Non Fungible tokens...?

spark240

Whats going down here ?

Ive watched a few vids and I really dont get it....you buy a digital reference to work...but they can cost big bucks ....and trade for big bucks... anyone into NFT ?

mart

It means you can't buy mushrooms with them, I think.

monquixote

Bit coin is decentralised currency.

NFTs are like decentralised copyright / IP. I don't really see how it makes sense as you need a centralised body to enforce it (Hobbes leviathan ) and that being the case  you might as well have a centralised administrator.

guitarfishbay

https://youtu.be/VMOyg8lGq4o

This is a good video on the topic 

ThePrettyDamned

Apparently they require an enormous amount of energy in order for the transaction to complete.

Seems... A waste of our resources and energy. A lot of bands have released artwork nft so I guess there is a market but I don't get it yet. 

spark240

ThePrettyDamned said:

Apparently they require an enormous amount of energy in order for the transaction to complete.

Seems... A waste of our resources and energy. A lot of bands have released artwork nft so I guess there is a market but I don't get it yet. 

I watched some more stuff today...its still a dark art...but Im getting more info...it costs a small fortune just to set up and everything you do Costs ( Gas they call it) ...you need a digital wallet account and its all done in Crypto currency, a guy did a demo of a piece of Art he sold for circa $280...with all fees he ended up with $60....its definitely a upcoming market but you need to invest heavily I reckon.

RaymondLin

Digital version of Pokemon cards or Sports collectors cards.

Or even first edition Harry Potter book.  

In terms of content, there is no difference between 1sr to 2nd edition of anything, it’s the same thing with NFT.  The value is not the content itself (the content itself can be copied easily), the value is knowing you have an early one.

Basically, collectors are going to collect.

(Also, it’s a way to launder money...much like the art scene, especially in this case the currency is crypto)

monquixote

I would think they would be worse for laundering.

The fungibility of currency would seem to be an advantage in that regard.

stratology

Best explanation I've heard for NFTs: a photographer can sell prints of his photos. An NFT is like selling a signed print - same as the others, but the signature makes it unique, more rare, more valuable.


Best explanation I've heard for blockchain is that it's a database where you can only add, never delete, records.