The best way I heard someone explain an NFT is like buying a star to put your name on it or adopting a panda. You own neither. It's just the fun of purchasing it.
@@Pablo360able which is funny because it's like artificial scarcity but it's not really scarce and they're just saying yeah it's going to be worth a lot of money in the future but like why it's already worth a lot of money now but nobody likes it except for people shilling the s***lol
Its so baffling to me that digital artists got shit for YEARS for charging for their art and now all of a sudden, digital art is cool??? Also the fact that majority of the NFTs on OpenSea, an NFT selling site, are stolen from artists AND the site is making it harder and harder to get the stolen art taken down.... Its funny that this video came out today when Brie Larsen and a couple other actresses just announced they bought NFTs lol
@@kaemincha from what I’ve seen lots of celebrities are signed to companies that are currently investing in certain crypto so the companies are paying their celebrities to shill it so it boosts their investments
@@stalebread9050 extremely interesting!!! do you happen to have a name of a company/celeb of one of these companies? would love to do some deep diving into this
As both a fan of Dune and someone whose living is built on intellectual property law, this entire thing in a nutshell is why I (and many others) have problems with the wider NFT phenomenon. When I buy a book or a piece of art, even if it's digital, I have something of measurable worth. And that purchase comes with the understanding that I won't violate copyright. You can argue about how much a physical or digital thing should be worth, but what I as a buyer am receiving is clear. NFTs are as close to owning less than nothing as possible. If buying into a blockchain to receive an NFT of a book doesn't get me a complete copy of a book, who benefits? The ones on the upper end of the blockchain with the most money to throw around. Consumers have no protection in this environment. The NFT marketplace is completely unregulated. Buying a receipt that says I own a thing (or part of a thing) without actually conferring ownership is theft, pure and simple. And it's all the more toxic because legitimate artists, who have explicitly said NOT to make NFTs of their work, have had their art made into NFTs and sold without their permission. NFTs aren't the future of intellectual property. They're the future of pyramid schemes and art theft, pure and simple.
NFTs: Beanie Babies for techbros, except when the value falls off a cliff they won't even have a cheaply made plush toy. They will have nothing at all.
The funniest thing tho is that this is a physical book........ but since the funds are crowd sourced no one person can get the book anyway so it's Beanie Babies but even stupider
99.99% of the people they solicited money from will never see any of the books content. They're initial tweet contained a huge red flag on item 1, "make the content of the book public to the extent allowed by law". It's completely clear that they never bothered to actually pursue any inquiry into what WAS allowed by law, because the answer from ANY competent intellectual property lawyer would have been "none at all". They can't even distribute scans to any of the "investors", because that would be an unauthorized reproduction forbidden by copyright law. Item 2 was worded to suggest they were planning an animation based on the CONTENT of the book, which they can not legally do. Item 4, about derivative works, they can not legally do. Also, claiming at any point that it was "unpublished" was a non starter. It was a physical COPY, meaning it WAS published. At a minimum, I think their solicitation of funds was fraudulent, promising things they would NEVER legally deliver. They're desperately trying to backtrack on those things now to avoid being wiped out by an "investor" revolt.
Actually yet another astounding display of intelligence on the part of the Spice DAO is that the contents of the book are ALREADY publically available. It's not hard to find pdfs of every page in that book! For free! Well before they purchased this hardcover copy! So everyone financially involved in this will at least have the opportunity to see what's inside that book assuming they can figure out how Google works.
I think the thing that needs to be asked is "did the crypto bros have any connections to the previous owner of the book"? because my bet is complicated money laundering to get money out of the corporation. "we bought this 35K book for 2.6 million. totally sane move, completely unrelated that the book was owned by my brother in law"
@@khill8645 Long time on the internet actually. Know all about file sharing, know all about copyright law as well. Don't spend all my time casually stealing other people's work. But maybe you have a much more lax attitude toward that sort of activity...
They could have at least taken 2 extra seconds to think of something with more creativity. They could've hit us good with something that rolled off the tongue much easier like 'noncons' or 'nfters' /niff-ters/ (nft+haters).... Oh wait, didn't this all start because of a lack of original creativity, nvm 😅
@@russelllukenbill lol, it's the really dumb naming conventions for french non-magical people in Fantastic Beasts 2 by JK Rowling. It just seemed appropriately as dumb as "nocoiner"
I'm so glad that all my fave youtubers are talking about this- NFTs + Crypto are incredibly dumb in way more ways than one (environmental concerns are just the tip of the iceberg) and seeing some sanity from my fave commentators is extremely refreshing.
@@YvonneHansonPhotography Fair enough. At least she seems to understand the pros and cons of both NFT's and Crypto before jumping on the bandwagon making unnecessary, risky investments, and pushing their peers/influencers to do the same. Being informed is very important, and she appears to be.
furry here and i fucking despise nfts. they’re just creating things we really don’t need. like why make things that are infinitely reproducible scarce.
@@omegareal5183 you mean a closed species? Not really comparable with reputable sellers. In a closed species, you're paying for the rights to an aesthetic. It would be like if you went to Disney, told them you loved how Stich looks and they sold you the rights to make an OC that looks like an orange stich with bigger teeth, put it on merch shirts, wear costumes of it around, etc.
I stumbled upon an article in a crypto site that was like we watched it so you don't have to and they barely had any retort. It wasn't like they were just trying to be informative because they were engaging with some of the arguments but they had nothing for pretty much 90% of the arguments made in the video.
I was just going to recommend this! Once she mentioned the DAO and governance tokens I knew that video would’ve given her a better idea on what’s going on here
There is a really good documentary called Jodorowsky's Dune that is about that concept book, where Jodorowsky explains what happened to his film. Its really interesting, highly reccomend. He was going to have Dalí, Geiger, Orson Wlles, and Jagger to be involved, actually a huge bummer this movie wasnt made because it looked like it was going to be epic.
