Comment by X6S1x6Okd1st | Hacker News Reader

Comment by X6S1x6Okd1st | Hacker News Reader

I am actually supportive of NFTs although the majority of the traffic (especially now with low cost minting exploding the ETH gas cost on a daily basis) I don't care about.

Sales for NFTs > 100k seem absurd to me & fractionalization really breaks it for me.

I understand why someone would want to buy an NFT to support an artist and I support that behavior.

I understand why someone would want to buy an NFT to sell it for more later and I'm ambivalent about that behavior.

I understand why someone would fractionalize an NFT as a scheme to extract more money from suckers, but I don't get why someone would pay $ for owning a small portion of an NFT.

It seems like selling spoons labeled as small shovels during a gold rush.

> I understand why someone would want to buy an NFT to support an artist and I support that behavior.

If you want to give money to an artist, then... give money to that artist. Cut out the massive extra fees to crypto middlemen and staggering environmental damage, and just send them some money.

I use patreon as well.

Do you regularly just send $ to artists you like?

> Cut out the massive extra fees to crypto middlemen and staggering environmental damage

Neither of these are necessary for NFTs; it's perfectly possible for artists to mint the NFTs themselves (thus cutting out middlemen entirely) using blockchains that don't rely on mining at all (namely, anything built on proof-of-stake).

> I understand why someone would fractionalize an NFT as a scheme to extract more money from suckers, but I don't get why someone would pay $ for owning a small portion of an NFT.

Maybe these "suckers" do not understand what they are doing:

1) they heard that blockchain and NFT is the future,

2) they do not understand why, but they trust these who understand and evangelize,

3) they want to try riding their luck, just in case this miraculously works.

Imagine people purchasing lottery tickets, just in case they miraculously win.

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