Stephen Diehl on NFTs

Internet

For those lucky enough not to know what Non-Functional Transactions are, Stephen Diehl explained earlier this month the pitfalls of buying a pointer to an artwork:

NFTs impart no legal ownership, give no rights to the artwork, are non-unique, and provide nothing of intrinsic value except the sign value of owning bragging rights to announce to other crypto bros about a shared collective delusion about database entries.

If this sounds familiar, you’ve paid attention to history:

Back in the 90s some entrepreneurs found you could convince the public to buy “rights” to name yet-unnamed stars after their loved ones by selling entries in an unofficial register. [..] Like every market madness since the South Sea Bubble or Tulip Mania, everyone knows that selling million dollars JPEGs is an irrational exercise in greed.

Great thread (though I wish it were a blog post)!

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