Yes! The documentary is awesome! It was one of those projects that, on a realistic level, was probably never going to be made. But man, the sheer audacity of it all! They were going to have Mick Jagger play Feyd Rautha! "Floats like a butterfly and smokes a long joint!" Just imagine it!
Yes, it's quite an entertaining documentary. You might read about how ambitious and insane the effort was and wonder how he convinced anyone, but seeing him speak about it - even translated you understand how good he was at pitching his ideas and maintaining enthusiasm.
“Our DAO has nothing to do with Dune.” Their DAO is named after the most important resource in Dune. Also making something even inspired by Jodorowsky’s Dune is still difficult because Jodorowsky himself made a series based on his unmade movie. Basically enough of his concepts deviated from Dune enough that he could throw out all the elements from the novel and made his own original series called the Metabarons. So basically every inch of the book is copyrighted in some way.
To me they seemed to go into this with the assumption getting this book of a movie’s storyboards and concept art gave the the rights to dune and they are doing a bad job a backtracking after having consulted with a lawyer about it with the lawyer correcting them saying this didn’t give them the rights to dune and all they did was buy a book of storyboards and concept art for an unmade movie at a ridiculous price cause the book was only valued at $28,628.697-34,349.903 US Dollars even though they actually stated that they were going to make other work based off the ideas in the book and make the book public but that must’ve been before they actually consulted cause now they are acting like they never made that statement
Honestly I saw the title and i thought it would be about streaming services? Like how you pay Spotify but the library isn't permanent or whatever, and how we don't own physical copies of stuff now and they can go anyway any time. But this is also very very good
If you wanna talk about NFTs, definitely check out Dan Olson's video "Line Goes Up - The Problem With NFTs". It's 2 hours long, but filled with information about how, exactly, NFTs are so destructive, beyond just their environmental impact.
I fucking love Dune. These people clearly dont know what the hell they are talking about though. Their currency is spice dio. As in referance to the spice in Dune that is the driving force behind the entire series. Yet they want us to think they werent going to monitize it. You already are making money off of dune in a way…
I was going to say the same thing. I know I haven't read the book but I watched the movie multiple times because I'm totally obsessed with it. The fact they named their currency spice dio is such a red flag to me.
@@ArturGlass.C yeah, it comes across as them teying to cash in on the popularity of the new movie adaptation. I would highly recommended the original six books in the series. I have yet to see the new Dune adaptation though. I hope its good. It deserves a good film adaptation for once.
@@BlindZubat I'm obsessed with it. I watched the older adaptation and I hated it which is why I never had any interest in the books. My dad read all the books and he liked the movie. Thought the adaptation was good too there's some things that aren't perfect in his point of view but he's understanding of it since it's a hard book to adapt. But Im pretty sure he'd recommend it. Personally I do cuz I really love it. I assume the books must be better tho, I'll try them at some point. Don't have the time tho sadly.
@@ArturGlass.C My dad has read the first four books in the series and seen the original film and the syfy made for tv adaptations. He hated both. I am visually disabled and have not tried watching any of the adaptations yet. If timing is an issue, then I would recommend the audio version of the book.
i saw someone compare nfts to the craze there was back in the day of people buying a star for themselves or to gift to someone else, and they'd have a certificate with a pic of the star and its coordinates to prove it was theirs. but those companies are all defunct now, which means there's no actual record of those ownerships, and it's also impossible to know if every person who bought one of those stars actually had an original one or if those companies were giving the same star to different people. and it's an incredibly similar concept because the stars, just like nfts, are something you can claim you own, you have a document proving its yours, but it's not something you physically own, it's not in your possession, you just have a piece of paper that says it's yours
Honestly, what would a person DO with their star, anyway, even if it was legit? And yes, I “own” a few - they used to come free with those “Shining Stars” stuffed animals. 😂
Pretty sure the book burning comment was prompted by a statement they made earlier saying they were planning on burning the physical book then minting NFTs from scans of the pages
I remember a significant discourse around fanfic, ips, and copyright a few years back that included art. I am now questioning if it even happened or if it was just discussed by those in the arts.
My guess is that it's either a case where the person who submitted the book to Christie's convinced Spice DAO members ownership means intellectual property and made the competing bids themselves, or a case of old school tax dodging/money laundering that got much more press than expected. But could just be strange people who got wealthy in crypto when the thousand dollars they put in bitcoin to buy drugs off Silkroad turned into 50 million dollars, spice is a drug in Dune and they named their whole thing after it.
I completely agree with this take, however what makes something fungible is if it can be divided and those pieces can be recombined to resemble the original. So a dollar is fungible because you could break it into 100 pennies and 100 pennies can be spent as one dollar. A piece of art isn't fungible because if you tore it in two it wouldn't be reconstructed to be sold as the original
PLEASE DONT make an NFT. The amount of electricity used by crypto vs youtube is vastly different Great vid though, damn that's silly. I hope they do upload the art! It would be interesting to see
"I've seen what's coming and it's going to be fcking legendary" Fantastic word choice by them considering Legendary Pictures produced the 2021 Dune movie and actually, y'know, own the rights..
Who had the book before? Who got to keep that $2million? It's either someone involved in the Spice DAO that pumped the value of the book skyhigh for their own benefit OR just a very lucky collector that got a windfall.
identical component parts." Sorry, had to finish for you, looks like you hit send before finishing typing. But yep, a book is definitely a non-fungible object.
I hope for the NFT full video you really go into the multiple issues NFTs have, not just the enviromental impact of them. And if you mention companies who do NFT projects, you don't make it out that the whole company was in on that, please. + Folding Idea's video on NFTs is an absolute must-watch
This is VERY similar to music copyright. Yes, you can own a physical copy of a CD, but you are NOT free to do with the audio contained within it as you wish. Same goes with art prints, electronic product design (Samsung), even food recipes (like Taco Bell's Meximelt which they discontinued).
Sadly, this is something I have seen happen MANY times (but this is an extreme case). A huge part of the public thinks that ownership = rights and its maddening.
