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Comment by obiefernandez | Hacker News Reader

Open NFT marketplaces and free minting are a recipe for this kind of mass stupidity.

I run a major music NFT marketplace and we don’t have this problem because to create content on my platform you have to be invited and go through a contract process that includes legal assurances related to rights and clearances of anything you plan to mint. Most of that content ends up being exclusive and fans love it.

That people write off the entire NFT space based on the “fakes” issue are missing the point that there are people like me who believe the technology serves the people rather than vice versa.

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Little point in an NFT if it's the legal system protecting you, the downfall of NFT's, it serves little purpose. I mean Shutterstock has been around for ages.

Yeah, really no more valuable than a dead tree format certificate with an artists' signature of authenticity on it. Much like that not worth the paper it's printed on if so one isn't enforcing it or a very large body of people agree "that's the one"

Yes, its exactly like that - and that's fine. That is how they are designed and intended.

NFT provides publicly verifiable record of ownership and limited edition-ness (aka scarcity), which has the side effect of making buyers treat digital files like tangible items.

All the decentralized posturing and politics is a distraction from actual entrepreneurs building actual real-world applications, using NFT in the same way you use SQL or HTTP

>NFT provides publicly verifiable record of ownership and limited edition-ness (aka scarcity)

Could you explain how the NFT provides the latter? Because it sounds like that's what your contract process and legal assurances ensure - those aren't happening on the blockchain, are they?

I’m not referring to ownership of the underlying copyright. I’m referring to ownership of the limited edition good! Works really well for that.

Right, I was asking about the other half of your claim: How does the NFT provide proof of the "limited edition-ness (aka scarcity)" of the good that it provides proof of ownership for? I don't see how the NFT or blockchain allows you to verify that - as far as I can tell, that must always be a matter of trusting your company, and the process it has in place before minting things, to ensure no duplicates are ever made.

A digital file isn't scarce. I can make as many copies as I want.

> NFT marketplaces and minting are mass stupidity.

There, I fixed that opening sentence for you.

Lol, the solution is a centralized governance body?

Can you share the name of your marketplace?

RCRDSHP

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