The Problem With NFTs (Not What You Think) - A Technical Analysis of NFTs for Art

POV: based tech bro tries to warn you about NFTs for 19 minutes and 24.138667 seconds.
Do NOT mint sussy amogus nft at 3 AM!!!
00:00 Intro
00:26 What is an NFT?
01:29 What's inside an NFT? - ERC-721 example
03:31 The Problem
06:30 The Red Ape Family - ERC-1155 example
08:31 The Ideal Solution
10:27 The Current Solution
12:12 Why This Is Not Ideal
16:00 Conclusion
17:16 Outro
18:53 End Card
Edited By Clock Man: / @clockmanoffical
Music credits
Baretta Blues by Danya Vodovoz : • Baretta Blues - Trippy...
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Eric Godlow Beats : • (FREE) Lo-fi Type Beat...
MK Ultra - Tears in The Rain : • MK Ultra - Tears in Th...
Starlight - Memories : • Starlight - Memories
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[@CrispinStichart]

Your channel history: 1. A detailed analysis of why a niche anime game that's become a meme sucks 2. I have brain cancer 3. A technical look at NFTs (also I don't have brain cancer anymore) Love the content, keep it up. Maybe get Covid and incorporate it into a video analysis of the Skyrim game engine?

[@wolfumz]

this channel fucking rules

[@Joshinken]

You forgot „ok boomer“

[@markzaikov456]

Yep, I didn't know I needed more technical analysis

[@TheMaiztro]

That dude is awesome

[@rorysparshott4223]

It's even funnier a year later. Absolute legend

[@tea_lover_418]

I thought of you last week after the last Technoblade video since you guys got sick around the same time. Really happy to see this video, glad you're doing well.

[@sagewaterdragon]

Glad to hear that you overcame the tumor. That's great news! I'd definitely like to see a larger video about the state of blockchain, it seems like most mainstream coverage talking about its strengths and weaknesses were made back in 2015 or 2016.

[@wisemage0]

For a split second when you said "tumor" I wasn't sure if you were referring to his health or the video topic.

[@fntthesmth423]

A technical analysis of why blochcain doesn't scale would actually be super interesting! This is the first take about NFTs that I've seen in a while that isn't just a less through version of Line Goes Up

[@__8120]

Glad to see you're still doing well

[@alansmithee7549]

Honestly one of the most hilarious stuff I've heard in a while It honestly seems like NFTs are the furthest thing from an ownership proof that we could have ever made

[@Ketirz]

Maybe it's just that I've been thoroughly heckling NFTs since the second I was forced to understand what they were to deal with other people on Twitter, but the "It's just a _link_ to a shitty monkey" thing is like... yes?? I knew that. I thought everyone knew that, but going by the comments **apparently not** so good work I guess lol Glad to see you still kicking, regardless. Congrats on the not-having-a-tumor-no-more.

[@V_y-r_e]

Nice to see you back! Hope you’re doing well!

[@wolfumz]

Also: you don't have to do a bunch of slick editing. I know it's super time consuming. Just talking to the camera is enough for me, I listen more than I watch. Your thoughts and the content of your mind are what make this channel unique and cool.

[@ClockManOffical]

but my job :(

[@notgoogler1150]

I love your channel because you actually go deep into the technical side of things unlike the vast majority. You are great at this, keep going, xoxoxo

[@FONT-gb1hu]

Oh my god I am so glad you're alive. I literally found your channel an hour ago with the yandere video and immediately went to go watch more of your videos. With only three videos at the time of writing this, one of those being about your whole cancer situation, I was extremely worried that I may have come across an amazing KZbinr just to find out they recently died in an impossibly tragic manner. I have never been so happy and relieved about something in my entire life. Keep up the good work, keep on living your best life.

[@ademolad7215]

thank you this video will help me bring my nft owner bullying to new heights

[@microgamestation]

I dig the focus on the more technical side of NFTs. Glad you're on the mend too. :)

[@ExpiredStyrene]

I like your analysis on this topic! It's a good balance between technical detail and accessibility. I hope things continue to go well for you, and I'm interested to see what topics you cover in the future!

[@temsoom]

so happy for you recovering, this content is insanly entertaining and i hope you get the chance to make more!

[@LOGoltem4682]

I'm glad you're doing well! I like your stuff, hope to see more soon!

[@marro643]

Great video, Line Goes Up taught me about the social parts of NFTs and this video perfectly complements it with the technical aspect!

