offline... Alas NFTs do nothing to control or enable a different approach to or around that and I haven't picked the camera up for... Yes, it must be about 7 years again... Might be time to give it a shot again and see what has changed.
 

Bambooza

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You do misunderstand. You do not own the item, you own ACCESS to the item.
Correct, which is part of the hidden dangers of NFTs in that the host/URL can be lost and thus you lose the NFT. Especially when you don't own or control either the host, the domain name, or the digital/physical item just a link in a blockchain that can be mutable.


Bought an NFT to a monkey and the domain owner failed to upkeep the yearly subscription and now the domain is sold to someone else

This is the thing. It's a Non Fungible Token. Non Fungible. More than unique, it is also unchangeable. - forever. That is the ramification of the "non fungible" part.
There are ways of adding macros to the blockchain to allow for some changes, but i guess in this case its best to just say its unique and unchangeable.


Again, it is not a URL being protected. It is a non-fungible token. A 301 redirect would just update the http service application trying to use the token. Don't authenticate, no access. Don't have even the right URI, no access. Using a VPN? No access. That and more can be enforced, no idea if it all is in every service, but I mean you wouldn't want to use a service that doesn't.


Unfortunately, yes it is a thing, but it is almost easy to tell when it happens... If you bother to look. We have AI's and database queries that can detect it but, not everyone is good at writing that kind of stuff.. or writing updates when a new vulnerability is detected.

Also remember my perspective is NFT is interesting, but the use cases of it are so far questionable.
Ya NFT's are laughable when you look a what you are honestly buying. A URL link nether is permanent because the base they are built upon was made to be mutable (changeable)
 
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LurchLord

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Honestly, I am scared. Not merely a little scared, but full on filled with existential dread.
Since I am a nice guy and in a sharing mood, here, have some of my terror as well. Free of charge.

The average intelligence amongst us underhaired apes has been in sharp decline since 2001. Let that sink in. The average human can now just barely be classified as sentient lifeform.
Half of humanity is below average.

Think that NFT malarkey was rock bottom? Think after that fuckshit is finally dead, there won't be the next "get rich quick with nonsensical technobabble" scheme?

Prepare yourself. Something even more bumfuck retarded is coming. I can smell it in the wind. It smells like brainfart and pain.

Mark my words:
"In the fulness of time, you will remember the days of NFTs and you will weep, for those where the days when things still made sense."
 

NaffNaffBobFace

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Honestly, I am scared. Not merely a little scared, but full on filled with existential dread.
Since I am a nice guy and in a sharing mood, here, have some of my terror as well. Free of charge.

The average intelligence amongst us underhaired apes has been in sharp decline since 2001. Let that sink in. The average human can now just barely be classified as sentient lifeform.
Half of humanity is below average.

Think that NFT malarkey was rock bottom? Think after that fuckshit is finally dead, there won't be the next "get rich quick with nonsensical technobabble" scheme?

Prepare yourself. Something even more bumfuck retarded is coming. I can smell it in the wind. It smells like brainfart and pain.

Mark my words:
"In the fulness of time, you will remember the days of NFTs and you will weep, for those where the days when things still made sense."
A future built in TEST Squardons image? Could be worse, it could be an ADI future where you need a certificate to enjoy your own property...
 

Shadow Reaper

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Think about how morally bankrupt one needs to be, to pay money for something you know is worth nothing, hoping it will one day be worth something more than what you paid.

This is why statistics tell us we have now generations of 13 year-old "investors" instead of paper-boys, and women in their late twenties who have never worked a single day in their lives.

View: https://www.youtube.com/watch?v=lAD6Obi7Cag
 

Dirtbag_Leader

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This is why statistics tell us we have now generations of 13 year-old "investors" instead of paper-boys, and women in their late twenties who have never worked a single day in their lives.
This is similar the concerning viewpoint that I take on things. People are quickly losing sight of the INTRINSIC value of things; both goods and activities that help meet basic needs. Back in the days of playing Oregon Trail, you started with more $ as the non-value-adding banker, but everybody knew you'd get a better score as the carpenter or farmer. But these days so many people manage to make a living just by siphoning off some of the cash flowing all around them, but without ADDING anything to the real net-worth of society. NFTs is just another avenue of this type of behavior, and while the for the life of me I can't seem to figure out who willingly bears the burden of where all that siphoned money is coming FROM, but I clearly see it as unsustainable. . .
 

NaffNaffBobFace

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