Hi! Quick nitpick: your iPad and book are actually non-fungible (to a degree)! Fungible and non-fungible are just adjectives that describe the extent to which a given object is interchangeable with another identical item. Things like money, grains of rice, raw material (and even heads of cattle back in the day) are considered fungible. It doesn't matter if you are paid with bill a or bill b, or what grains make up your pound of rice, so long as they have the desired value/quantity/characteristics. Your book and iPad, as physical objects, are non-fungible to the degree that you have used them and made them yours. While two new iPads are fungible with one another, your used iPad and a new in box iPad are not fungible. Things that are fungible can be made non fungible by identification- if I name my cow, she is no longer fungible. Anyway NFTs are bullshit and I can't believe they ruined my favorite contract law word like that.
The other day my cousin told me stealing art to sell it as NFT wasn't that bad since it wasn't a crime, and since it wasn't a crime we all should do it. I tried to tell him just because it wasn't a crime (yet) it didn't mean it was okay… but you can't make sense with people who likes nfts.
4:00 By default you dont own anything with a nft. It needs to be negotiated on a sale by sale basis, which very few nft buyers know or do. So in some cases (rare though) you DO own the copyright as well, but to be valid/enforceable it needs to be put into a sales contract for the nft.
it just sounds to me like these guys really don't like coming up with their own ideas or intellectual property. like all this talk of an anime, a show, all this stuff, and not one original concept put forward by their team. they think they can either buy one or scam them off of small artists.
I am actually a Dune fan! I have a few different copies of Dune. I also have a lot of special editions and merch to several other different books and series' ...(Nerdy Ink Dust Jackets, Fairyloot, Owlcrate, hand-made items from Etsy...) I am an avid reader of MG, YA, NA, and Adult. my top genres are Fantasy, Sci-Fi, and Horror. I would love to have been able to get my hands on that book! I bet a lot of readers who love Dune, along with all the books after would love to be able to check it out!
very good video hadn't heard of this but sounds about right for nft people. such a leap of logic omg (i suggest the folding ideas video "line goes up" about the mess of nft's if you haven't seen it already) also lol i originally thought the title of this video meant you were talking about subscription services and how you can't buy things like moves or music without the possibility of it disappearing suddenly (which I would love to see a video on!)
This gives me the same vibes as tumblr trying to do...anything. Except this time its worse cause its fully grown adults who should know how copyright works.
If you dive deeper, the book is actually going to cost more than the $3.04 million. They are also paying for: $620,000 - auction fee $176,600 - VAT Fee $750,000 - estimated Capital Gains Tax (for converting crytpo to buy the book) $2700 - shipping (!) $20,000 - shipping insurance (!!) $30,000/year - storage fees including insurance (!!!) TBD - customs fee (maybe around $20,000 based on my calculations) So it's probably more like $4.36 million for the purchase and fees and $30,000 a year for storage, if my calculations are correct. For a book.
still don't really understand how nfts are functionally different from paper reciepts from mcdonalds except that one could at least be used for toilet paper in a moment of extreme desperation
They're more like the ticket you get a 5 guys when you place your order, the thing that allows you to say "Yeah, that one's mine" when your order comes round. Doesn't do much good outside of a very specific situation and has about the same resale value to boot.
My favorite part of this is that they think they own the copyright to Frank Herbert's novel Dune, when they bought an NFT of Jodorowsky's unmade Dune film. I also just finished a 56 page legal analysis of Dune/copyright issues/estate planning implications, and I really, really wish this news had come out six months sooner so I could go through all the legal issues with this stuff.
Months later, this is still so funny! 😂 This is like me buying my friend's shitty Twilight fan art and thinking that I now own the rights to Twilight. "But it's unpublished!" (I also now realize what a fcking stereotypical Younger Millennial I am. I literally can't think of any book fan base other than Twilight and Harry Potter.)
I'm not a fan of Dune but I absolutely stand for Jodorowsky! His films are insane yet intriguing because he incorporates kabbalah, alchemy, and other esoterica. I just ordered his Marseille tarot deck.
I'm SO glad you decided not to the the NFT thing. Because I remember you mentioning it once before in a livestream or something, and I was like "well, shit, if she does this I'm going to have to unsubscribe" because that's the policy in the online art community now days: you unfollow and block anyone that goes into NFTs. You don't give them platforms. So I'm just SO glad you didn't go through with it.
From the name of the cryptocurrency, I’m getting the impression that the DAO is comprised by many avid Dune fans who would love to bring Jodorowsky’s work to life. It’s unfortunate that they didn’t get good legal advice before embarking in this enterprise. It would have saved them a lot of money. Oh well! Maybe they’re amazingly honest people and will pass Jodorowsky’s concept book around until all members have seen it and enjoyed it, and afterwards they will display it as a work of art and charge people to see it. Lol.
The book has actually been publically available online for free for years and years already so even if they are amazingly honest people, they're a bit late to the party haha.
Omg that would be a great hook "it's to early in the episode to say F*** so make sure you make it to the half way point where I'll use it like a sailor"
I'm a legal advisor and this is so funny and sad at the same time. It is clear that no lawyer was consulted BEFORE buying the book, even though a consultation would clearly have been needed. I work for the government in my country but even there we see stupid decisions being made all the time because nobody from the legal team was consulted.
I think another video I saw on the crypto people sums up the people very well but ill try and be a little less barbed with my wording. He described them as middle class with enough money to throw at projects but also concerned enough to be worried about their financial future. They are also extremely ignorant of what it takes to make a successful project and are naïve to things like business law, copyright and so on and are more easily manipulated by the people running the show. Essentially I think the same people who buy into MLMs are the target audience. Not dumb but naïve, isolated due to the pandemic along with how we live in general and depending on the person money hungry to levels that I would say are not healthy.
The thing that Springs to mind for me is the ice cream machine at McDonald's. The franchise owner owns that machine but they do not own the tech in that machine that allows it to run and operate.
