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Here is an interesting article about "Sleepminting", a method of NFT duplication that essentially makes a copy of an NFT that looks like it is coming from the wallet of the original artist.
https://news.artnet.com/opinion/sleepminting-nftheft-monsieur-personne-1960744
So not only do you have people outright stealing people's art and minting NFTs of it without the artist's knowledge or permission, you have individuals who can make it look like a copy is coming directly from the artist themselves...
Technically it's more complicated, but not that hard if you know what you are doing...Sleepminting enables someone to mint NFTs for, and to, the crypto wallets of other artists, then transfer ownership back to themselves without the original artist's consent or knowing participation.
This basically blows the whole premise out of the water about "the unbreakable chain of security" that is fundamental to the crypto world's claims about what is so magical about NFTs.
Mostly this would only be an issue for a well known artist, popular artist or someone with a following, because it would make no sense to bother to do that with a nobody (hey, everybody is somebody to someone, so no one is actually nobody), who you'd just ripoff outright, but this gives everyone into NFTs something to aspire to...
Being sleepminted... then you know you are worth the effort... unless sleepminting becomes super popular, in which case you'll need other markers of success... maybe "tons of greenhouse gases generated" or "square feet of icecap melted"?
I'm sure someone will figure that out.
I don't recall if I read it in the above article or elsewhere, but apparently it's not that hard to find out if the sleepminted NFT is genuine or not, but it requires that the blockchain be examined and the person examining it to understand what they are looking at/for... so that's really only going to be for high end sales, not ones that are a couple of hundred bucks.
It's also interesting to note that this is a legal grey area, and it's still unclear whether this is considered a crime at all... I guess that will instantly be made clear once someone tries that with a multimillion dollar NFT, but until then, don't count on it being enforceable, not just because of the ambiguity of the laws, but it would likely occur outside the jurisdiction of enforcement.
Furthermore since Pandora's box is now open, the initial concept will likely grow more sophisticated and show up more frequently.
But then again what do I know... For years I've said Facebook would turn into a train wreck of hateful shenanigans and propaganda peddling and so far that hasn't happened.
@McGyver just like me, you are just too old to understand the concepts of the modern world like, money and electricity comes out of the wall and milk from the store...
Wait... I don't know about that money stuff, but if there is electricity in the walls... why don't the mice catch on fire?...
Also they have cows at the store now?...
Do I have to milk them there or does the store they loan me a bucket to take it home?... I found out the hard way that carrying milk home in your pockets is not a good idea.
This modern world is confusing... it was so much easier when all I had to worry about was hungry dinosaurs.
@McGyver I read sleepminting as sleepmining and thought that finally there was a cryptocurrency for me! If I can mine zzz cxoins just by sleeping, I am set for life, lol.
Also, I still worry about hungry dinosaurs. That's why I volunteer at dinosaur food banks, so that no dinnosaur has to go hungry.
as they say a fool and their money are soon parted :P
They're not a fad, they're a bubble.
It's going to be hilarious when they crash.
It is possible to NFTs to be attached to something useful and or valuable. Art sometimes sells without copyright, and the copyrights can be sold separately. So... you could attach the copyrights to an NFT.
However, strictly speaking you don't need NFTs to do that, so meh...
I do find it funny that folks don't consider digital theft an ongoing concern in this day and age. In the video game community this is a serious scourge. Nonstop harrasment from people who want to trade (ie low ball you and get mad if you say no) for what you have, and not to mention digital scams\theft is not pleasant to deal with at all. This is the reason 2 factor authentication is required for most games dabbling in anything over $20. Criminals get pretty agressive when items are worth more than $5000.
I also find it funny that people think digital is forever. It really really isn't. Victims (me) of early copy protection will attest to this. Digital media is only as good as its backup systems. (I have 2 backups of my daz database, +1 off site.)
It is not a concern. It is not a scourge. It is a fact of reality.
People will copy that floppy and these days, thanks to the wonders of 3d printing, CNC machines, and computer aided milling, yes, someone sooner than later will download a car.
You don't fight it, you don't work around it. You're only delanying the inevitable. You learn to deal with it.
