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Aesthetes: Art NFTs on the XRPL with Airdrop


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1 hour ago, KarmaCoverage said:

This is what Trustline is doing. 

https://docs.trustlines.network/docs/guides/tl_app_user_guide.html#creating-a-trustline

I think it's just a little more sophisticated of a feature than the crypto markets were ready for back in the day. @JoelKatz has repeatedly said it was one of his favorite things XRPL can do.

I agree with him, Rippling is at the core of the KarmaCoverage financial model. 

I think that side of it is very cool, leveraging actual trust between users.

But having it on the same system as XRPL gateways, where the IOUs are issued based on deposits, muddies the waters doesn't it?

I wonder what the differences are, tax-wise, between say a BTC IOU issued to you by your friend, vs holding Gatehub BTC. And what your tax responsibility becomes when your Gatehub BTC ripples out and is replaced by purely trust-backed BTC?

I guess sticking to your local legal tender would keep things easy, actually, I can see how that would work well.

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36 minutes ago, at3n said:

I think that side of it is very cool, leveraging actual trust between users.

But having it on the same system as XRPL gateways, where the IOUs are issued based on deposits, muddies the waters doesn't it?

I wonder what the differences are, tax-wise, between say a BTC IOU issued to you by your friend, vs holding Gatehub BTC. And what your tax responsibility becomes when your Gatehub BTC ripples out and is replaced by purely trust-backed BTC?

I guess sticking to your local legal tender would keep things easy, actually, I can see how that would work well.

Having it on the same system is what enables Pathfinding.  https://xrpl.org/paths.html which is the Routing function that underpins XRP's utility value. 

I think the need to be a licensed MSB, is a key difference between "a friend.BTC" and Gatehub.BTC.

There is a lot of legal work here, so I have no idea how a service offering could insulate their users from Tax issues. Maybe fungiblity will be a key aspect.

I think all this NFT stuff should be done on a sidechain, with minimal ledger bloat to the mainnet XRPL. Then let the bulk of the trading activity happen on that sidechain.

 

Edited by KarmaCoverage
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I am a bit confused with NFT's

What about digital rights, royalties, etc.....

Colletctibles NFT (Jordan key shots, who gets the royalties?!)

Twitter posts NFT (Some Musk top notch posts or other celebrities......who gets the royalties?!)

Porn Gif's NFT ( You get the point! - who gets the 'royalties'?!?)

Classical Art NFT! oh mama! It is the hole grail! ( Who gets royalties, digital art rights for those?!)

 

It looks excellent on paper, I mean, if some pixel art can sell for millions, classical art will be an absolute bounty; but I still do not understand, how NFT's bypass digital property/royalty laws...... (or they don't?! and its all reflected in the price?!)

Thank You in advance for thoughtful comments!

 

:connie_hooked:

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1 minute ago, NMNR said:

Just to confirm that there are no risks in having your XRP taken by accepting this airdrop? The whole trust line thing has me confused. 

Correct. Simply setting a trustline creates no risk to your XRP.

Of course you must be sure to use reputable software to create the trustlines, and don't blindly follow internet advice if you're not sure what you're doing.

I think scammers will likely target people's lack of understanding of trustlines and give malicious instructions.

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