I just can't believe that not only could people be this stupid, but that they also managed to get other people to give them millions of dollars. It's mind boggling
The person that said "a real dinner or a receipt for a picture of someone else's dinner?" Knows what's up. Because that's basically how NFTs work. You're not buying the item, or any I.P. right related to the item. You're buying a "token" (which in reality is just a string of numbers in a database) that "represents" the item. A lot of people liken it to "certificate of authenticity", but it's really not even that. It's essentially just a receipt. A receipt that says you purchased a "token" that "represents" the item in question. It's a receipt that says you paid for an item. That's it. It's like the guy who sold the Brooklyn bridge 6 times, despite never actually owning said bridge. The people he "sold" it to paid for the Brooklyn bridge. Or at least that's what they thought. In reality, they paid for a piece of paper that basically says "I own the Brooklyn bridge", so they when it came time to enforce that ownership, they were shocked to find out that they, in fact, did not own the bridge. because the guy who "sold" it to them never owned it, and therefore couldn't transfer said ownership. But they had a receipt saying they owned the bridge! So they owned the bridge, God damn it! That's basically what NFTs are. A dude selling you a receipt saying you own something that you don't actually own.
From what I understand, the book itself did have a lot of inherent collectors value as a sort of pilot. I believe he went on to do a popular comic that sort of spiraled off of the adaptation. I've never read it, but I'm a big Moebius fan and it was collaborative, so I really ought to track down a torrent or summat. This whole thing does feel like a ponzi scheme where folks on top forgot to bail out at the last minute though. Do we know what cut the auction house typically takes in their fees? Its possible they drove up the price themselves to tell their "investors" a big extra chunk of money went to the house.
Taking away the NFT/crypto aspect of this, it's just like the Tumblr kickstarters of the 2010s where 15 year olds with no knowledge raised thousands of dollars for TV show ideas that they could obviously never actually make
The best way I heard someone explain an NFT is like buying a star to put your name on it or adopting a panda. You own neither. It's just the fun of purchasing it.
At least you get to name the star.
The difference is that you intend to sell the star/panda to someone else later at a higher price.
@@Pablo360able which is funny because it's like artificial scarcity but it's not really scarce and they're just saying yeah it's going to be worth a lot of money in the future but like why it's already worth a lot of money now but nobody likes it except for people shilling the s***lol
@@blumeiworld exactly, the only people who are interested in buying nfts are the suckers who bought into the hype
I see it more like paying a stripper to pretend to like you.
The book is already available publicly. Someone uploaded a scan of the book to the internet in like the early 00's
Yeah. They did absolutely zero research. Every single assumption that group made was wrong.
Came here to say this!
Its so baffling to me that digital artists got shit for YEARS for charging for their art and now all of a sudden, digital art is cool??? Also the fact that majority of the NFTs on OpenSea, an NFT selling site, are stolen from artists AND the site is making it harder and harder to get the stolen art taken down....
Its funny that this video came out today when Brie Larsen and a couple other actresses just announced they bought NFTs lol
upvote cause this shit is gettin crazy. why is humanity like this 😭
a bunch of the celebrities have got to be getting cuts of money, or they really are just that dumb and attention-seeking
@@kaemincha from what I’ve seen lots of celebrities are signed to companies that are currently investing in certain crypto so the companies are paying their celebrities to shill it so it boosts their investments
At this point I'm waiting for a class action or smth to be filed against OpenSea. Like what they're doing can't be legal.
@@stalebread9050 extremely interesting!!! do you happen to have a name of a company/celeb of one of these companies? would love to do some deep diving into this
As both a fan of Dune and someone whose living is built on intellectual property law, this entire thing in a nutshell is why I (and many others) have problems with the wider NFT phenomenon. When I buy a book or a piece of art, even if it's digital, I have something of measurable worth. And that purchase comes with the understanding that I won't violate copyright. You can argue about how much a physical or digital thing should be worth, but what I as a buyer am receiving is clear.
NFTs are as close to owning less than nothing as possible. If buying into a blockchain to receive an NFT of a book doesn't get me a complete copy of a book, who benefits? The ones on the upper end of the blockchain with the most money to throw around. Consumers have no protection in this environment. The NFT marketplace is completely unregulated. Buying a receipt that says I own a thing (or part of a thing) without actually conferring ownership is theft, pure and simple. And it's all the more toxic because legitimate artists, who have explicitly said NOT to make NFTs of their work, have had their art made into NFTs and sold without their permission.
NFTs aren't the future of intellectual property. They're the future of pyramid schemes and art theft, pure and simple.
NFTs: Beanie Babies for techbros, except when the value falls off a cliff they won't even have a cheaply made plush toy. They will have nothing at all.
A cheaply altered monke
I always thought of it as neopets but people don’t care about the pets, just about trading them
@@vwts at least you aren't paying hundreds of thousands of dollars for a Neopet
The funniest thing tho is that this is a physical book........ but since the funds are crowd sourced no one person can get the book anyway so it's Beanie Babies but even stupider
@@vwts Funny thing is neopets did nfts and that failed hardcore as well.
99.99% of the people they solicited money from will never see any of the books content. They're initial tweet contained a huge red flag on item 1, "make the content of the book public to the extent allowed by law". It's completely clear that they never bothered to actually pursue any inquiry into what WAS allowed by law, because the answer from ANY competent intellectual property lawyer would have been "none at all". They can't even distribute scans to any of the "investors", because that would be an unauthorized reproduction forbidden by copyright law. Item 2 was worded to suggest they were planning an animation based on the CONTENT of the book, which they can not legally do. Item 4, about derivative works, they can not legally do.
Also, claiming at any point that it was "unpublished" was a non starter. It was a physical COPY, meaning it WAS published.
At a minimum, I think their solicitation of funds was fraudulent, promising things they would NEVER legally deliver. They're desperately trying to backtrack on those things now to avoid being wiped out by an "investor" revolt.
Actually yet another astounding display of intelligence on the part of the Spice DAO is that the contents of the book are ALREADY publically available. It's not hard to find pdfs of every page in that book! For free! Well before they purchased this hardcover copy! So everyone financially involved in this will at least have the opportunity to see what's inside that book assuming they can figure out how Google works.