[@flleaf]

i love how well this video goes with solar sands one. both incredibly well made and polished 17+ minutes videos that criticize nfts from two different perspectives. just the ultimate pwnage

[@flleaf]

i just realized the use of word pwnage is ironic in here because you don't own ntfs

[@popcorny007]

@@flleaf The rare introspective self-reply

[@C_J_365]

I'm so glad to see you're doing better and pressing on dyc3! Welcome back 😁

[@doctormombo8146]

I'm glad to hear that your health is looking better. I'd love to see you do that video on blockchain. I'm always on the lookout for new perspectives on that topic.

[@neskey]

very frustrated that KZbin didn't notify me of this. you make great content dude. keep it up

[@matrixfull]

You always have the best music choices in your videos. I would really love to see your music playlists!

[@TheShadowManz]

So excited to see you back! Looking forward to whatever you do next.

[@Megaritz]

Where did he go? Why did he disappear again? :(

[@Arbeta10000]

Glad to hear you're doing well! Looking forward to more videos ^^

[@money_hyde]

So hyped there’s another video. I hate when the absolute best content creators are the ones who don’t post as often. Hope all is going well for you and hope to see more videos ASAP!

[@ashermouat8865]

Extremely glad to hear that you've recovered from the tumor. And yes I would absolutely want to see a vid on the lack of blockchain scalability

[@secretcactus4717]

Another great analysis! Welcome back!

[@markzaikov456]

Looking forward to all your future analysis

[@RoryDavidWatts]

Fantastic vid, and very nice to hear about the recovery too.

[@dies200]

I still love the fact that the entire idea and currently used implementations was from two guys who tried this as an experiment and declared it failed saying it's not feasible because of all the problem listed in this video. The people that made NFTs knew they were shit and are quite astounded that people took their shitty idea and made it an actual thing.

[@styrofoamsoldier]

You rock my dude, I've watched all your videos!

[@NewSchattenRayquaza]

You are such a wonderful guy please bless us with more of your amazing videos. Congratulations on winning the fight

[@GratissTVofficial]

man your editing is amazing

[@-__--__-_--]

Nice video man, glad to hear you recovered.

[@SharpieEasternn]

Please more videos! I watch all your content and love it!!

[@deadclicks]

Glad to see you're doing ok. Hope to see more vids from you

[@penderrin1637]

I'd be 100% interested in more block chain videos

[@user-te1fn8cj5r]

Glad to see your back.

[@slendi9623]

Amazing you recovered!

[@nacobjacob]

Love love love your content. I would challenge you to roast and criticize the blockchain as a whole and how it doesn't scale to modern uses.

[@fakesilver746]

great vid. im glad you're healthy!

[@JaxLeBat]

cant wait to see were this channel goes

[@arthurius_3022]

The king is back

[@nixedification]

YO GREAT NEWS! I LOVE YOUR CHANNEL!

[@arsenii_yavorskyi]

wait, you actually DEFEATED cancer?

[@nomadshiba]

15:00 yeah i was also thinking about malicious smart contracts but dont you need to give contract approvement so they can move your erc20 and other tokens for you? and web3 wallets are smart enough to view approve transactions differently and let you know your are letting the contract transfer your tokens for you. or idk maybe its possible, didnt try, might try to code one see how it goes i guess there should be one central owner-less contract for all art nfts tho, that would make them more legitimized but i dont ever bought any art nft myself because they have no use for me, so idk EDIT: yup its not possible to steal ALL your funds, without you approving in a separate transaction for every single erc20, and web3 wallets like metamask are smart enough to show them differently

[@kocokan]

Bitcoin nodes may need 360GB but have you seen ethereum nodes? Last time i heard they require 1TB

[@trayambakrai]

This is amazing to hear that you won the battle against cancer. Take care!

[@Low_Fidelity_3D]

Still cant wait for thatnext video

[@JB-kf9oo]

I’m not sure why I’m surprised but goddamn you got me good.

[@yarost12]

And he's been gone for another year

[@OkonkwoBigYams]

I'm subscribed to this? Who is this guy? *Looks at past videos* YOOOOOOOO

[@thanosraja2091]

Really good video.

[@argonaww]

v informative

[@Pepius_Julius_Magnus_Maximu...]

I'm glad they cloned you after your first video went viral and before you got brain cancer in the second one. Joking ofc, we love you man.

[@foul-fortune-feline]

U were wrong, this was already at least one third of the reason I hate NFTs (Good video tho lol)

[@bobmichaelsen2891]

Maybe make a video about blockchain and its flaws in general?

[@woosix7735]

Cool! What is the Minecraft video about ?

