NFT - art files as crypto currency? -

[Maxxicus Callahan]

Spoiler: Archive

View attachment 2160119

He spends more time talking about NFTs themselves than he does Yo Mama and Annoying Orange, mainly focusing on the negatives, them being the environmental impact, the harm they have done to artists, and how using them is not socially acceptable (wut). He focuses in on a Twitter thread made by the founder of DogeCoin to make his points, and as someone who doesn't really listen to anything Art Twitter or Crypto Twitter says, his logic sounded fine to me. Am I missing something?

Thanks for this link the video information presented is the best I’ve seen yet on the subject

Edit: this is a horrifying waste of computing power we could be using to advance mankind or literally anything better. Do what you want but our priorities are fucked up. Or rather the elite’s priorities. It’s totally utopian to think things can go on like this indefinitely. Where’s Ted Kaczynski?

 

[Large]

Where’s Ted Kaczynski?

No. 04475-046, US Penitentiary—Max, P.O. Box 8500, Florence, CO 8126-8500.

 

[Maxxicus Callahan]

No. 04475-046, US Penitentiary—Max, P.O. Box 8500, Florence, CO 8126-8500.

Thanks should write him a letter and see what he’s got to say on the subject of NFTs

 

[Gimmick Account]

This is interesting:

GameStop NFT

Power to the players

nft.gamestop.com

Gamestop | 0x13374200c29C757FDCc72F15Da98fb94f286d71e

The Contract Address 0x13374200c29C757FDCc72F15Da98fb94f286d71e page allows users to view the source code, transactions, balances, and analytics for the contract address. Users can also interact and make transactions to the contract directly on Etherscan.

etherscan.io

I have a couple of my own theories, but since one of the things you can do with NFTs is set them up so that they're transferable licenses for which the originator rights holder gets a royalty each time they're sold, there's speculation that they want to build something that'll let game devs get a cut of resales.

 

[Phony Negro]

One of my favorite musicians, Brian Transeau (BT) released a 24-hour piece that has a clock “aware of the passage of time”. It turns itself off at a set time and tells you a birthday message on your birthday.

Genesis.Json – BT

btmusic.com

He also made a display with artwork and auctioned it off for 88.88Ξ ($212,736).

(Btw I’m not familiarized with NFTs.)

 

[Cool Dog]

I dunno what aspects you have in mind but it probably will cheapen some processes quite a bit. Standardisation and history/trust features are nice for contract-forming, comparing notes to get to the bottom of shit without wasting time in court (and fewer opportunities for conflicts to occur in the first place, which in aggregate certainly counts as streamlining), etc. Contract arbitration can be pretty case-by-case but standardisation helps with that too, although most of that example really has nothing to do with the contract medium itself. The system can be designed to reduce or mitigate opportunities for abuse but it's asking a lot for software to make people fundamentally honest.

Forget meme bullshit; the potential for lower legal overhead is one of the things that's attractive to business adopters. Courts have to weigh evidence (say agreement dates again, something people might fudge in a dispute) but as it becomes more conventional I wouldn't be surprised if standard precedent favours distributed ledgers, again relevant to research and the whole not wasting time in court thing.

Are smart contracts already considered a legal binding contract in any country? like you can bring one to a court and its the same as a big paper contract signed by a lawyer/notary?

I remember when SCs showed up like 3-4 years ago and everybody said that in the future those would be the same as paper contracts

Nearly half a decade later, is it like that? which countries do? do they also take NFTs as proof of ownership? or I have to go into a lengthy and expensive legal battle because I got a token while the other side has a full legal contract?

This is interesting:

GameStop NFT

Power to the players

nft.gamestop.com

Gamestop | 0x13374200c29C757FDCc72F15Da98fb94f286d71e

The Contract Address 0x13374200c29C757FDCc72F15Da98fb94f286d71e page allows users to view the source code, transactions, balances, and analytics for the contract address. Users can also interact and make transactions to the contract directly on Etherscan.

etherscan.io

Whats that? somebody selling gme stock with NFTs?