@@jones4106 And now that its become public knowledge, Warner or the estate of Frank Herbert can DMCA to delete it.
I think the thing that needs to be asked is "did the crypto bros have any connections to the previous owner of the book"? because my bet is complicated money laundering to get money out of the corporation.
"we bought this 35K book for 2.6 million. totally sane move, completely unrelated that the book was owned by my brother in law"
@@alankelly1001 First day on the Internet, huh? Tough break, but you'll learn about filesharing soon enough.
@@khill8645 Long time on the internet actually. Know all about file sharing, know all about copyright law as well. Don't spend all my time casually stealing other people's work. But maybe you have a much more lax attitude toward that sort of activity...
I own a signed first edition of Gibson's Neuromancer. I'm pretty sure this means I own the idea of Neuromancer itself. That's how it works, right?
Yeah, start pitching an adaptation, I'm sure nothing will go wrong :)
woah i am jealous
I'm pretty sure it means you own William Gibson in his entirety, since his DNA is included from where he touched the book.
Yup, you own it now, that's how it works. 😂😂😂😂
Yes he obviously signed it away to you
'nocoiner' is hilarious. They had to invent a word for insulting people who won't buy into this BS.
If some Bitcoinboss calls me a nocoiner, I am going to hit them in the face with a sock full of pennies. How do like those coins, bish? jk
They could have at least taken 2 extra seconds to think of something with more creativity. They could've hit us good with something that rolled off the tongue much easier like 'noncons' or 'nfters' /niff-ters/ (nft+haters).... Oh wait, didn't this all start because of a lack of original creativity, nvm 😅
No-mag, the non-magique
@@katiegogerty9365 what is magique?
@@russelllukenbill lol, it's the really dumb naming conventions for french non-magical people in Fantastic Beasts 2 by JK Rowling. It just seemed appropriately as dumb as "nocoiner"
by their logic, i now own the rights to the complete harry potter franchise. i own every single book!!1!
I'm sorry but your wrong. I own every book in existence.
So if I own the dictionary that means I own all books, as I own all words ever written?
Congrats on your millions of dollars that you got from owning the books!
Oh man you left out the best part: the contents of that book have been public on the internet for literal years before they bought it!
I'm so glad that all my fave youtubers are talking about this- NFTs + Crypto are incredibly dumb in way more ways than one (environmental concerns are just the tip of the iceberg) and seeing some sanity from my fave commentators is extremely refreshing.
19:22
She does own Crypto, though...
@@TomBombadil515 Owning some crypto is different than making it your whole personality and acting like its going to revolutionize finance
@@YvonneHansonPhotography Fair enough. At least she seems to understand the pros and cons of both NFT's and Crypto before jumping on the bandwagon making unnecessary, risky investments, and pushing their peers/influencers to do the same. Being informed is very important, and she appears to be.
@@TomBombadil515 totally agree!
If furries aren't jumping onto NFTs, you know its a terrible idea
Furries probably hate NFTs more than anyone else. We're very protective over our art and understand how negatively this impacts the art community.
furries already have adoptable species which r like practically nfts
furry here and i fucking despise nfts. they’re just creating things we really don’t need. like why make things that are infinitely reproducible scarce.
@@omegareal5183 you mean a closed species? Not really comparable with reputable sellers. In a closed species, you're paying for the rights to an aesthetic. It would be like if you went to Disney, told them you loved how Stich looks and they sold you the rights to make an OC that looks like an orange stich with bigger teeth, put it on merch shirts, wear costumes of it around, etc.
The veracity of an idea is based on furry approval
For those who still haven't seen it Folding Ideas has a PHENOMENAL video about NFTs. Should be required viewing by those wondering about them.
Yeah! That one is a must!
Is that the one titled "Line goes up - The problem with NFTs?"
I stumbled upon an article in a crypto site that was like we watched it so you don't have to and they barely had any retort. It wasn't like they were just trying to be informative because they were engaging with some of the arguments but they had nothing for pretty much 90% of the arguments made in the video.
@@a.houston946 Yes it is! It's long, but broken in easy to watch parts.
I was just going to recommend this! Once she mentioned the DAO and governance tokens I knew that video would’ve given her a better idea on what’s going on here
It’s like me buying a twilight fanfic and thinking I own twilight
Everytime I hear an NFT idea, all I can think is that they're a less environmentally friendly version of something that already exists.
Or something that doesn't exist for a good reason, like 'owning' a color
There is a really good documentary called Jodorowsky's Dune that is about that concept book, where Jodorowsky explains what happened to his film. Its really interesting, highly reccomend. He was going to have Dalí, Geiger, Orson Wlles, and Jagger to be involved, actually a huge bummer this movie wasnt made because it looked like it was going to be epic.
That sounds fucking amazing. Sucks that it was never made
Yes! The documentary is awesome!
It was one of those projects that, on a realistic level, was probably never going to be made. But man, the sheer audacity of it all! They were going to have Mick Jagger play Feyd Rautha! "Floats like a butterfly and smokes a long joint!" Just imagine it!
Yes, it's quite an entertaining documentary. You might read about how ambitious and insane the effort was and wonder how he convinced anyone, but seeing him speak about it - even translated you understand how good he was at pitching his ideas and maintaining enthusiasm.
These NFTbros and Crypto bros are trying REALLY hard to keep telling us this whole thing is not a giant scam. They sound like MLM huns
At least MLM huns sometimes have free samples.
Crypto do has a value though. I constantly use btc to buy drugs ;)
@@skitidetdu6672 the only valid way to use crypto tbh
Thank you for not making an NFT, I would have stopped supporting this channel
“Our DAO has nothing to do with Dune.” Their DAO is named after the most important resource in Dune.
Also making something even inspired by Jodorowsky’s Dune is still difficult because Jodorowsky himself made a series based on his unmade movie. Basically enough of his concepts deviated from Dune enough that he could throw out all the elements from the novel and made his own original series called the Metabarons. So basically every inch of the book is copyrighted in some way.
