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by SpicyLemonZest 1914 days ago
Most NFTs depend on trusted third parties to determine what they even are. Collier’s proposal makes a lot more sense; a promise to grant specific rights to the holder of a specific token really does make the token valuable. But in the typical case, an NFT is really just a dangling pointer to some content (encoded in the Ethereum blockchain to varying degrees of completeness). Nothing stops me from minting copies of any NFT I’d like and selling them as the one true SpicyNFT of the underlying media - and if my platform outcompetes the others, eventually the SpicyNFT will be the only one that matters. (Equivalently, nothing stops me from minting NFTs of art that has nothing to do with me and securing first mover advantage over its actual owners.)
1 comments

You can't mint a copy of Collier's NFT because if you show up at Collier's concert with SpicyNFT they'll turn you away.

The arguments about SpicyNFTs is just kind of a distraction. It would be like if I argued against banks by saying, I could hang a shingle, accept deposits, and then just run with the money.

Do we really need to enumerate all the possible ways that a new, very limited, technology can be misused? We might be here a while, I'm pretty sure there are infinitely many ways that NFTs can be abused.