"Disaster Girl" makes $500K off her meme

[dwarven]

doubt the link will work in about 10 years.

The link? NFTs are stored on the ethereum blockchain, which is a decentralized network. There is no single "server" on which this NFT resides. The entire blockchain would have to dissolve before you lost your file. More accurately, before you lost the ability to verify your file is the real one. This is all just barely getting started. Some people will trade them like stocks, and others just want them for their cultural value.

[jonnysensible]

The link? NFTs are stored on the ethereum blockchain, which is a decentralized network. There is no single "server" on which this NFT resides. The entire blockchain would have to dissolve before you lost your file. More accurately, before you lost the ability to verify your file is the real one. This is all just barely getting started.

'Very little data is stored directly inside an NFT, though. The NFT includes information on where you can find a description of the artist’s name and the title of the work, but that information is not typically on the blockchain itself. NFTs include information on where you can find the artwork they represent, but the actual artwork is still a link away.

Traditional URLs pose real problems for NFTs. The owner of the domain could redirect the URL to point to something else (leaving you with, perhaps, a million-dollar Rickroll), or the owner of the domain could just forget to pay their hosting bill, and the whole thing disappears. The animation that Grimes sold for $389,000 is primarily sourced to a pair of traditional URLs, which could break down if either of the two different companies (Nifty Gateway, the auction site; or Cloudinary, the web host) went under. As the buyer, this is something you’d have no control over, unless you’re wealthy enough to buy out the entire domain and pay to keep it online.

To solve that problem, many NFTs turn to a system called IPFS, or InterPlanetary File System. Rather than identifying a specific file at a specific domain, IPFS addresses let you find a piece of content so long as someone somewhere on the IPFS network is hosting it. Grimes’ NFT uses this as a backup, and Beeple’s NFT uses this primarily. That means a multitude of hosts, rather than a single domain owner, could be ensuring these files remain online. This system also gives buyers control. They can pay to keep their NFT’s files online. They still have to remember to pay the hosting bill, but they can host it anywhere in the IPFS network.
"“One hard drive crashing could lead to permanent loss of the assets.”"

Still, the system has flaws. The team behind Check My NFT has been looking inside of NFTs to see if their IPFS addresses actually work, and in several cases, they’ve found files that just won’t load. The team found artworks that were temporarily missing from major artists, including Grimes, deadmau5, and Steve Aoki. The files came back online eventually, but only after the team called attention to their absence. The files have to be actively available on the network for the system to work, and unlike with a domain owner, no host has a singular responsibility to do that for files on IPFS.

“One hard drive crashing could lead to permanent loss of the assets,” '

seems mad to me

[Felya]

You aren't owed any explanation just because you didn't understand a post.

Uhm... you have a keen grasp of the obvious... lol

[dwarven]

'Very little data is stored directly inside an NFT, though. The NFT includes information on where you can find a description of the artist’s name and the title of the work, but that information is not typically on the blockchain itself. NFTs include information on where you can find the artwork they represent, but the actual artwork is still a link away.

Traditional URLs pose real problems for NFTs. The owner of the domain could redirect the URL to point to something else (leaving you with, perhaps, a million-dollar Rickroll), or the owner of the domain could just forget to pay their hosting bill, and the whole thing disappears. The animation that Grimes sold for $389,000 is primarily sourced to a pair of traditional URLs, which could break down if either of the two different companies (Nifty Gateway, the auction site; or Cloudinary, the web host) went under. As the buyer, this is something you’d have no control over, unless you’re wealthy enough to buy out the entire domain and pay to keep it online.

To solve that problem, many NFTs turn to a system called IPFS, or InterPlanetary File System. Rather than identifying a specific file at a specific domain, IPFS addresses let you find a piece of content so long as someone somewhere on the IPFS network is hosting it. Grimes’ NFT uses this as a backup, and Beeple’s NFT uses this primarily. That means a multitude of hosts, rather than a single domain owner, could be ensuring these files remain online. This system also gives buyers control. They can pay to keep their NFT’s files online. They still have to remember to pay the hosting bill, but they can host it anywhere in the IPFS network.
"“One hard drive crashing could lead to permanent loss of the assets.”"

Still, the system has flaws. The team behind Check My NFT has been looking inside of NFTs to see if their IPFS addresses actually work, and in several cases, they’ve found files that just won’t load. The team found artworks that were temporarily missing from major artists, including Grimes, deadmau5, and Steve Aoki. The files came back online eventually, but only after the team called attention to their absence. The files have to be actively available on the network for the system to work, and unlike with a domain owner, no host has a singular responsibility to do that for files on IPFS.

