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ctruss53 t1_j19cmld wrote

Reply to comment by ImActuallyGaryBusey in Can NFTs Offer a Fair Living Income to Artists? by [deleted]

Here is the scam.

Lets say an artist puts out a song and sells it to you as an NFT. Yes, that NFT you bought is encoded, you are not supposed to be able to copy it, and share it, so you paid extra for it because of that.

Well, the artist that wrote and performed the song still owns the song, so there is nothing stopping them from performing it again and selling an NFT of the same song to someone else willing to overpay for it.

You just paid extra to own something there is supposed to be 1 or a limited number of, but the artist can create more just like it.

So people claim NFTs are just like cryptocurrency in the fact that the coding limits the number of a given NFT, when there is nothing stopping the artist from creating more, lowering the value of what you just paid for.

Scam

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ImActuallyGaryBusey t1_j19edfv wrote

I am confused here. How is this any different than selling physical cd's or digital copies? If i buy i cd, that doesn't give me exclusive rights to the music on it either. Are musicans charging extra for the nft version of a song that is cheaper if you buy it normally on itunes or whatever? I thought they were selling their music exclusively via nfts at regular price.

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ctruss53 t1_j19inay wrote

Because the whole selling point behind an NFT is it is supposed to be unique or limited production. They make 1 or some and that is it. Which makes them more valuable.

But the artist can just release more when they want more money, thus reducing the value of the one you already bought when they claimed that was all they would release.

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ImActuallyGaryBusey t1_j19k0oh wrote

It sounds more like the artist is the scammer then, not the nft itself. Shame on any musician who abuses the trust of their fans

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Environmental_Fly691 t1_j1a4vor wrote

Exactly, I don't know why they think we should be held accountable for the actions of dishonest people. I understand that most of the things that transcend to the general public are negative, but I feel bad that they point this way to all the honest people that participate in the sector.

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