Sjlver on Warpcast

Content pfp

0 reply

20 recasts

20 reactions

Sjlver pfp

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 🙏🏼

13 replies

5 recasts

61 reactions

Cloudy ↑🎩 pfp

I would draw attention first of all to the fact that this is an object of the digital world. You don't ask yourself what the point of paper is, right? Exactly the same here, it's just not very clear yet. If we talk about options for why exactly NFT, and not JPG, then direct property rights based on the fact of ownership and the impossibility of counterfeiting, the ability to make NFT programmable and much more.

1 reply

0 recast

0 reaction

Sjlver pfp

I'm confused... can you explain more? - property rights: an NFT does not confer these. That's copyright, a different concept. NFTs have little legal significance. - counterfeiting: it's trivial to make identical-looking copies of NFTs. Yes, users can carefully verify provenance in some cases. It's harder for other cases, like when NFTs are used as profile pictures. - programmability: Yes, I see this point. Yet most NFTs (pretty much all the ones minted on Farcaster) have no extra features; they are just glorified links to a piece of content. It's these mints that I don't grok.

1 reply

0 recast

0 reaction

Cloudy ↑🎩 pfp

- I mean actual ownership. For example, if you need to access a chat only for NFT owners. But I also think in the future the regulatory framework will be adapted. - I guess you don't mean NFTs, but their content, right? Because it's impossible to make an identical NFT. As for the content, like everything in this world, it can be copied, but the concept of the original does not disappear from this. There is the original Mona Lisa and there are countless copies. - Here I would say that most NFTs are just digital trash. Like in the real world, countless posters, advertising brochures, pictures of artists, etc. But perhaps you will be pleased to keep some of this as a keepsake or receive it from a loved one.

1 reply

0 recast

1 reaction

Sjlver pfp

I think the topic has moved a little, from minting (in the bookmark/tip/like sense) to NFTs more generally. I can see some uses for the latter. They still feel like the wrong tool. Taking your example: to gate access to a chat you probably want an auth framework with different features, like recovery and revocation.

1 reply

0 recast

0 reaction

Cloudy ↑🎩 pfp

You're right, we've shifted to general topics, though specific ones can be derived from them. Let's clarify: "Bookmarks" These aren't bookmarks. You don't store BTC in bookmarks; it's in a wallet. There's a fundamental difference between bookmarking and storage. "Sending money" This isn't sending money; it's a purchase. "Public like" It's close but secondary to buying. Here, the "like" is about minting to show approval. However, I’m unsure if minting should entirely replace the like; perhaps they should coexist. This needs further discussion and research. Finally, regarding chat access, yes, you need to connect a wallet and make a signature, but what is the best way to grant access based on ownership of the digital asset? In conclusion, I would say that NFTs expand the possibilities.

1 reply

0 recast

0 reaction

Sjlver pfp

Thanks! Bookmarks: Many people seem to use mints as bookmarks. They make a collection that they revisit later. The fact that your bookmarks are stored together with your money seems as much a bug as it is a feature. Chat access: I think in most cases, you don't *want* to tie this to an asset. Look at a typical group chat, eg Signal. They have invite links, admins who can add people or throw them out, instant speed for these admin actions, recovery methods for people who lose their phone, etc. The desired feature set is quite different from what NFTs typically offer. Of course, if you have a hammer, everything looks like a nail. Nothing prevents you from using an NFT hammer for everything -- it's just not the best tool for the job.

1 reply

0 recast

0 reaction

Cloudy ↑🎩 pfp

The question of why people mint is intriguing and worth studying. Bookmarks might be a factor, but since a collection doesn't exist until minted, there's a clear distinction, especially for generative art or PFPs. And this is just one aspect of many. So, I can only partially agree with this analogy in some cases. Overall, the same incentives apply as when buying prints, paintings, or posters in real life, and the non-fungible nature enables this for digital objects. Chat: Yes, there are different cases. For example, I like chats with alpha and shitcoin calls. Buying access via NFTs is convenient - I can sell or rent it anytime without intermediaries or dealing with admins. But the example with the chat was not to demonstrate the usefulness of NFTs, there are areas where they are stronger, for example in games. I wanted to use this example to show what ownership means. This is not a hammer, this is a smartphone, but in the middle of the 90s 😅

0 reply

0 recast

1 reaction