Magnum now selling NFTs

[Alan Edward Klein]

I'm confused by the intrinsic value conversation, can someone clear it up for me? (@Alan Edward Klein ?)

I understand that intrinsic means it's sort of "built-in" versus extrinsic which means we've applied value based on our desires. But can you say anything simply has intrinsic value? If I have a hammer in my hand, it only has intrinsic value if I'm looking at a half driven nail. I see intrisinc value more like kinetic energy and extrinsic more like potential. Okay, maybe that's a bad analogy but I hope the hammer example is clear.

So why does a print on "real" paper have supposed intrinsic value but an NFT on a "real" screen does not? It seems to me to be kind of silly to not think of humanity as moving towards a predominately "digital" lifestyle as surely as the industrial revolution put us mostly in weatherproof structures and gave us reliable plumbing and electricity. If I have an NFT hanging on the wall of my VR (edit: Virtual Reality) mansion, it would be no less real to me than some piece locked away in a vault here in space-time, never being looked at because it needs time to appreciate.

I'd rather have a hammer than an NFT. It's more useful.

 

[it's_hank_dude]

I'd rather have a hammer than an NFT. It's more useful.

Am I to take this as a playful way of saying you aren't interested in this conversation?

 

[Alan Edward Klein]

Am I to take this as a playful way of saying you aren't interested in this conversation?

I'm very interested. It's just that a hammer is worth more to me than an NFT. At least I can bang in a nail with it.

 

[Sirius Glass]

A least with a hammer one could hit oneself over ones head for wasting money. Not so much for NFTs.

 

[markjwyatt]

I can buy a drink or a snack or a few quarts of gasoline with that $5 bill (but not a roll of film!). And I can be fined more of those dollars if I violate copyright law. If I hack into and steal someone's NFT, there are no consequences I know of.

$5 will buy you a 1964 silver quarter. A 1964 silver quarter in 1964 bought 1 gallon of gas. Today $5 might buy you 1 gallon of gas. You can resell a silver quarter. If the blockchains get lost or disrupted somehow, the silver quarter will likely still be worth the equivalent of a gallon of gas. You cannot get a gallon of gas with twenty-five cents in today's dollars.