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Topic	Is this a fair explanation of what an NFT is?
Naysaspace 01/25/22 11:20:43 PM #42:	lZUAL_REBlRTH posted... An NFT is essentially Proof of Ownership. To use an analogy lets use the Mona Lisa. There is one original that someone owns. However you can buy a copy of the Mona Lisa from a museum (or even print one off yourself for free). But there is only one original. Take this to the internet where someone can create a piece of digital artwork. Anyone can copy it or print it out but what the NFT does is show who "owns" the original. Is that right or is there more to it? pretty close yeah. it's a lot more in depth, but this is a good laymans way of looking at it. Similar analogy: You own a really expensive, rare videogame, original cartridge. Anyone can emulate it or buy a reproduction, but you own an original. it's just that with NFT's, the "ownership" is somewhat abstract and people (even many collectors) think they OWN the image. They don't. They own an instance of it on the blockchain. The money in your wallet, you do not OWN. The government does. it merely REPRESENTS your financial worth. --- #BladeGang <cite>Naysaspace posted [p:962081362] in Is this a ... [t:79868974]...</cite> <quote>lZUAL_REBlRTH posted... </cite> <quote>An NFT is essentially Proof of Ownership. To use an analogy lets use the Mona Lisa. There is one original that someone owns. However you can buy a copy of the Mona Lisa from a museum (or even print one off yourself for free). But there is only one original. Take this to the internet where someone can create a piece of digital artwork. Anyone can copy it or print it out but what the NFT does is show who "owns" the original. Is that right or is there more to it?</quote>pretty close yeah. it's a lot more in depth, but this is a good laymans way of looking at it. Similar analogy: You own a really expensive, rare videogame, original cartridge. Anyone can emulate it or buy a reproduction, but you own an original. it's just that with NFT's, the "ownership" is somewhat abstract and people (even many collectors) think they OWN the image. They don't. They own an instance of it on the blockchain. The money in your wallet, you do not OWN. The government does. it merely REPRESENTS your financial worth. --- #BladeGang</quote> ... Copied to Clipboard!
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