[miracle2k]

> You absolutely cannot have a perfect copy of a Picasso. Sorry, that's a meme that's not real.

Yes, the point I am making though is that if you cannot see the differences with the naked eye, or if in fact you prefer the copy if given a test, then why do you value all that stuff? Enjoy the much cheaper copy.

It is true there are unique properties that a physical original features - it is just that the value assigned to them is arbitrary, and there does not seem to be an obviously good reason to pay a lot of money for it. People do it because of what is essentially a collective hallucination centered around the idea of scarcity.

Now if there were a way to copy a Picasso perfectly, I posit that people would still assign an arbitrarily high value to the original. I mean, you can see that being the case with diamonds.

Obviously, there is something about a physical object that a digital image will never be able to reproduce. That's why people still enjoy real books, right? So I wouldn't be surprised if a real painting would carry a certain premium over an NFT. But the idea that people pay for an NFT, signed by Damien Hirst's own private wallet? I see no fundamental difference between valuing that and valuing the entirely imaginary benefit of Damien Hirst having once stood in the presence of that physical object you bought.

[nwienert]

Because in one case I have an original Picasso, in the other all I have is a hash in a blockchain somewhere. I don't get how people don't see the difference.

An original Picasso... vs a hash number.

Would I rather have the basketball that Lebron dunked in a game or some random basketball that Lebron issued an NFT for? They are for all intents and purposes identical. Why do people care?

It's likely because authenticity matters, hard work begetting achievement matters, real world deeds, real world objects matter. Matter matters. It's just how humans work, maybe because we are matter..

Diamonds are a great example. They are in fact scarce, which drives value, and the reason artificial diamonds don't retain value is because they are less scarce. Now work backwards.

[miracle2k]

> An original Picasso... vs a hash number.

I agreed that physical objects have unique properties that digital objects cannot match. But presumably we can appreciate digital artworks nonetheless?

It is also true that the nature of the digital object means that ownership of the NFT is somewhat disconnected from whether a .jpg is physically in your computers memory at any given time.

But the choice is not between an original Picasso and a random hash number, but rather:

- An original Picasso painting vs an equally enjoyable copy. - An NFT of Picasso's digital illustration vs an equally enjoyable copy.

Are you able to experience that same intangible connection with history by looking at a blockchain entry, as you might be standing in front of an old painting? Maybe not. But you may experience a version of it, in the same as you might by looking at the first websites.

> Would I rather have the basketball that Lebron dunked in a game or some random basketball that Lebron issued an NFT for?

Sure. What about a unique NFT of a sword that was used to win in a watershed eSports event? Note that this would be a digital object that does not merely represent the sword, but it is the sword, i.e. I can now use it in the game. I think people would value that through largely the same mental mechanism as the basketball.

[nwienert]

NFT's that aren't just images could be valuable. I had a friend doing TikTok but with a NFT animated assets store. That makes sense! I could see it become popular some day, and then we'd see if Apple, Disney, Blizzard / everyone decide to jump in.

[mint2]

NFTs are basically immutable certificates for ownership of land on Pluto.

[mrgordon]

> Diamonds are a great example. They are in fact scarce, which drives value, and the reason artificial diamonds don't retain value is because they are less scarce. Now work backwards.

Yep exactly. Quod erat demonstrandum