Non fungible token in a nutshell
Non fungible token in a nutshell
If you buy this, you are scammed.
Non fungible Tolkien
He doesn't own his books but he can own digital images of them
No, you have your digital id in a database that also has a link to a picture of the precious. There is no implied ownership of the image.
but at least he can own a block with a link to the picture
so glad nfts are over
I wonder whether they really are over. I have to imagine there will be future surges once negative sentiment fades and just the right novelty comes along.
Will negative sentiment fade?
Without any practical use case I just don't see it ever happening again.
At least with crypto I can buy stuff off of darknet markets
I saw a Bored Ape idiot on Twitter. I just replied with a screenshot of the NFT.
What do you mean they're over? I've invested billions of dollars in them. I've even given up on owning a house just so I can become the next sucessful billionaire investor. Away with your nonsense. Y'all just isn't as smart as me. 🤓
spoiler
/s
Thats a strong buy signal
Just wait until someone removes the entirety of the database instead of a GitHub branch. Then NFT people will understand how they wasted their fucking money.
Yeah, NFTs are little more than a receipt, if you ask me.
I think the biggest place it has genuine benefit would be for something like deeds to homes, titles for cars and stuff like that. A permanent, auditable and public system for tracking the transfer and ownership of things.
Unfortunately it comes with its own caveats, such as “what if I lose the wallet containing the deed to my home, and I want to sell it?”
I never really understood the whole thing about picture based NFTs though.
We already have that without adding a completely useless layer of complexity. You've been able to look up property records online for decades. NFTs would add zero value to that system, and as you've correctly pointed out, have serious dowsides including lost, hacked, or stolen tokens.
Not even. They're a public record that you paid crypto for a special hash value. Ownership of the property is not guaranteed.
Physics is the best accountant... But what does it do with costless copies? ie digital reproduction?
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Okay but I own the ring, even I'm not holding it.
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Well... No, the ring is Sauron's for legal reasons. You own a picture of it on the shared ledger.
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Okay, so I can expect this picture to be under my control and ownership at least?
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Well... No, you don't "own" own it, and it's not the picture either, really. It's just a number. But! The number points to a row in Opensea's database of pictures.
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Okay, so I have ownership and control of that picture in Opensea's database?
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Hahaha no, they can remove it or change it and you can't do a thing.
Just sounds like a bad implementation of a good concept
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“We can all see Clarence Thomas but he belongs to billionaire Harlan Crow, and that’s what an NFT is”
Selling the NFCrecious takes the form of a series of riddles ... if you get any wrong you lose the sale; howevar, if you get them all correct we try the sale again.
if only it was just a database
But it isn't though right? Like if this was all it was there wouldn't be companies selling houses with the deeds on Blockchain and that skateboard company that issues image NFTs of the boards you buy.
It's all there is to NFTs. What you're describing are systems outside of NFTs. It's similar to saying there's "more to this excel spreadsheet" because the company uses it as a ledger for all their accounting. When it comes to buying a house or a skateboard, you have a physical house or skateboard. You also likely did due diligence beforehand for the house, like having somebody look over the actual papers registered with the government to make sure the sale is legit, actually seeing the house, etc. The Blockchain part is completely invisible in those cases.
But in this analogy, some people really do pay money just to have their name added to the spreadsheet. No house, no skateboard, just their name added to the ledger and a digital image that the ledger now says they own. But the thing about digital property ownership is in an actual sale of, for example, music rights, there is a governing body that enforces your ownership. No such thing for the NFT images people have been "buying". And buying is in quotes because it's crypto, there are no official receipts.
Thats how cash works too tho
You own cash physically.
Try again. And don't say credit cards, because that's still a physical object. Cash websites? It's not like you own something pointless on there. It's actually usable. NFTs are not.
Yet
Cryptocurrency