 

[Gimmick Account]

Are smart contracts already considered a legal binding contract in any country? like you can bring one to a court and its the same as a big paper contract signed by a lawyer/notary?

As long as the legal requirements for a contract are satisfied (consideration etc, varies by jurisdiction) it doesn't matter what agreements are written on. They don't generally need to be written down at all to be binding, in fact. But when it comes to disputes they act as specific evidence, which a distributed ledger is really good for and I'd imagine would be very strong in court, particularly if the timeline is a factor.
NFTs have been used for things like share offerings and they're as real as anything else.

Whats that? somebody selling gme stock with NFTs?

Maybe. That's one theory; we'll find out soon. There's speculation that could be for a special dividend (of shares) which would continue to be traded that way.
But that's not the impression I get from the website. I like the idea that they'll use em for game licenses. Which would make them transferable and allow devs to get a cut from resales.
Edit: oh I said that already

 

[Cool Dog]

As long as the legal requirements for a contract are satisfied (consideration etc, varies by jurisdiction) it doesn't matter what agreements are written on. They don't generally need to be written down at all to be binding, in fact. But when it comes to disputes they act as specific evidence, which a distributed ledger is really good for and I'd imagine would be very strong in court, particularly if the timeline is a factor.

Can you name one case where the courts accepted a smart contract?

Maybe. That's one theory; we'll find out soon. There's speculation that could be for a special dividend (of shares) which would continue to be traded that way.

Theory? what? who is making this? how you know they actually have gme stock?

 

[Gimmick Account]

Can you name one case where the courts accepted a smart contract?

Why wouldn't they be when a handshake is? Generally the only exception to that is transferring real estate.
Assuming you're talking about the US:

In 2018, a US Senate report said: "While smart contracts might sound new, the concept is rooted in basic contract law. Usually, the judicial system adjudicates contractual disputes and enforces terms, but it is also common to have another arbitration method, especially for international transactions."

https://www.jec.senate.gov/public/_cache/files/aaac3a69-e9fb-45b6-be9f-b1fd96dd738b/chapter-9-building-a-secure-future-one-blockchain-at-a-time.pdf

A bunch of states have legislation already officially recognising smart contracts but that's not strictly necessary.

Theory? what? who is making this? how you know they actually have gme stock?

Man look at the URL. Gamestop is making it, they're transforming to a digital platform under a new chairman. They announced whatever this initiative is a week ago.

 

[Cool Dog]

Why wouldn't they be when a handshake is?

I was just asking for precedent

A bunch of states have legislation already officially recognising smart contracts but that's not strictly necessary.

Which ones?

Gamestop is making it

Clicked the 2nd link, my bad

 

[Gimmick Account]

Which ones?

Wyoming, Tennessee, Nevada, Arizona. Maybe others, I dunno. But like I said that shouldn't really be a necessary step in most places. There's more complexity to it but all that matters is you reached an agreement (even if it wasn't explicit, sometimes) which meets the requirements to satisfy contract formation, not how you render it.
If you find a precedent post it but searching for those is usually a pain in the ass so I didn't try.

 

[Cool Dog]

Wyoming, Tennessee, Nevada, Arizona. Maybe others, I dunno. But like I said that shouldn't really be a necessary step in most places. There's more complexity to it but all that matters is you reached an agreement (even if it wasn't explicit, sometimes) which meets the requirements to satisfy contract formation, not how you render it.
If you find a precedent post it but searching for those is usually a pain in the ass so I didn't try.

Precedent goes a long way, once its there you dont even have to bother with the courts since whoever disputes your SC their lawyer will tell them they got fucking zero chances of beating you since there was already a case like that and they lost

As for NFTs, again if some court or state/nation recognizes those as proof of copyright/ownership then it makes all the difference because it legitimates the medium