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Sjlver
@sjlver
What is the point of minting someone's work? (honest question) Minting seems to be a mix of bookmarking, sending money, and publicly liking something. Yet it's a strange bundle that does a mediocre job at each of these 🤔 Please help me make sense of web3 🙏🏼
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kaitoren.eth
@kaitoren.eth
I’ve always viewed NFTs as app data. The most common apps we use are wallets, marketplaces, and maybe for some people galleries. Maybe you like seeing your collection in Rainbow, or maybe you like trying to make money on OpenSea. This is not sustainable. Minting someone’s work makes sense if there’s an app you can use it in, and my argument to date has been we’ve been building backwards. Everyone’s creating random data first, collecting money, and then hoping apps just magically appear. That well has run dry. Look how many artists in web3 complain about unsold work. I argue if you build the app first the collecting/minting will come naturally. I am currently building such an app I hope others look to for inspiration. Moshicam has more creators than collectors. TheGrid.eth is a collaborative photo grid that lets people use their collected photos.
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Sjlver
@sjlver
This is one of the best replies, thanks! Isn't a blockchain a slow and unwieldy backend to store your app data? You could use a regular database; add an API to make it interoperable; implement transfers between users (for the few types of app data where that makes sense). You imply that NFTs add something... what?
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kaitoren.eth
@kaitoren.eth
Yeah a few things there: First, you're right if you're comparing databases on old metrics. Blockchains enable brand new metrics which aren't applicable to legacy databases. It's similar to how the original iPhone's camera was way worse in terms of pixel resolution and low-light capabilities when compared to DSLRs, but it was way better in terms of convenience, filters, software, immediate distribution (social media), etc. Blockchains enable every user root read status, something legacy databases don't enable (technically possible but little incentive to actually implement).
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kaitoren.eth
@kaitoren.eth
Second, understanding what makes data valuable is everything here. Data's value is directly tied to how much it changes the user's state. More state change = more value. Not my theory, btw, this comes from Claude Shannon (as in Claude AI) he's a fascinating read: https://www.quantamagazine.org/how-claude-shannons-information-theory-invented-the-future-20201222/ A quick example: I tell you it's raining in Perth, Australia. If you have no connection to this town it offers you no value. If your family lives there it offers slightly more value. If you live there it offers more value. If you're about to step outside when I tell you and it causes you to get an umbrella, it offers much more value. If this information goes out over a broadcast and changes 30,000 people's state it's more valuable.
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