<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>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>danudey</author><text>For what it&amp;#x27;s worth, there&amp;#x27;s no way you can force every image manipulation tool and library to respect the NFTs, and the NFT can&amp;#x27;t necessarily point to a specific item itself (since the location it points to could move), so there&amp;#x27;s no permanent effective way to actually make those two connect.&lt;p&gt;As far as I can tell, the only thing that NFTs might be useful for is uniquely identifiable assets whose unique identification can be embedded in the NFT itself; for example, a car&amp;#x27;s VIN number or a property&amp;#x27;s address or lot number. Unfortunately, we already have much more effective and well-regulated systems to handle both of those situations, and I&amp;#x27;m at a loss for any circumstance in which an NFT would be better and also guaranteed effective.</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>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>&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></comment>