Current Events > I'm over 30. Can someone please explain to me what NFT's are/do

(+) Yeah! (+)

Not over 30 by much, and I know it stands for Non Fungible Tokens, aaaaaaand I know it's something to do with owning something digital but what I don't understand is why they're such a big thing

Cheers

EDIT: Scratch that, I can just skip the part where everyone tells me to Google it and Google it

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Think of it is a digital baseball card. And I still dont get it.

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Don't worry about it it's just the next gambling scheme

I dug into nba topshot a while back. theyre short highlights of nba players they sell in a pack like trading cards. they have a market place baked into the app where people are selling shit for ridiculous prices.

real interesting, but ultimately not something I'm going to invest in yet.

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its sort of like owning the first print, or at least that's the intent i think. i dont know to be honest it seems like bullshit, every time i hear about them i picture some 60 yo in a few decades walking through his mansion and perusing his gallery of dank meme NFTs...

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They're the latest "Let's make money out of thin air" scheme.

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There's one original mona lisa
There's unlimited copies of mona lisa

There's unlimited copies of internet meme
Owner applies NFT token
Now there's only one original internet meme
Still unlimited copies of internet meme but only one original

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Being over 30 has nothing to do with not grasping the concept of an NFT.

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No it definitely means youll never understand nfts or the tik tok

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I saw someone once describe it as it being like someone pointing at a star in the sky, saying it's yours, and selling you a certificate with a photo of it that says you own the star.
Anyone can take pictures of that star and make their own copies of the picture, but you're the one who """owns""" it. But then not all NFTs are one-offs either, so what's the point?

It's like people said already. It's basically just a way for people to invent money from nowhere.

also apparently it's really bad for the environment because it uses a shit ton of electricity to process the transfer and transactions of them, since it's based on block chain crypto shit or whatever, and the average NFT uses like about 1 house's worth of electricity for a whole month, for one transaction.

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its like a cross between bitcoin and pokemon cards.

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Lol I dunno, I don't get them but I didn't understand baseball cards either

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With pokemon or yu-gi-oh there's a game attached. I understand buying that in physical or digital format.

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See this post? You could own it.

Everyone can look at it, make a copy and have the same access you do, but you can tell people it's yours.

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For more hilarity, the "certificate" that you own for the NFT is in the blockchain. However, because that takes a lot of memory to store and look up, most websites dealing with NFTs just use simple hyperlinks. Well, there have been a lot of 404 errors with these links. If you buy an NFT in such a case, you can see that the transaction took place, but you actually can't get to your NFT.


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You can print out starry night but your print is worthless.
The original starry night is worth millions.

The nft says your copy of a digital work of art is the original as if it was a painter painting it physically like starry night.

More info here:

https://mobile.twitter.com/jonty/status/1372163423446917122

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NFTs are like a set of car keys: easy to lose but if you dig around, the good ones are usually close by.

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Christian RULES posted...

NFTs are like a set of car keys: easy to lose but if you dig around, the good ones are usually close by.

thats a terrible analogy lol

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NFT's are one of a kind digital pieces of whatever. It could be a tweet from Jack Dorsey that went for like 2.9 million or an artist's artwork again, digital and one of a kind. I personally think they are a waste of money and time because I want to own the original not a digital copy.

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Trickfinger posted...

thats a terrible analogy lol

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Ohh so it's like copyrighting/trademarking stupid shit in the public domain for bragging rights

Also

lww99 posted...

No it definitely means youll never understand nfts or the tik tok

Nah I understand Tik Tok. That's the app full of sexy girls dancing to music everyone pretends to hate but secretly goes on there as much as the next guy


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Buu_88 posted...

Ohh so it's like copyrighting/trademarking stupid shit in the public domain for bragging rights

Also

Nah I understand Tik Tok. That's the app full of sexy girls dancing to music everyone pretends to hate but secretly goes on there as much as the next guy

sex sells! I was mainly referring to the comedy skits/memes from Tik Tok.

half nude girls are always gonna do well


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Its dumb as shit and proof that people will spend money on literally anything

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BlockAddition posted...

There's one original mona lisa
There's unlimited copies of mona lisa

There's unlimited copies of internet meme
Owner applies NFT token
Now there's only one original internet meme
Still unlimited copies of internet meme but only one original

Oh actually another dumb thing about them is that even when you purchase an NFT and get your certificate of others, you still don't have full ownership of it the same way that the original creator has creative ownership of it. You just get a piece of paper saying you own it.

Though actually I'm not sure how legally binding that certificate is either. Like, say you buy an NFT for some doge meme pic. If other people post that doge meme without your permission, AFAIK I don't think you could even sue them because data is an abstract, intangible concept which can be copied over and over.

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Musourenka posted...

For more hilarity, the "certificate" that you own for the NFT is in the blockchain. However, because that takes a lot of memory to store and look up, most websites dealing with NFTs just use simple hyperlinks. Well, there have been a lot of 404 errors with these links. If you buy an NFT in such a case, you can see that the transaction took place, but you actually can't get to your NFT.

Even the links that are active only exist on servers that the buyers don't own. Anyone who knows anything about computers can tell you that data loss is inevitable, and that you should always have backups. But how many NFTs are being backed up? Well,

https://twitter.com/CheckMyNFT/status/1372253288863825925

Now remember that these servers can permanently go down/domains can be resold without warning.

"It's like owning Starry Night!" It's like you have the certificate of authenticity for Starry Night, but the actual painting is being kept in some dingy warehouse on the other side of the planet. Also there are literally perfect recreations of the painting all over the world because anyone can make and share them and oh yeah printing out the certificate of authenticity just started a fire in the Amazon and holy shit why would you do this.

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VigorouslySwish posted...

Its dumb as shit and proof that people will spend money on literally anything

Correction:

It's proof that people will spend money on literally nothing.

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https://gamefaqs.gamespot.com/boards/1285-bitcoin-and-cryptocurrency/79408552/952896839

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Money itself is meaningless, except we just agree that it holds value.

Manchildren in here living up to their name.

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Money itself is meaningless, except we just agree that it holds value.

Manchildren in here living up to their name.


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Trickfinger posted...

Money itself is meaningless, except we just agree that it holds value.

Manchildren in here living up to their name.

We heard you the first time.

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DarkBuster22904 posted...

We heard you the first time.

No you didn't.

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