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roofman
Purveyor of fine English buckets and mops
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roofman
Purveyor of fine English buckets and mops
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Turn the next page and forget you ever read or mentioned them...when you need a few quid and you have it to spend then you will thank me
julianf
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Pyramid scheme, or emperors new cloths.
Possibly money to be made at the start, same as most pyramid schemes.
Remember shares are fairly intangible also. Day traders etc are not looking at divendens, just buying and selling tokens to make a profit.
Possibly money to be made at the start, same as most pyramid schemes.
Remember shares are fairly intangible also. Day traders etc are not looking at divendens, just buying and selling tokens to make a profit.
A way essentially to sell a the rights to a digital item with a promise that it is "unique" and only you can have the rights to it (although to complicate matters you can sell multiple of the same item...but we won't go there).
To put it in terms of physical art collecting: anyone can buy a Monet print. But only one person can own the original.
The only issue being that because it is digital a copy can be identical to the original... so basically you're mostly buying absolutely nothing in the hope that later you can sell your nothing again for more money (before the market crashes).
To put it in terms of physical art collecting: anyone can buy a Monet print. But only one person can own the original.
The only issue being that because it is digital a copy can be identical to the original... so basically you're mostly buying absolutely nothing in the hope that later you can sell your nothing again for more money (before the market crashes).
julianf
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I hear some baseball cards (entirely useless) and Ming vases (no better than a modern vase) are worth silly money also. Again emperor's cloths.
It's nothing new really, just a different slant on people with excess money trying to make more money...
It's nothing new really, just a different slant on people with excess money trying to make more money...
pedrobedro
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Screwdriver
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I think some chap bought a copy of some Beatles memorabilia recently with NFTs. So far as I can tell it is a "digital asset" identical to one that I can find for free off the internet except only one person can prove they are daft enough to spend a small fortune on it.
My understanding is that NFT's are a sort of digital certificate and proof of ownership which confers the owner some "rights" to any profitable use of a copy. Reminds me of a story I heard about "Happy Birthday" being some rights managed song that you're not allowed to sing unless you pay for it...
My understanding is that NFT's are a sort of digital certificate and proof of ownership which confers the owner some "rights" to any profitable use of a copy. Reminds me of a story I heard about "Happy Birthday" being some rights managed song that you're not allowed to sing unless you pay for it...
selectedgrub
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The only thing I understood in your question.
Gareth J
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My understanding;
Same principle as art. But digital.
You can own a bit of art but it's only worth something if someone else thinks it's worth something. It has virtually no intrinsic value you can't eat it or make a useful tool out of it. Best compared to a modern or conceptual art piece; a lot of these objects are totally replacable or replicatable but their value is because someone specifically had the idea at a certain time Duchamp's urinal, a classic example.
"Ownership" gets complex around the digital though, which is why this NFT system was developed. Which is fine, while everyone trusts that it's a reality. It might work for a very long time, or might collapse, if people stop trusting or believing. We currently all believe and trust that if we take £1 in exchange for an item, we'll be able to use that to buy a bag of nails or whatnot. But it's also a system we imagined up and could be changed/superseded/abandoned too.
Same principle as art. But digital.
You can own a bit of art but it's only worth something if someone else thinks it's worth something. It has virtually no intrinsic value you can't eat it or make a useful tool out of it. Best compared to a modern or conceptual art piece; a lot of these objects are totally replacable or replicatable but their value is because someone specifically had the idea at a certain time Duchamp's urinal, a classic example.
"Ownership" gets complex around the digital though, which is why this NFT system was developed. Which is fine, while everyone trusts that it's a reality. It might work for a very long time, or might collapse, if people stop trusting or believing. We currently all believe and trust that if we take £1 in exchange for an item, we'll be able to use that to buy a bag of nails or whatnot. But it's also a system we imagined up and could be changed/superseded/abandoned too.
Munkul
Jack of some trades, Master of none
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I agree with you, up to a point.
I'd pay money for an oil painting I liked just on its own merits - because it's pleasing to my eye, and provides unique decoration to my house. (not that we have many actual originals!)
I can't say the same about NFTs.
I can't say the same about Duchamp's Fountain either, come to think of it.
I don't see that I'm afraid.
As an example, an original painting will be a one of a kind original and remain that. An NFT will never be the original as data is moved and backed up so no more original than a copy or a million copies, they are all identical as it's digital.
Blobber
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Sounds a bit like apple "I tunes" for posh people
skotl
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I'm with all the anti-crypto, anti-NFT, it's a scam brigade up there.
But I'll add one more twist: an NFT can be created without ever owning the original item. As an example, I could have an image (let's say the Mona Lisa) and create an NFT around that image and (currently) nothing can stop me doing so and selling the NFT of the Mona Lisa image. That neither means you own the Mona Lisa, that copy of that image, or inherit any claimed copyright to any copy of either the image or the underlying work (Mona Lisa).
If you read that and think "wait... that's surely a scam... wouldn't you have to be gullible to be taken in by that?" then the answer is yes.
But I'll add one more twist: an NFT can be created without ever owning the original item. As an example, I could have an image (let's say the Mona Lisa) and create an NFT around that image and (currently) nothing can stop me doing so and selling the NFT of the Mona Lisa image. That neither means you own the Mona Lisa, that copy of that image, or inherit any claimed copyright to any copy of either the image or the underlying work (Mona Lisa).
If you read that and think "wait... that's surely a scam... wouldn't you have to be gullible to be taken in by that?" then the answer is yes.
Munkul
Jack of some trades, Master of none
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I believe that's the point of NFTs - they ARE an original and never-replicated set of algorithms/codes, which may move from digital space to space, but never to be copied.
The technology is very clever.
The ponzi scheme of digital art dealing... less so....