Here's the problem with NFTs. You don't own the NFT, you own a link that says you own an instance of the file on the other side because ultimately thats ALL nfts are are cryptocoded hyperlinks with a carbon footprint worse than a 1960s musclecar.
Speaking of Opensea, my favourite band are going to be selling NFTs on there... I'm not sure what to think about them anymore. Everything seems to be about money with them now :(
That's pretty funny... I actually spoofed the idea of minting crypto in one's dreams a couple of months ago in one of these threads...
I forgot what the lead in was, but I wrote this part in Notes because the forum gerbil kept falling off his wheel and throwing up 502 Bad Gateway Errors...
"I'm launching an invisible cryptocoin coin system tomorrow...
My patented, award winning InVisoKoin™ is mined using wishes and good intentions in your actual dreams and is therefore 110,000% environmentally friendly and has even been clinically proven to reverse aging in laboratory hippopotamuses.
You don't even need to own a computer, know math, fill out complicated forms, or spell your name correctly... all you have to do is figure out (or guess) how much InVisoKoin™ you have mined while actually sleeping and when you wake up, you then write out that sum on paper or something and mail me $50 in cash for every $10,000 you mined, and $100 for every $200,000 up to $168,300,060 and I'll send you a box filled with ultra invisible InVisoKoin™ vouchers which you can redeem anywhere InVisoKoin™ is accepted, which is usually super posh exclusive high end clothing stores and Lamborghini, yacht or mansion dealerships.
Don't be alarmed if you get thrown out of these businesses a couple of times at first, generally they will just be doing this to ensure only the most dedicated InVisoKoin™ miners are their loyal customers and to weed out impostors who are trying to pass off fake InVisoKoin™ vouchers made of air.
I'll shortly make the mailing address public so you can begin mailing me your unmarked bills in $10 and $20 denominations.
I want to stress that I'm not doing this because I want to get rich, but because I want everyone to feel rich, and because I want everyone to feel like they'll have as much money as I will... Sharing is caring and true caring is caring to share your share with care, so share a share of your share and you'll get your share of all the care... That's my motto... it's deep, but it's true... in fact it's so true people will tell you it's a lie because it's truth is so unstoppable it's too scary to believe if you are unwilling to believe or like to think about stuff too much.
That's the real beauty of InVisoKoin™... its not about thinking or using your brain or even having a "brain"... it's about doing what you want and not taking guff from people who tell you "it can't be done"... You do it, you make it and you set the rules and you reap the rewards because you are special and always right... Screw those who tell you that you are wrong... these are the same people always going on about stuff being against the laws of physics or being poisonous, or deadly, so what do they know... your bad decisions haven't killed you yet, so as wise men say- "if something doesn't kill you, it wasn't trying hard enough" and if fate is too lazy to have killed you so far, it's too lazy to be concerned with and that makes you invincible.
So start dreaming up those InVisoKoins™ and get your crayons sharpened, your unmarked bills in hand and get ready to convert your dream coins into cold hard invisible vouchers you can eventually redeem if you are persistent enough and not afraid to get tossed out of a couple of stores or possibly face a little jail time.
InVisoKoin™... grab the future by the short hairs now, before it grabs you by yours! "
I think that may have been a response to something someone wrote about some of the cryptocoin schemes companies saying they were going to be carbon neutral eventually...
I'm glad to see you have an interest in the concept behind InVisoKoin™... I was going to say I abandoned the idea because it was just a joke, but I totally didn't if you are still interested and willing to send me fistfuls of cash in exchange for high quality cardboard boxes filled to the brim with super lightweight, ultra invisible InVisoKoin™... it's totally the wave of the future, and just think of how jealous and sad all your snobby neighbors and their pets will be when they see you driving through town in your new yacht... and the cool thing about being that rich is that even if you don't have snobby neighbors now, you can buy yourself truckloads of them with your InVisoKoin™.
I'm an IT person, an early adopter, and a techie, but I cannot wrap my head around the NFT thing.
Maybe I'm just getting too old.
Sorry. I just don't get it.
And I have no clue what an .ETH is or a gas tax, unless you're talking about the outrageous ones at the actual gas station down the road.
