Popcorn moments in NFTs: Spotify Edition

Armenius

Extremely [H]
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A group calling themselves "HitPiece" have crawled Spotify and turned every song into a NFT available on the platform.. HitPiece have responded by calling all the outrage as showing support for the program and believe they have every right to do what they did. As of now, however, the HitPiece website is offline.

https://www.yahoo.com/entertainment/hitpiece-wants-every-song-world-201219859.html
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The owner of HitPiece, Rory Felton, coincidentally has a podcast up on Spotify where he boasts about "aiming to put $1,000,000,000 in artists pockets."

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Songs that are available almost everywhere being peddled as "unique" recordings to pretend there is some artificial scarcity? Quite bold, if you ask me. I have a feeling the story of investor hype surrounding "metaverse" and NFTs will be providing some epic entertaining moments in the coming year.
 

DeadlyAura

Supreme [H]ardness
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NFTs are my favorite thing happening to the internet right now. I heard them best described as:

Imagine that you're married, and you love your wife. The problem is that, your wife doesn't love you, and anybody that wants to fuck your wife goes ahead and fucks your wife whenever, and however they want. But, the joke's on them, because you hold the marriage certificate.

THAT is an NFT.
 

M76

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NFTs can make every piece of digital content into a tradeable item. Even if you are not the owner / creator of that piece. So basically the same jpg can have a thousand NFT versions of it issued by various fraudsters. The major difference between real art and this is that here every piece is fake.
 

clockdogg

[H]ard|Gawd
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Could be paving the way to Kyle's huuuuge payday. Every [H] post since the beginning of [H]ard time will be immortalized as a totally unique NFT. Millions of missives marketed for million$!

Although... could start with notebookreview as *proof* of concept...
 

harmattan

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NFTs can make every piece of digital content into a tradeable item. Even if you are not the owner / creator of that piece. So basically the same jpg can have a thousand NFT versions of it issued by various fraudsters. The major difference between real art and this is that here every piece is fake
NTFs can actually have a utility. Specifically in the insurance/insurtech world where an owner can keep an inventory of their real assets. My individual car, for example, could be assigned an NTF and then I could use that token to prove that I own that car, effectively eliminating registration and ownership documents and reducing fraud. This could also be applied to digital assets, but is much harder to define and worthless unless that singular original can be secured from being copied.

That said, the way they're being used here (and what people are rightfully laughing at) is ridiculous. It's as if my 3 year-old niece walked into the middle of the Louvre, looked at the Mona Lisa (among thousands of other people, and millions of exact copies), and said "I now own this".
 

M76

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NTFs can actually have a utility. Specifically in the insurance/insurtech world where an owner can keep an inventory of their real assets. My individual car, for example, could be assigned an NTF and then I could use that token to prove that I own that car, effectively eliminating registration and ownership documents and reducing fraud. This could also be applied to digital assets, but is much harder to define and worthless unless that singular original can be secured from being copied.
How is the NFT different than a proof of ownership? Then the registration will be the generation of the NFT @ the dmv or whatever you call it. If anyone could generate an NFT for a car online then there is nothing to stop fraud. You somehow need to prove that you own the car before you are allowed to make an NFT for it. That is exactly the problem now, that anyone can take a jpg or mp3 that they don't own and make an NFT out of it, no proof of ownership necessary.
That said, the way they're being used here (and what people are rightfully laughing at) is ridiculous. It's as if my 3 year-old niece walked into the middle of the Louvre, looked at the Mona Lisa (among thousands of other people, and millions of exact copies), and said "I now own this".
I'm not even able to come up with an apt analogy it is so absurd.
 

TheBuzzer

HACK THE WORLD!
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nft is as useful as an id card.

people can try to counterfit it and can pass most security.

however when looked under the microscope, they will know it is fake and not the official one.

but the problem is who governs the official one?
 

NattyKathy

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This seems especially scammy even by NFT standards. The levels of audacity and disrespect on display here are astounding, and on top of that the whole thing is just dumb as hell.

I've been flagging every NFT ad I see around as a scam and it's become a fun side hobby.
 

N4CR

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Pot o' GOHH! ( didn't expect to run into this meme on [H] lol)

I'm not even able to come up with an apt analogy it is so absurd.
Almost all NFTs (except for the few crappy pixel art on blockchain) are literally links to a i2p/dark net location where it's stored [the jpg].

In short, you are buying the URL link of the coordinates (lat/long) to where to find the Mona Lisa. Judging by the amount of people still falling for it (lot of kids with influencers they follow), plus the amount of backlash, I feel we will see NFTs going out of fashion this year.
 

idiomatic

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NFT's could be digital contracts for copyrights, keeping all the tricky IP information tidy, and or subdividable etc.

But most of the people backing NFT's don't believe in copy right. And Copy right is only enforceable by states.

