Turns out that the smart contract is a post-it note stapled to the NFT and the marketplace can just ignore what the post-it note says because it’s not legally binding.
What they can’t do is trade with marketplaces that do enforce the contract. Originally it was enforced because if one marketplace stopped enforcing it the marketplace would be cut off from the Echo system but turns out that the 5 big marketplaces just need to agree to drop it and everything is fine.
There is no good design for this. The only design that works is external regulation and laws wich is why we use that for real things that aren’t scams.
Why? It could be enforced in the same way that a BTC transaction is validated, just adding a rule that a wallet, specified as the author, should get a percentage of the trade.
Because the second the rule becomes inconvenient there will be a fork or some kind of bullshit that removes the rule. This has already been done a couple of times when money got stolen from big investors. The thefts followed the rules set up on the blockchain and nothing in those transactions were different from a normal transaction but humans looked at them and said that they weren’t valid and did whatever technical bullshit they needed to do to reverse them.
I disagree, forks can be made but in reality nobody cares, 99.999% still follow the ‘main’ repo. Sometimes shit like that happens (looking at you, Buterik!), but that kinda misses the point that the validation is not implemented optimally.
I hope you are aware that you went from “this can’t be broken” to “I trust that people wouldn’t break it” to “sometimes they do break it but it’s not that often” in a very short comment.
You can easily end up with A gifting B a million and then B sending A the NFT for free, potentially with a trusted escrow service in between to make sure both of these actually happen. The NFT marketplaces are essentially already acting as escrow, so this isn’t weird.
Only thing you could probably enforce is that moving something from one key to another requires a fee to be paid to the original artist, but that’d also trigger if A wants to move their assets to a different key (eg in or out of some hardware wallet, online wallet or marketplace). And if A and B trust each other strongly they can simply share the key.
No see it’s a lot more sophisticated than that. The post-it note is immutable because of maths or something, so what that means is that it’s capital-P Property. And because Property is a magic spell that binds even the old ones, and this spell is unbreakable, I own all these apes.
I thought the royalty payments were enforced by the contract?
Turns out that the smart contract is a post-it note stapled to the NFT and the marketplace can just ignore what the post-it note says because it’s not legally binding.
What they can’t do is trade with marketplaces that do enforce the contract. Originally it was enforced because if one marketplace stopped enforcing it the marketplace would be cut off from the Echo system but turns out that the 5 big marketplaces just need to agree to drop it and everything is fine.
Well that’s just bad design, then.
There is no good design for this. The only design that works is external regulation and laws wich is why we use that for real things that aren’t scams.
Why? It could be enforced in the same way that a BTC transaction is validated, just adding a rule that a wallet, specified as the author, should get a percentage of the trade.
Because the second the rule becomes inconvenient there will be a fork or some kind of bullshit that removes the rule. This has already been done a couple of times when money got stolen from big investors. The thefts followed the rules set up on the blockchain and nothing in those transactions were different from a normal transaction but humans looked at them and said that they weren’t valid and did whatever technical bullshit they needed to do to reverse them.
Apparently ultimately this involves hitting the person hiding the encryption keys with a $4 wrench until they provide the keys.
I know that reference.
I disagree, forks can be made but in reality nobody cares, 99.999% still follow the ‘main’ repo. Sometimes shit like that happens (looking at you, Buterik!), but that kinda misses the point that the validation is not implemented optimally.
I hope you are aware that you went from “this can’t be broken” to “I trust that people wouldn’t break it” to “sometimes they do break it but it’s not that often” in a very short comment.
No, the nuance is in the number of people who confirm the change, they must be 50% +1.
You can easily end up with A gifting B a million and then B sending A the NFT for free, potentially with a trusted escrow service in between to make sure both of these actually happen. The NFT marketplaces are essentially already acting as escrow, so this isn’t weird.
Only thing you could probably enforce is that moving something from one key to another requires a fee to be paid to the original artist, but that’d also trigger if A wants to move their assets to a different key (eg in or out of some hardware wallet, online wallet or marketplace). And if A and B trust each other strongly they can simply share the key.
Royalties were not part of the original design.
No see it’s a lot more sophisticated than that. The post-it note is immutable because of maths or something, so what that means is that it’s capital-P Property. And because Property is a magic spell that binds even the old ones, and this spell is unbreakable, I own all these apes.
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You’re thinking too rationally now. The thing with NFTs is that it’s not rational at all. Try again.