this post was submitted on 17 Aug 2023
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NFTs were doomed anyway because AI art can do such a better job than artists and completely flooded the market.
NFTs were doomed because of what they are.
Getty, the giant corporate image copywriting company, is essentially selling images with the same intent that NFTs were created for. The only difference is that once the image is sold on Getty, it's actually sold. Finding another copy of the image is nearly impossible. The image then actually has value and most importantly, sole ownership.
I tried to find a photo I saw in a TV show and found they bought it from Getty. That photo is gone from the internet. Aquiring it would mean contacting the TV studio with the cash ready to buy the rights and use of it. They bought it for maybe $30. Buying it from them would be an astronomical price and would take a lot of work. Buying to resell would be a gamble on the shows long-term popularity.
So instead of buying an image outright, owning it forever, and having all control of it's use, you could buy an NFT that anyone can download, claim you own it yet never be able to access the original file, and you don't have any reasonable right to claim copyright. It's just nonsense pump and dump bullshit.
Would I buy a pet rock? No, but that didn't stop people from buying pet rocks.
Buying a pet rock, but the pet rock is somewhere in the ocean.
Like naming a star.