Current Events > Is this a fair explanation of what an NFT is?

Topic List	Page List: 1, 2
lZUAL_REBlRTH 01/25/22 11:06:44 AM #1:	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? <cite>lZUAL_REBlRTH posted [p:962061835] in Is this a ... [t:79868974]...</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> ... Copied to Clipboard!
Jagr_68 01/25/22 11:07:28 AM #2:	There's nothing fair or logical about NFTs. --- New York Rangers [2004-2008] https://media.giphy.com/media/WvQHBYW0q4TuxdAg61/giphy.gif https://psnprofiles.com/Jaromiroquai68 <cite>Jagr_68 posted [p:962061863] in Is this a ... [t:79868974]...</cite> <quote>There's nothing fair or logical about NFTs. </quote> ... Copied to Clipboard!
Squall28 01/25/22 11:07:36 AM #3:	It's a scam. --- You can't go back and change the beginning, but you can start where you are and change the ending. -Misattributed to CS Lewis <cite>Squall28 posted [p:962061865] in Is this a ... [t:79868974]...</cite> <quote>It's a scam. </quote> ... Copied to Clipboard!
#4	Post #4 was unavailable or deleted.
SergeantGander 01/25/22 11:08:57 AM #5:	That is basically it! If you wanted more explanation you can get into all the details of the minting process and how the proof of ownership is stored on the blockchain, but your description is a good explanation of the fundamentals --- LoL IGN: MsRaffensperger ~Dennis~ <cite>SergeantGander posted [p:962061901] in Is this a ... [t:79868974]...</cite> <quote>That is basically it! If you wanted more explanation you can get into all the details of the minting process and how the proof of ownership is stored on the blockchain, but your description is a good explanation of the fundamentals </quote> ... Copied to Clipboard!
s0nicfan 01/25/22 11:09:09 AM #6:	No, because an nft of an image doesn't actually grant you the copyright of that image. You don't actually own the thing. The analogy I used recently was that it's like those old commercials where you can buy the special limited edition commemorative coin that comes with a certificate of authenticity with a unique number on it. Nfts are if you just bought the certificate and didn't get the coin. --- "History Is Much Like An Endless Waltz. The Three Beats Of War, Peace And Revolution Continue On Forever." - Gundam Wing: Endless Waltz <cite>s0nicfan posted [p:962061904] in Is this a ... [t:79868974]...</cite> <quote>No, because an nft of an image doesn't actually grant you the copyright of that image. You don't actually own the thing. The analogy I used recently was that it's like those old commercials where you can buy the special limited edition commemorative coin that comes with a certificate of authenticity with a unique number on it. Nfts are if you just bought the certificate and didn't get the coin. </quote> ... Copied to Clipboard!
JimmyFraska 01/25/22 11:10:04 AM #7:	John Favreau on the new Luke skywalker documentary, said that one day all images and media will be marked. Who knows, maybe we're there already <cite>JimmyFraska posted [p:962061927] in Is this a ... [t:79868974]...</cite> <quote>John Favreau on the new Luke skywalker documentary, said that one day all images and media will be marked. Who knows, maybe we're there already </quote> ... Copied to Clipboard!
SergeantGander 01/25/22 11:12:22 AM #8:	s0nicfan posted... No, because an nft of an image doesn't actually grant you the copyright of that image. You don't actually own the thing. The analogy I used recently was that it's like those old commercials where you can buy the special limited edition commemorative coin that comes with a certificate of authenticity with a unique number on it. Nfts are if you just bought the certificate and didn't get the coin. If you're talking about say an NFT of an existing character like Sonic, then yea things get a bit more convoluted with copyright. --- LoL IGN: MsRaffensperger ~Dennis~ <cite>SergeantGander posted [p:962061992] in Is this a ... [t:79868974]...</cite> <quote>s0nicfan posted... </cite> <quote>No, because an nft of an image doesn't actually grant you the copyright of that image. You don't actually own the thing. The analogy I used recently was that it's like those old commercials where you can buy the special limited edition commemorative coin that comes with a certificate of authenticity with a unique number on it. Nfts are if you just bought the certificate and didn't get the coin.</quote> If you're talking about say an NFT of an existing character like Sonic, then yea things get a bit more convoluted with copyright. </quote> ... Copied to Clipboard!
