NFT has the illusion of scarcity since someone lays claim to the title of the original, but since you can make 10,000 perfectly identical copies, is it really scarce? 1,000,000?
Goofy,
Usually you are one of my heroes on here but frankly you do not comprehend any of this properly.
I can make billions of digital copies of Guernica. Or whatever else.
The NFT is a contract not the actual art or the actual digital copy. Trading the contract is the value, but artistic representation makes the contract non fungible. Digital scarcity is in the contract. Civil case and even possible criminal cases of fraud can arise if there is cheating etc…just like in the hard copy world in many ways.
There is a security problem as I enter this world of NFTs. The security problem is not the NFTs. As I produce animations I need to market them to sell them. If I tweet them to gain an audience someone or even a bot can mint an NFT before I do. It is a civil court case in the making and most definitely a DMCA or take down notice. I can win that but the hassles are a pain and take time which is costly.
The first line of defense is to register my animations with the USCO. I called them and can group register unpublished animations ten at a time. The unpublished part of that matters as published it is just one animation per registration. A group registration brings my costs way down. I have group registered plenty of digital images.
The second line of defense is choosing the platform to sell my NFTs. In two cases the platforms act as gatekeepers to the higher prices for NFTs. The application is demanding. Creating a need to market first. Nix that idea.
The platform Opensea is a much larger platform where huge numbers of artists mint NFTs. There are some small issues there but nothing difficult to deal with as a set of different choices. The issue is not depending on them for the search to be found on the platform. Which means unless my art captivates audiences I go virtually nowhere. I have no reason to worry about that as my concept will captivate a lot of people.
I have a concept for up to 100 animations depending on the quality of the early variations. As the first 30 become registered with the USCO I will begin to list some NFTs on Opensea for sale. Then I will turn to marketing the NFTs. I can give my auctions a duration that is long as I pick up an audience.
The investors in the high end of the NFT market are often younger very wealthy businesspeople. A new generation of collectors that the major art institutions are not gaining as clients. There is no shortage of acumen in their investing.
An NFT could be seen as a deed when you use the word “title” but contract is the reality of it. The title of a work of art is not copyrightable. Anyone can use most titles repeatedly. Some titles get trademarked. The NFT works based on the representation of the actual digital artwork based on who created that image. It is very secure. Highly tradable and can offer digital creators a royalty just like a TV production or movie production would.