Have NFTs Peaked?

baselbanana.com

2 points·holdup··5 comments

No. NFTs are provably rare and counterfeit proof, which gives it a leg-up on the physical art world.

This makes it valid as a store of value, as we have already seen.

Yes, there is stupid stuff out there, but there are many legit use cases like sports collections.

Separating the wheat from the chaff....well that is another story.

The NFT itself is counterfeit proof but the art work isn’t right? Anyone can (and has) simply take a piece of someone else’s art and mint an NFT for it then sell it. Hand waving away other concerns (which are real and a problem) uncontrollable fraud is what will render the market valueless.

This is exactly where it gets muddy for me. And even beyond a direct copy of a digital work, who's to stop somebody from minting a digitized version of a physical work, like the duct tape banana. Or would that count as a 'derivative work' and therefore not be seen as infringement?

Agreed, but it seems that some of the marketplaces have things like verified accounts and pay-to-play with significant entry fees.

A reputation system for artists is interesting. One hopes fraud and unoriginal Derivatives/copying are not in the collectors culture

This is a serious question. When things like the Art Basel Duct Tape Banana are being NFT-ified and given standalone websites, it seems like things are going downhill. Has anybody else seen something that made them thing NFTs are on the way out?

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