Following in the footsteps of Microsoft and the RIAA, NFTs are fundamentally about creating the illusion of limited availability for digital goods that in reality are unlimited because they can be freely duplicated. Combined with the environmental impacts, you can see the perversion of reality that drives NFTs: they burn through finite natural resources as if they were infinite in order to create an artificial sense of scarcity for digital goods which can be easily produced in abundance.

This was an exercpt from a little manifesto I'm writing about how we can have the fun parts of NFTs without the garbage by using the fediverse as a distributed ledger instead of the blockchain.

@datatitian there's obviously a lot of scam behaviour here, but a big driver behind these is tax writeoffs. You spend $10000 of crypto on an NFT, then sell it to 'someone' at a loss, you can claim the difference as a tax loss and reduce your taxable income. The trick here is that the 'someone' is actually the same person using an anonymous crypto account, so they still 'own' the NFT and can try and sell it on later, or whatever. This 'trick' works best with purely digital items, i.e NFT

@datatitian NFTs are what happen when you try to make a fundamentally uncapitalist system conform to the standards of capitalism.

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