Was just thinking about this deeply, so I’m glad I ran into this!
On that note, any particular ideas on note taking as part of this learning process? Is it even necessary or is it suboptimal? Is there really something as effective note taking? Is it highly specific to an individual?
Twitter, if they build their verification correctly, should determine NFT's sovereignty via the smart contracts, not the chains. Thus, CryptoPunks will only exist on one chain & one smart contract.
Author here; I agree, and this is something I've been wrestling for years. The lack of centralization means it's impossible to reverse hacks or scenarios you mentioned--I personally think _some_ centralization is crucial, but not sure to what extend (and if that basically just means we should just have private companies like we do today).
I think "baseball cards" is a limited view of the NFT model, which is what's being argued in this article; it's essentially a programmable, global database.
Just like how we trust certain government records to be accurate & representative of ownership, each chain, if secure, can achieve the same functionality in a more open and decentralized way (also its inherently global, which can have huge implications wrt globalization)
> I think "baseball cards" is a limited view of the NFT model, which is what's being argued in this article; it's essentially a programmable, global database.
NFTs are built on a preexisting global programmable database, but are specifically a use of that database to create digital baseball cards.
Author here. Again, this is where "branding" comes in. Once people know which smart-contract is the real one, putting another transaction won't work.
Sure, some people may fall for fakes and buy an NFT from a duplicate smart-contract, but this only happens due to the current lack of infrastructure in the ecosystem.
> Again, this is where "branding" comes in. Once people know which smart-contract is the real one, putting another transaction won't work.
I'm sorry, but isn't this exactly the problem you pointed out with luxury goods in your own article? It's all about authenticity and provenance ("the real one"); you've just offloaded the proof from physical quality (which I or anybody else who's sufficiently informed can assess) to a proof of work or some other scheme without solving the actual problem (the bootstrapping of trust).
Obviously what we need is another blockchain of NFTs that tell you which NFT is the real one. We'd probably also need a blockchain to keep track of which blockchains have the real NFTs for the real NFTs.
> (which I or anybody else who's sufficiently informed can assess)
But you can’t—that’s why the fake industry is a multi-trillion dollar industry and why StockX, a 4 billion dollar company, still end up selling fakes to consumers
> But you can’t—that’s why the fake industry is a multi-trillion dollar industry and why StockX, a 4 billion dollar company, still end up selling fakes to consumers
Two things:
First, let's say I bite the bullet and accept the claim that a human with sufficient information is no better at verifying the authenticity of an item than an NFT would be. Where does that leave me? Now my Burberry jacket and my monkey JPEG are fakes. How has the state of affairs improved for me?
Second: I think the way you're approaching this belies a misapprehension of the counterfeit market. Duplicitous counterfeiting (where the seller deceives an unwitting buyer) is just a fraction of that "multi-trillion dollar industry" -- a very large chunk of it is made of the fake Scott toilet paper and fake Duracell batteries that people knowingly buy at their local dollar store, to say nothing of fake luxuries. There are more harmful examples (adulterated honey and olive oil), but the underlying point is the same: NFTs either (1) don't solve the problem (I eagerly await cryptographic proof that my olive oil is authentic), or (2) are irrelevant because people don't want the problem solved ("I know damn well that my batteries are fake, and I don't care").
I agree with you on the physical components but you’re missing the point. If you’ve read the article you’d understand physical goods are different than digital ones. Look at the footnotes, I even point out that NFTs for physical items is not solved.
With digital goods, it is solved. If you have a brand (like cryptopunks or say, the US gov) and you produce some NFT—people can see and verify that the NFT is produced from those parties.
Again, I’m reiterating the same points in the article— it’s the same idea with open-sourced software. You can fork some code and “attempt to sell it” but you won’t go far because it lacks branding and trust.
I worked on this feature when I was at Amazon—and the demographic we were after were mostly government & some non-profit organizations. The biggest thing with these orgs were that they _needed_ to have a clear and structured per-month budget over a long period (~year) OR they had to use up their funds before their grants “expired”
Also on a technical note, this allowed for some nice internal data models/patterns that could be utilized in further use-cases