I'm a coiner, just not a crypto-coiner. My coin is accepted as legal tender in more places too.
To me they seemed to go into this with the assumption getting this book of a movie’s storyboards and concept art gave the the rights to dune and they are doing a bad job a backtracking after having consulted with a lawyer about it with the lawyer correcting them saying this didn’t give them the rights to dune and all they did was buy a book of storyboards and concept art for an unmade movie at a ridiculous price cause the book was only valued at $28,628.697-34,349.903 US Dollars even though they actually stated that they were going to make other work based off the ideas in the book and make the book public but that must’ve been before they actually consulted cause now they are acting like they never made that statement
Honestly I saw the title and i thought it would be about streaming services? Like how you pay Spotify but the library isn't permanent or whatever, and how we don't own physical copies of stuff now and they can go anyway any time. But this is also very very good
I need a shirt or mug that says "I'm a filthy No Coiner"
the concept makes me feel like an outlaw in firefly
I love how they are called spice. which is a direct reference to dune, which means they could probably be sued for their whole thing.
I cannot imagine the word "Spice" is copyrightable, but then again Bethesda won a case over the word "Scrolls" so what the fuck do I know.
@@Taurusus they what. I'm gonna go google that right now
“No-coiner” is giving “no-maj”. Like, you couldn’t come up with a better word? lmao
If you wanna talk about NFTs, definitely check out Dan Olson's video "Line Goes Up - The Problem With NFTs". It's 2 hours long, but filled with information about how, exactly, NFTs are so destructive, beyond just their environmental impact.
+
Was scrolling the comments for this exact thing 👍🏼
I fucking love Dune. These people clearly dont know what the hell they are talking about though. Their currency is spice dio. As in referance to the spice in Dune that is the driving force behind the entire series. Yet they want us to think they werent going to monitize it. You already are making money off of dune in a way…
I was going to say the same thing. I know I haven't read the book but I watched the movie multiple times because I'm totally obsessed with it. The fact they named their currency spice dio is such a red flag to me.
@@ArturGlass.C yeah, it comes across as them teying to cash in on the popularity of the new movie adaptation. I would highly recommended the original six books in the series. I have yet to see the new Dune adaptation though. I hope its good. It deserves a good film adaptation for once.
@@BlindZubat I'm obsessed with it. I watched the older adaptation and I hated it which is why I never had any interest in the books. My dad read all the books and he liked the movie. Thought the adaptation was good too there's some things that aren't perfect in his point of view but he's understanding of it since it's a hard book to adapt. But Im pretty sure he'd recommend it. Personally I do cuz I really love it. I assume the books must be better tho, I'll try them at some point. Don't have the time tho sadly.
@@ArturGlass.C My dad has read the first four books in the series and seen the original film and the syfy made for tv adaptations. He hated both. I am visually disabled and have not tried watching any of the adaptations yet. If timing is an issue, then I would recommend the audio version of the book.
Next thing you know we're going down the Golden path
i saw someone compare nfts to the craze there was back in the day of people buying a star for themselves or to gift to someone else, and they'd have a certificate with a pic of the star and its coordinates to prove it was theirs. but those companies are all defunct now, which means there's no actual record of those ownerships, and it's also impossible to know if every person who bought one of those stars actually had an original one or if those companies were giving the same star to different people. and it's an incredibly similar concept because the stars, just like nfts, are something you can claim you own, you have a document proving its yours, but it's not something you physically own, it's not in your possession, you just have a piece of paper that says it's yours
Honestly, what would a person DO with their star, anyway, even if it was legit? And yes, I “own” a few - they used to come free with those “Shining Stars” stuffed animals. 😂
@@rachelnotluf4585 the exact same thing a person who has the receipt for a nft will do, absolutely nothing
Pretty sure the book burning comment was prompted by a statement they made earlier saying they were planning on burning the physical book then minting NFTs from scans of the pages
I remember a significant discourse around fanfic, ips, and copyright a few years back that included art. I am now questioning if it even happened or if it was just discussed by those in the arts.
It happened, but now there's a whole fresh batch of grifters and griftees
If something already happened, it never did.
In before the crazy lady who thinks she invented Omegaverse lit sues a moody wolfboys nft
@@rivetsquid8887 ummm excuse me, she invented the concept of HETERO moody wolfboys
My guess is that it's either a case where the person who submitted the book to Christie's convinced Spice DAO members ownership means intellectual property and made the competing bids themselves, or a case of old school tax dodging/money laundering that got much more press than expected.
But could just be strange people who got wealthy in crypto when the thousand dollars they put in bitcoin to buy drugs off Silkroad turned into 50 million dollars, spice is a drug in Dune and they named their whole thing after it.
I completely agree with this take, however what makes something fungible is if it can be divided and those pieces can be recombined to resemble the original. So a dollar is fungible because you could break it into 100 pennies and 100 pennies can be spent as one dollar. A piece of art isn't fungible because if you tore it in two it wouldn't be reconstructed to be sold as the original
PLEASE DONT make an NFT. The amount of electricity used by crypto vs youtube is vastly different
Great vid though, damn that's silly. I hope they do upload the art! It would be interesting to see
they... they bought fanfiction, dear lord
They spent a lot of money on something that is essentially a Zine that has fanart and fanfic of Dune in it.
The real winner was the owner of that book at auction. Laughing to the bank!
So...they literally spent all this money on a book full on fanart?
Precisely lol
Jodorowsky adapted his concept for Dune into The Incan (a legendary comic book) and is now being adapted by Taika Waititi
Thank you for not launching your own NFT or Crypto coin. I've seen a lot of influencers launch such things to scam and ripoff their fans.
I love how DAOs are just corporations with extra steps. The nft is the stock certificate and they get votes by the proportion.
