Current Events > Someone explain NFT like I'm 5. >_>

(+) Yeah! (+)

I get that it uses crypto tech to make unique and scarce digital items.

but heres where intuition fails me.

if theres an NFT of a picture, whats stopping someone of just copying the image file and distributing it outside the NFT infrastructure?

or like that Charlie Bit My Finger thing. What stops the winning bidder from just...re-uploading the video after they buy it? >_>

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Nothing really.
:v

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Even though others have the exact same copy you own the "real original" one.
It's fucking stupid.

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billcom6 posted...

Even though others have the exact same copy you own the "real original" one.
It's fucking stupid.

ah its just the old Certificate of authenticity thing with extra steps.

yeah thats lame lol.

but thanks guys.

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You ever see those signs that say something like this street is held by the Smith Family

the Smiths paid to have ownership of the road, but its not like they can start a toll booth there, theyre not allowed to modify the street etc, its just a cool hey! Look! I own that!

or you mightve heard people adopting stars and paying thousands of dollars to have a star in the galaxy named after their wife or something. Same kinda thing

although there can be some more practical applications of NFTs, but 99% of them atm are similar to those 2 above examples

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No Fucking Thanks

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AlisLandale posted...

ah its just the old Certificate of authenticity thing with extra steps.

Pretty much - a certificate of authenticity that's on a blockchain instead of physical paper.

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Trumble posted...

blockchain

whats that

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sell pictur

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It's a way for rich people to launder money. Money for nothing.
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AlisLandale posted...

if theres an NFT of a picture, whats stopping someone of just copying the image file and distributing it outside the NFT infrastructure?

Nothing. It isn't intended to prevent redistribution of the underlying asset.

One thing is does that can be nice I suppose, is that there are ways to enable the original artist to take a small cut (say 0.5%) of the sale price any time the NFT changes hands.

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>if theres an NFT of a picture, whats stopping someone of just copying the image file and distributing it outside the NFT infrastructure?

nothing, its a scam.

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Buying the NFT of an image doesn't make you the owner of the image. It doesn't give you copyright or distribution rights. It also doesn't prevent anyone else from making copies.

It just gives you the right to verifiably say "I'm the official owner of this". That is all.

The Charlie bit my Finger video didn't even have to be removed in order to sell the NFT.

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They are big dumb
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VioletMassacre posted...

Not For Trade.

Is that really what it means?

I remember seeing a lot of Not For Resale cartridges of Sonic 2 at used game stores when I was growing up. A lot of good that line does >_>

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https://twitter.com/MoltisantiThots/status/1385626589082292227?s=20
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Yet another stupid internet trend. I'm officially old.

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basically the idea is to spend thousands of dollars on something stupid in hopes that a very rich idiot will give you millions of dollars for it

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AlisLandale posted...

Is that really what it means?

No, it stands for non-fungible token.

Others have covered it, but it's basically just bragging rights to say you "own" the thing, the real thing, not a copy of the thing. Except you don't really own it since you can't do anything with it that a person with a copy couldn't do.

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The Mona Lisa is valuable, but anyone can download a worthless pic of it online and frame it. Similar concept to that i suppose, but even dumber bc the value of an artwork is based on the artist while the value of an internet meme is based on its ability to make one laugh, and I'll laugh just as hard at a copy as the original.
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You wouldn't download a car

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