Non-Fungible Tokens, and how they are a non-fungible store of value like land.

James

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I have no idea if you're serious or not. You do understand that sentence explicitly outlines the fact that you cannot copy an NFT?
 

James

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From the EIP about Metadata:

Metadata Choices (metadata extension)

We have required name and symbol functions in the metadata extension. Every token EIP and draft we reviewed (ERC-20, ERC-223, ERC-677, ERC-777, ERC-827) included these functions.

We remind implementation authors that the empty string is a valid response to name and symbol if you protest to the usage of this mechanism. We also remind everyone that any smart contract can use the same name and symbol as your contract. How a client may determine which ERC-721 smart contracts are well-known (canonical) is outside the scope of this standard.

A mechanism is provided to associate NFTs with URIs. We expect that many implementations will take advantage of this to provide metadata for each NFT. The image size recommendation is taken from Instagram, they probably know much about image usability. The URI MAY be mutable (i.e. it changes from time to time). We considered an NFT representing ownership of a house, in this case metadata about the house (image, occupants, etc.) can naturally change.

Metadata is returned as a string value. Currently this is only usable as calling from web3, not from other contracts. This is acceptable because we have not considered a use case where an on-blockchain application would query such information.

What you quoted is saying that even if two separate NFTs return the same exact string of metadata, they are not the same at all. Ownership of the asset is represented by the NFT itself, which cannot be copied.
 

Kharzette

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NFT.png
 

jayrebb

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Anyone care to make a case for me to not move this to the stonkhouse? If you're mostly discussing the money side and not the tech, this belongs there.

id say move it to PC and console games. its a virtual cardgame James is playing with some chongs over in asia
 

Tmac

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I have no idea if you're serious or not. You do understand that sentence explicitly outlines the fact that you cannot copy an NFT?

The underlying asset can be copied.
 

James

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We've clearly established you can save jpegs from the internet, yes. What does that have to do with NFTs?
 

Big Phoenix

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You would have fit right in with the guys slinging dog shit in the 1920s James.
 

James

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Well you clearly don't understand NFTs either, what are you having problems with?
 

James

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That makes no sense, the title is fine for describing the point of the thread: the underlying technical framework that allows NFTs to be a non-fungible store of value like land.
 

James

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Great thread talking about NFT contracts for those still struggling:


EDIT: Specifically, think about the Soft Powers section and how canonical versions of NFT operate between centralized authority and decentralized consensus:

Soft Powers​

These are the perceived powers of the contract owner. For better or for worse, as long as there is a contract owner, the perceived powers of the contract owner likely have some legitimacy. The owner’s primary soft power is the ability to signal what is or isn’t canonical or approved, and to require some degree of psychological buy-in:

  1. By social means (“the DAO has repeatedly voted against integrating these types of projects… it’s not official”)
  2. By financial means (“it’s the preferred way to do it because the DAO funded it”)
 
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LachiusTZ

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I'm still willing to sell you a picture of this non fungible paper clip for 5 ETH
 

James

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That's the thing, I know you created it so it doesn't matter if it's a picture of a paperclip or a complete brick by brick recreation of the Sistine Chapel, it's going to be a worthless pile of shit because you have all of the creative capacity of a retarded slug.
 

James

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I don't want to buy your land. I will never want to buy your land, because you probably shit on it and then rolled around in it because you're a retarded slug.
 
  • 2Seriously?
Reactions: LachiusTZ and Rangoth

James

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Wait, do you think land is inherently valuable or something? Are you that much of an idiot that you don't know you can buy acres for fucking pennies/sqft out in the middle of nowhere?