Gonna buy fanart at an obscene price and make my own anime with it
"I've seen what's coming and it's going to be fcking legendary"
Fantastic word choice by them considering Legendary Pictures produced the 2021 Dune movie and actually, y'know, own the rights..
NFT = Not Freaking Tangible. When you said their location was the "Metaverse", I let out a hardy singular gutteral "HA!"
Yes I'm a no-coiner, as in I don't carry change with me when I buy things with actual money.
Who had the book before? Who got to keep that $2million? It's either someone involved in the Spice DAO that pumped the value of the book skyhigh for their own benefit OR just a very lucky collector that got a windfall.
Crypto is MLM for tech bros. No more, no less.
All that’s missing are essential oil coins or NFTs.
Fungible doesn’t necessarily mean physical object, it means interchangeable or can be replaced by
identical component parts."
Sorry, had to finish for you, looks like you hit send before finishing typing. But yep, a book is definitely a non-fungible object.
I hope for the NFT full video you really go into the multiple issues NFTs have, not just the enviromental impact of them. And if you mention companies who do NFT projects, you don't make it out that the whole company was in on that, please. + Folding Idea's video on NFTs is an absolute must-watch
This is VERY similar to music copyright.
Yes, you can own a physical copy of a CD, but you are NOT free to do with the audio contained within it as you wish.
Same goes with art prints, electronic product design (Samsung), even food recipes (like Taco Bell's Meximelt which they discontinued).
Sadly, this is something I have seen happen MANY times (but this is an extreme case). A huge part of the public thinks that ownership = rights and its maddening.
Hi! Quick nitpick: your iPad and book are actually non-fungible (to a degree)!
Fungible and non-fungible are just adjectives that describe the extent to which a given object is interchangeable with another identical item. Things like money, grains of rice, raw material (and even heads of cattle back in the day) are considered fungible. It doesn't matter if you are paid with bill a or bill b, or what grains make up your pound of rice, so long as they have the desired value/quantity/characteristics.
Your book and iPad, as physical objects, are non-fungible to the degree that you have used them and made them yours. While two new iPads are fungible with one another, your used iPad and a new in box iPad are not fungible. Things that are fungible can be made non fungible by identification- if I name my cow, she is no longer fungible.
Anyway NFTs are bullshit and I can't believe they ruined my favorite contract law word like that.
I was hoping you'd make a video about this 😂 this story has been living in my mind rent-free, my wife has been hearing a lot of rants from me
The other day my cousin told me stealing art to sell it as NFT wasn't that bad since it wasn't a crime, and since it wasn't a crime we all should do it. I tried to tell him just because it wasn't a crime (yet) it didn't mean it was okay… but you can't make sense with people who likes nfts.
No coiners 😭😂 When you said “NFT slur” I died
4:00 By default you dont own anything with a nft. It needs to be negotiated on a sale by sale basis, which very few nft buyers know or do. So in some cases (rare though) you DO own the copyright as well, but to be valid/enforceable it needs to be put into a sales contract for the nft.
You didn't discuss that they DID want to burn it and sell an NFT of it burning.
You giggling over the cost just made me flashback to hbomberguy hysterically whispering "15 000 dollars" in one of his videos 🤣
it just sounds to me like these guys really don't like coming up with their own ideas or intellectual property. like all this talk of an anime, a show, all this stuff, and not one original concept put forward by their team. they think they can either buy one or scam them off of small artists.
I am actually a Dune fan! I have a few different copies of Dune. I also have a lot of special editions and merch to several other different books and series' ...(Nerdy Ink Dust Jackets, Fairyloot, Owlcrate, hand-made items from Etsy...) I am an avid reader of MG, YA, NA, and Adult. my top genres are Fantasy, Sci-Fi, and Horror. I would love to have been able to get my hands on that book! I bet a lot of readers who love Dune, along with all the books after would love to be able to check it out!
I watched a 2 hour video on how NFTs are a scam yesterday so I can't wait to hear Amanda rip NFTs apart the way only Swell can.
very good video hadn't heard of this but sounds about right for nft people. such a leap of logic omg (i suggest the folding ideas video "line goes up" about the mess of nft's if you haven't seen it already)
also lol i originally thought the title of this video meant you were talking about subscription services and how you can't buy things like moves or music without the possibility of it disappearing suddenly (which I would love to see a video on!)
“Inspired by” is totally fine - but it depends on how much the inspiration bleeds into the new work. Like everything with copyright it’s very murky.
I'm a "no coiner", I'm fine with it.
This gives me the same vibes as tumblr trying to do...anything. Except this time its worse cause its fully grown adults who should know how copyright works.
If you dive deeper, the book is actually going to cost more than the $3.04 million. They are also paying for:
$620,000 - auction fee
$176,600 - VAT Fee
$750,000 - estimated Capital Gains Tax (for converting crytpo to buy the book)
$2700 - shipping (!)
$20,000 - shipping insurance (!!)
$30,000/year - storage fees including insurance (!!!)
TBD - customs fee (maybe around $20,000 based on my calculations)
So it's probably more like $4.36 million for the purchase and fees and $30,000 a year for storage, if my calculations are correct. For a book.
If they had crowd funded to buy the book so it could be displayed in a relevant museum, that would have made sense.
the red/blk dress and the shoulder cut-out sweater are super cute 😊
I'm really old. Like 60.years old. Boomer territory confirmed. I might have dodgy knees but I'll never buy an nft
still don't really understand how nfts are functionally different from paper reciepts from mcdonalds except that one could at least be used for toilet paper in a moment of extreme desperation
They're more like the ticket you get a 5 guys when you place your order, the thing that allows you to say "Yeah, that one's mine" when your order comes round. Doesn't do much good outside of a very specific situation and has about the same resale value to boot.
That red jacket with the hood/dress combo makes you the companion to The Doctor in Doctor Who.
Sorry if someone else already mentioned but Dan Olson's (Folding Ideas) video on it is the go to to understand why NFTs are disgusting.
Great video Amanda. Once again showing your range in all types of things.
