What are NFTs? in words of two or less syllables please

[grim_d]

I don't understand NFTs.

I wandered into crypto last year, made 6k in matter of weeks, took the profits out, left the Initial investment in and it's basically stalled since then.

I don't understand crypto either. Think it's all mostly over now.

 

[PhillipM]

Uhhh... how's that?

The NFT is just a selection of ineditable records (blockchain). If the artist proclaims that he/she started or authorised that NFT then.... sure... ish... but there is nothing to stop them creating a new NFT (like when there are 500 prints of a work of art) so there is no guarantee of authenticity, of ownership, of originality or of uniqueness.

Then you *take them to court*

You know, the same way you do if someone steals your artwork at the moment, be that digital art, music, films, your website, or the same as if someone duplicates your deeds and sells your house from under you. Or squatters just move in while you're out shopping and laugh at your 'useless piece of paper'

The NFT is a contract, an infungable, permanent, publically verifiable contract that can't be tampered with, that gives you an evidence trail of where, when and how.
If you have in that NFT that you own the only digital copy of that artwork and they sell another. Sue them.
The exact same way you would if you bought anything like that, be it art, graphics, a website, CAD design work, etc.

There's nothing to stop me downloading movies, or copying a website, nicking photos of your work and passing them off as my own for a business, bar being a decent human being. There nothing to stop me saving and using someones digital art they commissioned and paid for either. It's still bloody theft though.
But that doesn't mean using or making them is pointless.
They're not there to stop you stealing something, they're there to give public proof of ownership and terms. They can even funnel future revenue automatically from royalties and derivatives so they're amazing for the creation side of things with clips, stock photos, sound effects, stock footage, etc.

Arguing a contract is worthless because some people are thieving ****s who ignore it, is rather besides the point.

 

[roofman]

It's funny how we all look at these new fangled things and think it's weird yet all money is the belief in value of something which in essence is no different.

A £10 note isn't really worth anything it's just a way of bartering for a service or goods. In the old days it was a simple "I'll build your wall if I can have one of your pigs" Money is just a way of translating/transferring that perceived value.

Then someone in a black suit comes along and takes half the pig including putting on an extra 20% on the costs of your bricks...did i mention the man in the black suit will also charge you for using the cobbled road to travel to your wall.

 

[bigegg]

the real question is:

how do I make a NFT of some of my "artwork"?[1]
and more importantly: where do I find these mugs discerning buyers who will pay me millions of quids for it?


[1] i still have several pieces in my limited edition run "some scrap I tried to weld together for practice"

 

[Barking Mat]

What are NFTs? in words of two or less syllables please​

Utter waste of time and money.

You buy the rights to block chain code.

Absolute twaddle, like whoever bought the first tweet.

Twaddle, twaddle and twaddle.

 

[bigegg]

What are NFTs? in words of two or less syllables please​

Utter waste of time and money.

You buy the rights to block chain code.

Absolute twaddle, like whoever bought the first tweet.

Twaddle, twaddle and twaddle.

You *sell* the rights.

Don't deny someone with more money than sense the right to indulge in twaddle - especially if it pays for me more toys - and a bigger playpen for them.

 

[Barking Mat]

You *sell* the rights.

Don't deny someone with more money than sense the right to indulge in twaddle - especially if it pays for me more toys - and a bigger playpen for them.

I'd be hard pushed to justify buying something which doesn't actually exist.

But, I see your point.

 

[bigegg]

I'd be hard pushed to justify buying something which doesn't actually exist.

But, I see your point.

Id never consider buying a NFT - I'm definitely going to look into selling some

 

[badabec]

@badabec Can we ask what prompted the question? Were you considering 'investing' being sucked in?

Hello, I saw a news article about a 12 year old kid that had made a fortune selling NFT.
I had never seen or used the word fungible, the whole thing just didn't make any sense.
I certainly won't be investing in it/them.
The only piece of expensive art I have bought is a signed, limited edition print of a painting by Rolf Harris. I paid about £500 for it, current value is about twenty quid! It may go up in value when Rolf snuffs it.

 

[pedrobedro]

The only piece of expensive art I have bought is a signed, limited edition print of a painting by Rolf Harris.

Can you tell what it is yet ?

 

[skotl]

Hello, I saw a news article about a 12 year old kid that had made a fortune selling NFT.
I had never seen or used the word fungible, the whole thing just didn't make any sense.
I certainly won't be investing in it/them.
The only piece of expensive art I have bought is a signed, limited edition print of a painting by Rolf Harris. I paid about £500 for it, current value is about twenty quid! It may go up in value when Rolf snuffs it.

People create NFTs around digital copies of items they don't own. Other people pile in with $1.1 million. Scammers take fright and shut it down. People lose $1.1 million in weird NFT crypto scam built on the original NFT scam.
People end up fighting over whether $1.1m is real or illusory.

In other news: earth confirmed flat, pigs claim inability to fly.

Two men arrested for $1.1 million NFT ‘rug pull’ scam

The Frosties project shut down immediately after launch.

www.theverge.com

 

[Farside]

Meantime, I'm certain my square foot of Lunar real estate is solid.

 

[Fastdruid]

Meantime, I'm certain my square foot of Lunar real estate is solid.

I dunno, have you been there to check it out?