<story><title>NFT sales plummet nearly 90% from their peak as collectibles market cools</title><url>https://www.msn.com/en-us/money/markets/nft-sales-plummet-nearly-90-25-from-their-peak-as-collectibles-market-cools/ar-AAKFw68</url></story><parent_chain><item><author>tshaddox</author><text>I think it&amp;#x27;s pretty clear from the proposal that the only relevant NFT for some piece of digital media would be the NFT created by the original copyright holder of that piece of digital media. For example, Getty could issue NFTs for a particular stock photograph.&lt;p&gt;Obviously any random person could create an NFT and &lt;i&gt;claim&lt;/i&gt; that it represents ownership of a particular stock photograph, but that&amp;#x27;s not really relevant or problematic. You could also create a traditional paper certificate of title for your neighbor&amp;#x27;s car too, but obviously no one would respect it (unless they were tricked, but that&amp;#x27;s against the law and the legal system would tend to respect that genuine certificate of title).</text></item><item><author>lottin</author><text>&amp;gt; But I still think NFTs have a future as digitally signed proof of ownership of media assets.&lt;p&gt;NFTs are not proof of ownership, because anyone can create an NFT of anything.  I can create an NFT of my neighbour&amp;#x27;s car.</text></item><item><author>chime</author><text>As someone who doesn&amp;#x27;t collect anything, NFT for collectibles doesn&amp;#x27;t interest me personally. But I still think NFTs have a future as digitally signed proof of ownership of media assets.&lt;p&gt;Long ago, back in my web designer days, I bought a CD from CompUSA full of clip arts and stock photos and used them on my clients&amp;#x27; websites. I moved on to web development and out of nowhere 5 years later I got a panicked call from an old client who said Getty is threatening to sue them for using copyrighted images on the website I made for them. Try as I might, I could not convince either my ex-client or Getty reps that I legally (and most likely naively) bought a stock photo CD but did not have that in my possession any longer. Cost me a month&amp;#x27;s rent out of pocket to get the matter resolved as I did not have the resources to fight either of them.&lt;p&gt;I can imagine a (non-physical-media) future where all commercial stock media is signed upon download, with the NFT signature embedded in the file itself like EXIF data. Editors can be made to respect the source file NFTs and include them in the exported files. YouTube could easily identify the NFT for the audio track you used in your video and if you had licensed it legally, it would not even run the fingerprint algo on it. Now it doesn&amp;#x27;t matter if the original seller or vendor goes out of business. The history is in the blockchain forever (or as long as the license permits).&lt;p&gt;I&amp;#x27;m not saying I support going all NFT for ownership&amp;#x2F;copyright. I&amp;#x27;m saying I can imagine it happening as a valid use-case for NFT&amp;#x2F;blockchain.</text></item></parent_chain><comment><author>boublepop</author><text>Brilliant! So what you are saying is that NFT’s are a good documentation of ownership… if we assume some other system takes care of documenting that the NFT was in fact created by the owner. So you know if we have some other system to track ownership.</text></comment>
<story><title>NFT sales plummet nearly 90% from their peak as collectibles market cools</title><url>https://www.msn.com/en-us/money/markets/nft-sales-plummet-nearly-90-25-from-their-peak-as-collectibles-market-cools/ar-AAKFw68</url></story><parent_chain><item><author>tshaddox</author><text>I think it&amp;#x27;s pretty clear from the proposal that the only relevant NFT for some piece of digital media would be the NFT created by the original copyright holder of that piece of digital media. For example, Getty could issue NFTs for a particular stock photograph.&lt;p&gt;Obviously any random person could create an NFT and &lt;i&gt;claim&lt;/i&gt; that it represents ownership of a particular stock photograph, but that&amp;#x27;s not really relevant or problematic. You could also create a traditional paper certificate of title for your neighbor&amp;#x27;s car too, but obviously no one would respect it (unless they were tricked, but that&amp;#x27;s against the law and the legal system would tend to respect that genuine certificate of title).</text></item><item><author>lottin</author><text>&amp;gt; But I still think NFTs have a future as digitally signed proof of ownership of media assets.&lt;p&gt;NFTs are not proof of ownership, because anyone can create an NFT of anything.  I can create an NFT of my neighbour&amp;#x27;s car.</text></item><item><author>chime</author><text>As someone who doesn&amp;#x27;t collect anything, NFT for collectibles doesn&amp;#x27;t interest me personally. But I still think NFTs have a future as digitally signed proof of ownership of media assets.&lt;p&gt;Long ago, back in my web designer days, I bought a CD from CompUSA full of clip arts and stock photos and used them on my clients&amp;#x27; websites. I moved on to web development and out of nowhere 5 years later I got a panicked call from an old client who said Getty is threatening to sue them for using copyrighted images on the website I made for them. Try as I might, I could not convince either my ex-client or Getty reps that I legally (and most likely naively) bought a stock photo CD but did not have that in my possession any longer. Cost me a month&amp;#x27;s rent out of pocket to get the matter resolved as I did not have the resources to fight either of them.&lt;p&gt;I can imagine a (non-physical-media) future where all commercial stock media is signed upon download, with the NFT signature embedded in the file itself like EXIF data. Editors can be made to respect the source file NFTs and include them in the exported files. YouTube could easily identify the NFT for the audio track you used in your video and if you had licensed it legally, it would not even run the fingerprint algo on it. Now it doesn&amp;#x27;t matter if the original seller or vendor goes out of business. The history is in the blockchain forever (or as long as the license permits).&lt;p&gt;I&amp;#x27;m not saying I support going all NFT for ownership&amp;#x2F;copyright. I&amp;#x27;m saying I can imagine it happening as a valid use-case for NFT&amp;#x2F;blockchain.</text></item></parent_chain><comment><author>lottin</author><text>Of course it&amp;#x27;s problematic.  That&amp;#x27;s why most countries have land and vehicle registries managed by a trusted authority.  If people had to rely on titles of ownership issued by random strangers it&amp;#x27;d be chaos.</text></comment>