[@paigemariecody]

i was not prepared for that ngl 😂

[@ZackySena]

Idk hwo this guy js

[@elitebuster2012]

You probably subbed after the Yandere Simulator Coding Analysis video

[@fakesilver746]

i think what makes the most sense is putting the images directly on the blockchain, but making a new image file standard that only has like 8 colors or something, to reduce byte usage, and also make the images really small. maybe people wont really like that tho :(

[@rollthedyc3]

That would also severely limit what you could put in the NFT. Most on-chain NFTs that I've seen are SVGs (vector graphics)

[@fakesilver746]

@@rollthedyc3 yeah of course. i dont really know a lot about image types but it just seems to me like the only easy solution if you wanna do something actually serious. It's so incredibly wacky that you can just copy the URI to multiple NFTs. oh well I guess this is what your video is about xd!

[@Low_Fidelity_3D]

oh fuck yeah

[@juggaIa]

Are you going to post more now?

[@Chiren]

Ayo next video wen?

[@ZoonZac]

Oh my god!! Congrats on beating the cancer!!

[@bruhvistan9001]

Yes please, tell us why blockchains don't scale

[@whenelvescry2625]

Let's goooo

[@albancabannes7963]

Nice vid and nice shitpost Integrated on it x)

[@m4ki9h76]

You're here!

[@drdca8263]

Uhh... While it is quite possible for the source code for the smart contract to not be listed/available, the way you phrased that point seems to me like it risks the misinterpretation of “the author could submit a fake version of the source code which looks trustworthy, while the actual bytecode does something else”. Now, I’ve never actually used any real non-test-net blockchain (I did participate a little in the Ethereum testnet from before the chain was launched for real. Only got uncle blocks though, so none of it translated to tokens on the actual chain), but, you could also just, “if the source code for the smart contract is not available, don’t interact with it” ? That being said, I agree that that’s a really bad setup. (Though... it should be possible for clients to automatically make an estimate of what the state would be like after the transaction is executed? Though, I guess that would depend on what transactions go first, so maybe that would give a false sense of security?) Also, I think NFTs *for art assets* would still be pretty dumb even if it were secure? Well... if it is possible to e.g. grant a license to “any person who is (at the time they would use the license) in possession of [the token one is minting], to use/display/make-derivative-works-of the artwork” , that might have some merit? But I’m not sure that that can be made to legally work. And if they don’t have any legal effect, it is just, like speculating on expensive virtual baseball cards? Which like, sure people can do that if they want, but it does seem pretty lame IMO. Also, I’m not sure that the “can you retrieve the art asset from the network” aspect is, really much of a concern IMO? If one is going to buy one of those tokens, one should just, save a copy of the file to one’s local computer (and maybe make some backups). If one wants other people to be able to see what the art asset which you own an NFT for, is, then one can pin it on one’s IPFS node. But also almost all the NFTs associated with art assets that get talked about much, or at least the ones I see, are like, associated with terrible looking images? So like, why? One thing I saw which seems, like it satisfies many of the positives of NFTs for art assets, is just, “you and the artist both cryptographically sign a message stating that you paid them a certain amount of money in relation to the artwork”. One could show that off to the same degree. And, I don’t see how the speculation and re-selling of the NFT really produces any useful economic benefit? I mean, I guess if I’m being libertarian about it I should say that it must provide economic value to some people, seeing as they do it... But, are there any cases where people benefit from this *without* someone regretting being involved in the chain of transactions? Or rather, any cases which wouldn’t be served equally well in the “here’s a cryptographically verifiable certificate that you paid me money in relation to this artwork I made” ? Edit: I forgot to mention that I think an NFT which is associated with (and meant to be transferred as part of any sale of) a physical artwork, in order to act as a virtual certificate of authenticity, makes a fair bit more sense to me than for digital artworks. Because, with the physical artwork, there’s an actual thing which can be either the original (or officially created copy) or a counterfeit, but for digital works, it is the same file either way, so, what’s the point?

[@rollthedyc3]

It's been a while since I made this video, so sorry if I'm misremembering. But IIRC, no, I didn't suggest that the author could submit a fake version. I said that the author could just *not* share their original source code, *voluntarily*. Perhaps I should have made it more clear that the verification process requires the smart contract to compile to the exact same bytecode that was submitted to the blockchain.

[@drdca8263]

@@rollthedyc3 oh, no, I didn’t mean to say that what you said implied that or was particularly suggestive of it, and I certainly didn’t mean to imply that you were being intentionally misleading about that, I was only saying that “because this can be a bit confusing, someone might misinterpret this part of what you said in that way, so it could have been better to make that part a little clearer” (Or at least, I assume that was what my thoughts were) Edit: yeah, I think including that point (that has to compile to the same bytes) would probably have addressed the concern I had. In any case, thank you for your reply

[@sourhill2292]

@@rollthedyc3 i was genuinely worried you had like a seizure from a surgery or something and died until i saw this reply

[@TourFaint]

congrats on the no cancer thing.