I'm going to go do some old people stuff and buy some Geritol or something.
I'm a retired techie - as near as I can make out, the emperor's new clothes consist of a reference to a closet in an unknown physical location with a picture of the outfit taped to the back wall.
ETA - 'ETH' and 'gas' are cryptic crypto concepts I don't have a good handle on either.
Eth is Etherium, the specific crtpyo currency being used. The gas charge is a fee covering the processing of the blockchain to create/update the NFT, as far as I know it goes to the store niot the vendor (indeed the vendor may have to pay the charge for the initial set up).
I find it a bit telling that after over a year there's less than 400,000 wallets with NFTs, less than 40,000 have over 80% of the existing NFTs. There's more people playing Second Life than there are wallets with NFTs. While there's certainly some people with loads of money to spend, it just seems that for the most part it's aa speculative bubble and in the end a handful of rich folks will get richer and everyone else will lose.
If I sell a tulip bulb to one of my brothers for a million dollars, then he sells an other pulb to my other brother for million dollars, which in turn sells me a third pulb for a million dollars, we made 3 million dollars worth of trade, but did we win or loose any money?
Nice article, but I *still* think it's a fad. It's superficial and shallow taken to 11.
That's why many think the number of NFT owners is far lower than the number of wallets. There's a lot of back and forth dealing to fake the value of some NFTs. But given some of the history behind crypto, I'm not touching it with a ten foot pole.
well Borat is missing out on his
https://www.abc.net.au/news/2022-01-07/bitcoin-network-power-slumps-as-kazakhstan-crackdown-hits-crypto/100743462?fbclid=IwAR1k4qNFYHyuF-j0UHDwOL-m7LDqtlzZcFBFvtc7B4yEoiyrOg962zw8-yw
Interesting article from Gizmodo. OpenSea has admited that around 80% of the NFTs made with their free minting tool are fake, plagerized, or spam.
https://gizmodo.com/nearly-all-nfts-created-with-opensea-s-free-minting-too-1848445234
As long as we're posting articles involving Opensea, this one's a doozie, too. The title might also be the TL;DR.
https://www.theguardian.com/global/2022/jan/29/huge-mess-of-theft-artists-sound-alarm-theft-nfts-proliferates
I thought the idea behind Proof Of Work, was to make it not worth the effort for bots and thieves... Now it seems, it not only does not prevent them, but wastes massive amounts of energy in not doing what it was meant to do.
That's not what NFTs do. Proof Of Work refers to whether you have a genuine transaction in progress on the NFT itself. In general the NFT merely refers to a link or digital document of some form. Such as a the address of a jpg, which (cross your fingers) never ever ever suffers from link rot over the entire lifespan of the internet. Duplicate (unsanctioned) NFTs of famous NFTs are pretty common as there are a lot of unscrupulous people out there. (Some of those duplicates are actually references to the same digital images as the real NFTs... So is it even theft?)
This REALLY REALLY long video goes into exacting detail about what NFTs are, their origin, and all the problems there are with them. Its worth watching.
Or stolen from other art sites.
Interesting video.
Definitely!
NFT : How to sell a link to something. But hey at least it's a genuine link.
Now that I think about, buying a domain name is like buying a link on the internet already. So why don't we use domains as the proof of ownership?
You could have myartworkname.artistname.com , and give *actual* ownership to a user on that subdomain (which stores the digital artwork file) Give the artwork a unique hash linked to a invoice / proof of sale, and it becomes unique.
The NFT is a proof of transaction, not a proof of ownership.
There is no reason I can't link to your domain name. None. That's why meme\gif pages make it hard to link to (or right click save) their GIFs, etc. Its not impossible, but they put a lot of ever changing effort preventing it. I mention 'ever changing' because NFT links 'never change'. It can't be fixed or adapted.
Oh and you don't 'buy' a domain. You rent it. And you have to hope someone maintains the real world cash flow and interest to maintain that domain. (I wonder how much of my personal info is still on Geocities... dang I'm old.)
In 1975, one guy made over a million dollars selling people rocks with googly eyes glued onto them.
“A foole and his money be soone at debate: which after with sorow repents him too late.”