And... a fully automated copyright depository would still be better off as a multi-nation centralized system.

Then you could buy and sell the copy right to silly Jpegs on markets. Which would give exclusive rights to a person, including DCMA and take down rights.
 

RanceJustice

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Typical NFT garbage - the idea is horrible on every level and the only reason it continues is that A) the grift is for the moment "legal" and has a huge potential ROI - it only needs a handful of people to buy in for you to make big money B) its the perfect pyramid scheme in that they only have value if you can convince others they have value so every sucker brought aboard means more money for those who stand to profit and C) it costs a certain amount of crypto - usually ETH - to "mint" new NFTs which explains why these blockchain assets/crypto/contracts don't just squash the thing as embarrassing. It basically means that every time someone mints NFTs, they're buying or otherwise investing in ETH in order to do so, so of course ETH benefits. This is the second generation token scam, the first was how so many so called "tokens" built on ETH appeared to be their own coins (think stablecoins like USDC or USDT, among many others) yet are actually "tokens" on the ETH or another blockchain. If you want to send someone USDC, you don't need to just have a certain amount of that currency you ALSO need the primary chain currency, ETH, to do so for "gas/transaction fees" so every asshole who gets another crypto built on ETH's blockchain means the value and use of ETH goes up !

There's so much good that could come from cryptocurrency but almost all of it seems to be a way to get away with old grifts and speculation that are now illegal on fiat currencies, as well as ways to ensure that first-movers and those with lots of money are always the ONLY ones to profit. Massive hardware requirements for some, mining requirements for others, still others say "oh you can split the cost of a node with others! It normally takes X-thousand coins to register your node" which comes to an absolutely fortune if you're not just showing up when the asset is 1/10th of a cent or less each. For instance I saw one that each node took around $10,000 currently worth of currency and then saw they advertised "oh you can split and get part of the node" and thought perhaps it was more reasonable ...only to find that "oh by the way, limit 4 way split per node!" so you'd have to come up with $2500! These same people who claim crypto will "democratize finance" or whatever seem to be making the exact same speculation drives, exploitative rules, rug-pulls, bag-holding, and other scams - with NFTs being the biggest one currently.
 

Armenius

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Looks like the podcast in the OP was taken down. Glad I grabbed a screenshot of it.
 

xx0xx

Gawd
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There are other HitPiece-like services starting to pop-up too. The RIAA has taken notice- not that they have artists' interests at heart anyway- but artists themselves are not happy to be finding their work on these platforms without their permission.

Who knew NFTs would be the thing to get me to almost root for the RIAA to take online services to court. :eek: Historically I've been on the opposite side.
 
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ElementDave

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Nft is also the name of the command-line tool to administer nftables — a packet filtering framework in the Linux kernel. Between that and NTFS (the filesystem), and search engines that decide what its users are really looking for, I expect a lot of frustrated googlers.

Million dollar memes? 💵 Creating actual value is so old-fashioned.
https://en.wikipedia.org/wiki/List_of_most_expensive_non-fungible_tokens

In other news, The Twilight Zone is now a reality TV series, and participation is involuntary. Did anyone receive a consent form? 😱
 

Darunion

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Nft is also the name of the command-line tool to administer nftables — a packet filtering framework in the Linux kernel. Between that and NTFS (the filesystem), and search engines that decide what its users are really looking for, I expect a lot of frustrated googlers.

Million dollar memes? 💵 Creating actual value is so old-fashioned.
https://en.wikipedia.org/wiki/List_of_most_expensive_non-fungible_tokens

In other news, The Twilight Zone is now a reality TV series, and participation is involuntary. Did anyone receive a consent form? 😱
I just googled "what is nft" and found no mention of anything other than Non fungible token, so it was pretty easy to learn about.

Language is weird and uses things a lot. A table is something I put my coffee on as well as cells containing data. What animal are buffalo wings from? :)
 

Armenius

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Joined
Jan 28, 2014
Messages
33,184
Nft is also the name of the command-line tool to administer nftables — a packet filtering framework in the Linux kernel. Between that and NTFS (the filesystem), and search engines that decide what its users are really looking for, I expect a lot of frustrated googlers.

Million dollar memes? 💵 Creating actual value is so old-fashioned.
https://en.wikipedia.org/wiki/List_of_most_expensive_non-fungible_tokens

In other news, The Twilight Zone is now a reality TV series, and participation is involuntary. Did anyone receive a consent form? 😱
TINAFT: This Is Not A Fungible Token
 

DukenukemX

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I just googled "what is nft" and found no mention of anything other than Non fungible token, so it was pretty easy to learn about.

Language is weird and uses things a lot. A table is something I put my coffee on as well as cells containing data. What animal are buffalo wings from? :)
This is a pretty good explanation of what NFT's are.
 
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