My favorite part of this is that they think they own the copyright to Frank Herbert's novel Dune, when they bought an NFT of Jodorowsky's unmade Dune film. I also just finished a 56 page legal analysis of Dune/copyright issues/estate planning implications, and I really, really wish this news had come out six months sooner so I could go through all the legal issues with this stuff.
Months later, this is still so funny! 😂 This is like me buying my friend's shitty Twilight fan art and thinking that I now own the rights to Twilight. "But it's unpublished!"
(I also now realize what a fcking stereotypical Younger Millennial I am. I literally can't think of any book fan base other than Twilight and Harry Potter.)
I'm not a fan of Dune but I absolutely stand for Jodorowsky! His films are insane yet intriguing because he incorporates kabbalah, alchemy, and other esoterica. I just ordered his Marseille tarot deck.
I need to start a store with shirts saying "nocoiner". I swear they would sell well.
This, on the day Brie Larson posted in suppoort of them, devastating sapphic marvel fans everywhere. It sucks. NFTs suck.
also be sure not to work with meundies bc they're doing nft stuff now =C
I'm SO glad you decided not to the the NFT thing. Because I remember you mentioning it once before in a livestream or something, and I was like "well, shit, if she does this I'm going to have to unsubscribe" because that's the policy in the online art community now days: you unfollow and block anyone that goes into NFTs. You don't give them platforms. So I'm just SO glad you didn't go through with it.
From the name of the cryptocurrency, I’m getting the impression that the DAO is comprised by many avid Dune fans who would love to bring Jodorowsky’s work to life. It’s unfortunate that they didn’t get good legal advice before embarking in this enterprise. It would have saved them a lot of money.
Oh well! Maybe they’re amazingly honest people and will pass Jodorowsky’s concept book around until all members have seen it and enjoyed it, and afterwards they will display it as a work of art and charge people to see it. Lol.
The book has actually been publically available online for free for years and years already so even if they are amazingly honest people, they're a bit late to the party haha.
Imagine thinking you bought the rights to able to make an animation series of Dune for only 2.6 million dollars
Omg that would be a great hook "it's to early in the episode to say F*** so make sure you make it to the half way point where I'll use it like a sailor"
imagine spending that much money and NOT EVEN RESEARCHING ABOUT THE LAW RELATED TO THE PURCHASES
I'm a legal advisor and this is so funny and sad at the same time. It is clear that no lawyer was consulted BEFORE buying the book, even though a consultation would clearly have been needed. I work for the government in my country but even there we see stupid decisions being made all the time because nobody from the legal team was consulted.
I think another video I saw on the crypto people sums up the people very well but ill try and be a little less barbed with my wording. He described them as middle class with enough money to throw at projects but also concerned enough to be worried about their financial future. They are also extremely ignorant of what it takes to make a successful project and are naïve to things like business law, copyright and so on and are more easily manipulated by the people running the show. Essentially I think the same people who buy into MLMs are the target audience. Not dumb but naïve, isolated due to the pandemic along with how we live in general and depending on the person money hungry to levels that I would say are not healthy.
I bought a copy of Twilight once so now I will use my power as owner of Twilight to create an animated series 😂
The thing that Springs to mind for me is the ice cream machine at McDonald's. The franchise owner owns that machine but they do not own the tech in that machine that allows it to run and operate.
I cannot stop laughing about this. Bless you, Amanda.
I just can't believe that not only could people be this stupid, but that they also managed to get other people to give them millions of dollars. It's mind boggling
just a little detail: jodorowski is pronounced like 'hodorowsky', you get really close when pronouncing the ja in alejandro!
I run it through Google translate in the native language to get an idea of pronunciation xx
The person that said "a real dinner or a receipt for a picture of someone else's dinner?" Knows what's up.
Because that's basically how NFTs work.
You're not buying the item, or any I.P. right related to the item.
You're buying a "token" (which in reality is just a string of numbers in a database) that "represents" the item. A lot of people liken it to "certificate of authenticity", but it's really not even that.
It's essentially just a receipt.
A receipt that says you purchased a "token" that "represents" the item in question. It's a receipt that says you paid for an item. That's it.
It's like the guy who sold the Brooklyn bridge 6 times, despite never actually owning said bridge.
The people he "sold" it to paid for the Brooklyn bridge. Or at least that's what they thought. In reality, they paid for a piece of paper that basically says "I own the Brooklyn bridge", so they when it came time to enforce that ownership, they were shocked to find out that they, in fact, did not own the bridge.
because the guy who "sold" it to them never owned it, and therefore couldn't transfer said ownership.
But they had a receipt saying they owned the bridge! So they owned the bridge, God damn it!
That's basically what NFTs are.
A dude selling you a receipt saying you own something that you don't actually own.
That pretty little thing dress is real cute and the red jacket is giving pll red coat vibes
I love this channel so much.
From what I understand, the book itself did have a lot of inherent collectors value as a sort of pilot. I believe he went on to do a popular comic that sort of spiraled off of the adaptation. I've never read it, but I'm a big Moebius fan and it was collaborative, so I really ought to track down a torrent or summat.
This whole thing does feel like a ponzi scheme where folks on top forgot to bail out at the last minute though.
Do we know what cut the auction house typically takes in their fees? Its possible they drove up the price themselves to tell their "investors" a big extra chunk of money went to the house.
Old saying: "A fool and his money are easily parted." It's as true today as it was centuries ago.
since the funds for purchasing the book were raised by fans, they should just take the legal bullet and upload a pdf to their discord server.
I was planning on making my first thredup purchase today, your 30% code came at THE perfect time. Thank you!
Taking away the NFT/crypto aspect of this, it's just like the Tumblr kickstarters of the 2010s where 15 year olds with no knowledge raised thousands of dollars for TV show ideas that they could obviously never actually make
Just want to say thank you for the subtitles. Watching videos is a lot easier with them and a lot of the time they're terrible.
If you're interested in the book, it's available for free online.
i really suspect that the owner of the book had someone they knew bid against the dao, being aware that they were intent on buying it.