Bitcointalk posts as nft

[OgNasty]

To my knowledge, there is no real way to confirm the authenticity of any given NFT.

You can see who created the NFT.  In the example of a venue selling tickets, it would be as easy as looking at the creator of the NFT and seeing if they're verified using a marketplace like opensea which is the popular method currently, or you can look at the blockchain and see if the contract address matches the address given by the venue for the event.  A big feature of NFTs is being able to confirm their authenticity, although that is just one of many advantage over the current venue ticketing system.  I might also add that this is just one example of a use case.  There are so many more I get dizzy thinking about it.  An NFT could function as anything from a share of an investment fund (works well because you can easily pay dividends to NFT holders by looking up their addresses on the blockchain) or it could be a picture of a penis that grows or shrinks with your wallet's ETH balance.  There will be many use cases and that is exciting to me.

[BlackHatCoiner]

Creating a system in which ticket holders can transfer tickets to others is very possible but is not trivial, nor free.

Neither with NFTs, from the customer's side. I still cannot comprehend how can this work on a global scale if the whole world went into, say, Ethereum. How would it scale with decent fees if at the moment the fee costs more than the ticket itself?

The price tickets are selling for directly from the venue is public. The capacity of a venue is public, and actual attendance is often publicized. Venues do not typically participate in the secondary market for their tickets.

I'm confused by your writings. Who you say will cheat, the venue or the scalpers and for which reason?

So issuing NFTs as tickets would allow customers to detect (and trust that a venue is not) overselling tickets to their events.

Doesn't the venue want you to not know that?

[malevolent]

Having concert tickets tracked via a back-end database operated by a concert venue would mean the concert venue could arbitrarily transfer a ticket from one person to another, without the consent of the owner. If there is a dispute, there is no real way for a ticket holder to prove their case, other than their word.

With a NFT on the other hand, a venue could mind a number of NFTs up to the capacity of their venue for a particular concert. Any time the NFT changes hands (is transferred) this transaction is visible on the blockchain, and the buyer can be certain that a ticket was in fact issued by the venue. If a buyer were to buy a concert ticket, the buyer might similarly check the authenticity of the ticket via the venue's website, however unlike with a NFT, if the ticket is for some reason invalidated, there would not really be any way to know what happened, or who was responsible.

With a back-end database, a venue could potentially scam x percent of customers undetected. With a NFT, the issuer cannot scam a customer without it being obvious they have done so.

If you are denied admission to an event, after the fact, if you have an NFT ticket, you can prove that you actually had a valid ticket to the event if you were to complain. If you had an electronic ticket linked to the venue's private database, the venue could potentially deny that your ticket was valid.

Are venues scamming customers in ways you're describing a problem that exists anywhere in the world? Looks to me as if it's mostly a solution in search of a problem.

[PrimeNumber7]

Having concert tickets tracked via a back-end database operated by a concert venue would mean the concert venue could arbitrarily transfer a ticket from one person to another, without the consent of the owner. If there is a dispute, there is no real way for a ticket holder to prove their case, other than their word.

With a NFT on the other hand, a venue could mind a number of NFTs up to the capacity of their venue for a particular concert. Any time the NFT changes hands (is transferred) this transaction is visible on the blockchain, and the buyer can be certain that a ticket was in fact issued by the venue. If a buyer were to buy a concert ticket, the buyer might similarly check the authenticity of the ticket via the venue's website, however unlike with a NFT, if the ticket is for some reason invalidated, there would not really be any way to know what happened, or who was responsible.

With a back-end database, a venue could potentially scam x percent of customers undetected. With a NFT, the issuer cannot scam a customer without it being obvious they have done so.

If you are denied admission to an event, after the fact, if you have an NFT ticket, you can prove that you actually had a valid ticket to the event if you were to complain. If you had an electronic ticket linked to the venue's private database, the venue could potentially deny that your ticket was valid.

Are venues scamming customers in ways you're describing a problem that exists anywhere in the world? Looks to me as if it's mostly a solution in search of a problem.

I don't think it would be possible to know. I know that airlines will generally sell 10x% (100% + x) of seats based on the assumption that some ticket holders will not show up.

The posts you quoted were specifically regarding why a NFT is superior to a back-end database with regards to trusting the entity issuing the NFT. I would expect that cost to transfer a NFT to generally be cheaper than using a back-end database, given that a back-end database will typically involve third-party intermediaries (such as StubHub), which will charge their own fees (which are very substantial).

There is also the issue of price transparency on the secondary market. It is not easy to know with certainty what others are paying for similar seats when using a back-end database.

There is also a very low barrier to entry into the NFT marketplace. This makes it easier for people to offer competing marketplaces that charge lower fees.

[Mamun74]

I Think,  The Forum doesn't need their own post.I would like to say NFT they should be Using verified their method like others method.They are not useless and i don't say that coz they are  in the marketplace. If they verified require they i think scammer can't scam. And i think they will be selling venue ticket directly with public.

[noormcs5]

Luckily, once someone becomes an NFT owner of a Bitcointalk post, no one else can see the post publicly. You can no longer click on it, you can't copy-paste it, or quote it. It completely disappears from the face of the earth (Internet) and can only be found in the buyer's Ethereum wallet. This really is the future and I am wondering why Bitcointalk is getting themselves involved!?

In reality, the opposite of this is true. Once you own an NFT, everyone can see that NFT, download it, use it anywhere but the owner only controls the Ethereum wallet associated with that Post/Pic/Video/Music/NFT.

Why on earth does anyone need to pay the original owner, when they can use the NFT free without the ethereum wallet of course. Seems like NFT is the biggest scam in a modern day world that is fooling the whole of mankind.

[Pmalek]

In reality, the opposite of this is true. Once you own an NFT, everyone can see that NFT, download it, use it anywhere but the owner only controls the Ethereum wallet associated with that Post/Pic/Video/Music/NFT.

I already explained myself in my next post after the one you quoted. I was making fun of the idea of being the digital owner of a post or a piece of art/drawing that is publicly available on the Internet for anyone to use and do with it as they please. It seems so foolish to me and worth nowhere near the inflated prices that these pieces are getting sold for. More precisely, the prices that we see, but in reality it can be the same person paying himself out of a different account and then selling it to a third-party with a fake 50% discount. A 50% discount from the price he paid himself.

[noormcs5]

More precisely, the prices that we see, but in reality it can be the same person paying himself out of a different account and then selling it to a third-party with a fake 50% discount. A 50% discount from the price he paid himself.

That is indeed an interesting thing to know. This means that people will buy that NFT thinking it is on a 50% discount but in reality it has been bought again by the same original creator. Also a group of people can buy the NFT, making it more valuable as people see that particular NFT is in demand and it has been bought many times. So many tactics can be used to sell the useless NFT at good prices.

[libert19]

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Why on earth does anyone need to pay the original owner, when they can use the NFT free without the ethereum wallet of course. Seems like NFT is the biggest scam in a modern day world that is fooling the whole of mankind.

I think it boils down to human need to feel unique, 'look I spent $100k to own this image, I own it, none else does'. Yes other people can have 'save-as' image of it but only one can own it.

Also, ethereum price appreciation has fueled the nft mania. When you have bought tons of ether below $100, you would care less about spending $100k for picture.