“One hard drive crashing could lead to permanent loss of the assets,” '

seems mad to me

The NFT is just a token which verifies the authenticity of your item. It's not the actual file. You can store that wherever you think it is most secure. This article seems to be using NFT to mean both the token and the file as interchangeable things, which they are not.

[Azadina]

People once said bitcoin was a scam. Other people took it seriously and have made good money.

Are you perhaps saying that scams don't pay off for anyone involved?

[Gaidax]

I think all this bitching about NFT is unwarranted. Hate NFT? About as rational as would be hating those pretty colored/colorless stones we arbitrarily decided over the course of civilization bein worth a lot of $$.

Worth is really down to consensus and if people are ready to pay for it, then it's worth something.

[dwarven]

Are you perhaps saying that scams don't pay off for anyone involved?

No, that's a pretty wild strawman.

[Daedius]

Buying a meme, what? How does one even claim ownership when anyone can use it without paying royalties...? o.O

[Temp name]

Buying a meme, what? How does one even claim ownership when anyone can use it without paying royalties...? o.O

Same reason how you can claim ownership over the Mona Lisa when you can see it online for free

[Azadina]

No, that's a pretty wild strawman.

Then please do explain. Your post heavily implies that bitcoin is not a scam, merely because some people made good money with it.

[ParanoiD84]

Love all those memes from this pic.

[Shadowferal]

Hmm

[Fencers]

Did he need some play money for his weekend with mountains of cocaine and dungeons of hookers?

You don't?

[Edge-]

You don't?

Fair point.

[Easo]

I have no issue with her getting half a mil for that. It is a lot, but not THAT much. Indeed, enough for student loans, some charity work and a bit is left over.

[Milchshake]

NFTs feel like Investment Bros simply rebranding their latest diamond hands scam. They really understand how to play Vey Online People.

Dan from Foldable le Ideas takes us through NFTs.

I have spent days trying to give the NFT artist community the benefit of the doubt, reading their twitter feeds and blogs and the way they speak to one another and come to the simple conclusion that they absolutely have no idea what an NFT is beyond "magic pay-me box"

1. There's an incentive structure in place to make it really easy to focus on the pitch: this is a channel to sell your otherwise intangible art. There is an incentive to ignore that you are surrounded by scammers and your buyers are all talking about your art as an "asset class."
2. And, of course, once you've bought in, since you need to buy crypto to mint your pieces in the first place, there's a HUGE incentive to overlook the flaws, to ignore the possibility that this is all just a scheme to pump the value of crypto by making it spendable on something.
3. Where it starts to get *really* funky is when you realize that a bunch of the high profile "capitalize on your meme status" stories from recent days are all the doing of one guy, Farzin Fardin Fard, who has spent tens of thousands of Eth on hundreds of NFTs.
4. So, like, I don't want to say definitively there's a bubble being pumped entirely by a few stakeholders who stand to make more by cashing out their holdings in a gold rush, but, you know, it deffo looks that way.

Most artists work is valued at $100 or less.
Transaction fees eat up most of the value.
"Great for Artists!" Ya know, Napster, Spotify, etc all said that back in the day.



I’m just operating under the assumption that all of this nonsense is money laundering and we’ll find out how extensive it is in some serious documentary on HBO in a couple years.
Plot twists will probably incluse stories about cocaine and cannibalism.

[Shadowferal]

I'm reminded of an acquaintance of mine asking me about how to price his old comic books. I told him that there are several factors (how old; how rare; popularity, the condition of the comic book, etc). But the primary consideration is how much someone is willing to pay for it.

[Verdugo]

Great for artists (of all varieties) in the internet age where original ownership of digital work can be difficult to prove.

Oh no, its dumber than that. WAY dumber.



EDIT: Goddamnit Jonny, you beat me to it.

[dwarven]

Then please do explain. Your post heavily implies that bitcoin is not a scam, merely because some people made good money with it.

And you're implying it is a scam because people lost money on it. It's just a highly volatile stock. That's all it is. Would you call a casino a scam because someone lost their life savings on the slots? No, that person is just stupid. Some currencies are scams, but that usually only happens when the tokens are minted and distributed, like what happened with Bitconnect.

[uuuhname]

they cannot ban crypto currencies quick enough. what a bane on the planet.

- - - Updated - - -

Oh no, its dumber than that. WAY dumber.

[IMhttps://i.redd.it/dv7syuwl00w61.png[/IMG]

EDIT: Goddamnit Jonny, you beat me to it.

one thing that post doesn't really mention is you're basically STEALING from the artist on top of everything else.