What's going to be interesting to watch is when one of the heavily CDN's used goes down so NFT owners are left with receipts of broken links, even better if a CDN gets hijacked and gets configured to return the same Rick Roll clip for every NFT link.
They're using IPFS and/or Arweave so nothing that can simply go down. Decentralization yay.
Would it be accurate to say that, from another perspective, the counterfeit NFTs I issued would stay on the blockchain in perpetuity, with no on-chain indications (aside, of course, from timestamp and key) of their fraudulent nature, and that they could be resold over and over to defraud additional careless buyers? Is there some sort of registry of fake/fraudulent NFTs or is it all caveat emptor, hope you read the right blogs?
For some value of sense the movie industry makes some sense. An NFT like a physical baseball card has zero actual utility save for the covetous feeling of ownership itself a mental disease now unmoored from physicality and actuality. It is an opportunity for us to view side by side people who cannot live indoors and in some places get enough to eat with people pouring more money than many people will ever see into abstract unrealized never to be satiated covetous greed that will only pay a return if they can thereafter pawn it off on someone even more foolish in the future.
>Surprisingly, during the court battles over the legality of the VCR, the studios began selling their movies on Betamax and VHS—to play on the very devices they were trying to outlaw. Trying to have it both ways, they began selling movies on video cassettes for retail prices up to $100). In 1977, Twentieth Century Fox was the first when they released Patton and MAS*H, which had been in theaters seven years prior, and The Sound of Music, which had its theatrical release in 1965. The first movies on videocassette weren't exactly new releases. Given a family of four could watch a movie at the theater for about $15 in 1977, $100 for a videocassette of the same movie seemed outlandishly expensive. But from the studios' perspective, that was a fair price to own a movie versus the lower price to rent a seat in a theater to watch it. The price Fox set for these first releases became the standard for the industry.
The point is, there's no scarcity built in to an NFT. Scarcity builds far more value than a position in line.
Personal Opinion: By selling NFTs - metadata about the art and not the art itself - their integrity as an artist is already somewhat suspect in my mind.