[@NeoShameMan]

Don't be a dychead, be a dyc3!

[@paigemariecody]

fuck yeah

[@tubaapollo467]

Now I finally understand what nfts are and why they are even dumber than I thought :) Thanks!

[@JonathanKanelis]

What about the ecological impact, can this be actually assessed ?

[@rollthedyc3]

I thought about talking about the ecological impact but honestly it wasn't worth the effort. The gist is that Ethereum is not the only blockchain with smart contracts (and therefore NFTs), and there are other blockchains that are eco friendly. Also, Ethereum is planning to (eventually, at some point) switch to proof of stake which would negate almost all the eco impact.

[@JonathanKanelis]

@@rollthedyc3 Thank you!

[@SmileytheSmile]

Lol, I made a comment on the Yanderedev video a couple of days ago about how I wished you'd make more code reviews. Am a necromancer? Oh wow, didn't know you had a brain tumor, good luck with recovery.

[@NeoDragoon159]

Yeah... this is why you should just buy your art physical.

[@anonazerty165]

Lesgo

[@carcrashjayson]

Why don't blockchains scale? :)

[@Asoukes]

[@lenargilmanov7893]

TBH, I expected you to go into more detail.

[@rollthedyc3]

There is no more detail. This is as detailed as it gets.

[@nonsononessunooko4066]

BRO SOLOS GOKU

[@ClockManOffical]

Last

[@kajacx]

Why not just store the hash of the image in the NFT, or as part of the message for the transaction that minted them? Are NFT creators really that stupid to not think of that?

[@rollthedyc3]

As I said in the video, a hash of the image stored in the smart contract would be fine. At least then you could prove that the nft was supposed to represent that asset. As for embedding it into the transaction... I don't know if that's practical.

[@philzan3627]

Just feedback: - use a regular background, the generic obs one is really weird and unfamiliar - less long screen phasings. - get a lapel microphone - use glasses that don't hide half your eyes - less reading (i know, i know, it is hard, but practice makes perfect!) - be more laxed :D

[@amateurtakeongaming4298]

I don't like Vector

[@themostcrusty]

I buy nfts and have to say this is well made in general. Most nft buyers don't understand that the token is the only thing they "own", the value is in the provenance of the token as owning an nft confers no legal transfer of rights. You'd find the yuga labs vs ryder ripps lawsuit interesting.

[@themostcrusty]

Also GG on the tumour. Good shit dude. 👏

[@stekra3159]

NFTs are a fun computer science experiment that escaped goten way out of hand and have done real damge the envierment. That none questend a curancy esaenty backed buy computing harwher is baffeling.

[@popcorny007]

PLZ DYC3 MAKE MORE CRYPTO VIDS I NEED THEM TO GET OFF AT NIGHT PLZ PLZ PLZ PLZ PLZ!!!!!@!!!!!!

[@karolchruzik1919]

you gotta work on your titles. you are exposing a gigantic flaw in NFT's systems that basically nullifies all benefits of the blockchain. thats clickbaity as hell.

[@michaelkindt3288]

@4:50-.-Recording a dead body and putting this footage on the Internet is literally exactly morally equivalent to recording a rock and putting the footage on the Internet. (Not Joking, 100% serious, seeing people unironically think it’s immoral makes me angry, and you have negative infinity reasons to complain, because it is trivial for you to find people who agree with you, and it is seemingly impossible to find people who is with me.)

[@danielblank9917]

Lol no

[@popcorny007]

Do you think seeing a dead body is generally a positive experience? Why does this specific incident resonate so heavily with you lmao

[@michaelkindt3288]

@@popcorny007-.-Because I legitimately do not see anything morally wrong with recording a dead body and putting the footage on the Internet, and I find coming to the conclusion of believing it is morally wrong to record a dead body and put the footage the Internet to be equivalent to the conclusion that it is immoral to record a rock and put the footage on the Internet, or the idea that murder is perfectly morally acceptable. And yet, it seems The vast majority of humanity (or at least humanity on the Internet) has somehow unanimously come to the conclusion that it is somehow immoral to Record a dead body and put the footage on the Internet. If we can’t all agree that that’s not immoral, then what can we agree on? And if we can all somehow agree that it is immoral, then what _can’t_ we agree on? Finding out that the vast majority of people thought it was immoral to put footage of a dead body on the Internet was like waking up to a world where people thought it was immoral to read books, it is existentially disturbing on a moral level.

[@lunargraph]

lol no

[@splits8999]

schizophrenia

[@PiterTraceurFA]

I'm gonna be honest my dude, that face in the miniature together with the subject you're talking about was enough to make me unsub.