Comment on A key feature of NFTs has completely broken / Web3 was supposed to make sure the original artist always got paid. Not so much anymore.

Nolegjoe@lemmy.world ⁨1⁩ ⁨year⁩ ago

• Fisk400@feddit.nu ⁨1⁩ ⁨year⁩ ago

  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.

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  • Excrubulent@slrpnk.net ⁨1⁩ ⁨year⁩ ago

    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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• magic_lobster_party@kbin.social ⁨1⁩ ⁨year⁩ ago

  You’re thinking too rationally now. The thing with NFTs is that it’s not rational at all. Try again.

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