Quote:
Originally Posted by Da33le
I still don’t get NFTs. They sound profoundly dumb and completely worthless.
Change my mind.
ok so like i have prints of famous paintings in my house. well, semi-famous anyway, but paintings that i like. the real ones are worth millions or tens of millions of dollars each, i can't afford a real one but i can enjoy the art and vibe of a fake one in a nice frame. but let's say instead of screen printed, one of these was hand painted by a forger, it could fool someone into thinking it might be real. like antinques roadshow sometimes people buy these paintings at a garage sale and it takes an expert to tell them "ya this is legit by this famous artist in 1864" or whatever.
so with NFTs, what you're trading is this token with the provenance of the artwork. and it's on a public ledger that's independently verifiable, with a couple clicks i can digitally sign a contract that says "yes i am the owner of this wallet hi there". and it's not limited to art, it could be like a pair of sneakers that people buy and trade on secondary markets. the special thing about NFTs is the token is a verifiable proof of ownership of some THING. now, that "thing" could be worthless nonsense, or it could be something valuable. the fact that something is an NFT doesn't make it valuable, but a valuable thing as an NFT is very easy to buy/sell/hold semianonymously through this crypto blockchain framework.