Tyranthraxus 01/25/22 11:13:51 AM #9:	https://youtu.be/cuf6b5kkfSg --- It says right here in Matthew 16:4 "Jesus doth not need a giant Mecha." https://i.imgur.com/dQgC4kv.jpg <cite>Tyranthraxus posted [p:962062036] in Is this a ... [t:79868974]...</cite> <quote>https://youtu.be/cuf6b5kkfSg </quote> ... Copied to Clipboard!
s0nicfan 01/25/22 11:14:47 AM #10:	SergeantGander posted... If you're talking about say an NFT of an existing character like Sonic, then yea things get a bit more convoluted with copyright. Any art. Buying an nft does not transfer copyright. All you're doing is buying a UUID. You don't own any of it. Even if the artist only sells a single nft, they retain the copyright. Either people fundamentally misunderstand how an nft interacts with actual ownership or they're intentionally obfuscating their knowledge to be a grifter, but at no point does purchasing an nft actually give you ownership of anything associated with that nft other than that UUID, which can only be sold to somebody else but never traded in for anything. --- "History Is Much Like An Endless Waltz. The Three Beats Of War, Peace And Revolution Continue On Forever." - Gundam Wing: Endless Waltz <cite>s0nicfan posted [p:962062058] in Is this a ... [t:79868974]...</cite> <quote>SergeantGander posted... </cite> <quote>If you're talking about say an NFT of an existing character like Sonic, then yea things get a bit more convoluted with copyright.</quote> Any art. Buying an nft does not transfer copyright. All you're doing is buying a UUID. You don't own any of it. Even if the artist only sells a single nft, they retain the copyright. Either people fundamentally misunderstand how an nft interacts with actual ownership or they're intentionally obfuscating their knowledge to be a grifter, but at no point does purchasing an nft actually give you ownership of anything associated with that nft other than that UUID, which can only be sold to somebody else but never traded in for anything. </quote> ... Copied to Clipboard!
Doe 01/25/22 11:15:00 AM #11:	Imagine if after producing the Mona Lisa, Leonardo DaVinci offered to sell you a receipt of the painting. He's already sold the physical work to the Lourve, and the piece of paper you're getting doesn't give you any legal rights of ownership or distribution. BUT, it does contain directions that if followed will lead you to the room the painting is currently being showcased in. Although, that room may change in the future, and if it does, the directions won't adjust so you won't be able to find it anymore, since the directions were written with ink. --- https://i.imgur.com/u5kY6Yt.gif https://i.imgur.com/V6HBhkR.png <cite>Doe posted [p:962062061] in Is this a ... [t:79868974]...</cite> <quote>Imagine if after producing the Mona Lisa, Leonardo DaVinci offered to sell you a receipt of the painting. He's already sold the physical work to the Lourve, and the piece of paper you're getting doesn't give you any legal rights of ownership or distribution. BUT, it does contain directions that if followed will lead you to the room the painting is currently being showcased in. Although, that room may change in the future, and if it does, the directions won't adjust so you won't be able to find it anymore, since the directions were written with ink. </quote> ... Copied to Clipboard!
UltraDeku 01/25/22 11:15:20 AM #12:	lZUAL_REBlRTH posted... Anyone can copy it or print it out but what the NFT does is show who "owns" the original. Just watermark your shit. --- https://i.imgur.com/ZwNak4B.gif <cite>UltraDeku posted [p:962062077] in Is this a ... [t:79868974]...</cite> <quote>lZUAL_REBlRTH posted... </cite> <quote>Anyone can copy it or print it out but what the NFT does is show who "owns" the original.</quote>Just watermark your shit. </quote> ... Copied to Clipboard!
MC_BatCommander 01/25/22 11:15:31 AM #13:	An NFT is absolutely either a scam or money laundering scheme, maybe both --- The Legend is True! <cite>MC_BatCommander posted [p:962062085] in Is this a ... [t:79868974]...</cite> <quote>An NFT is absolutely either a scam or money laundering scheme, maybe both </quote> ... Copied to Clipboard!
Tyranthraxus 01/25/22 11:16:21 AM #14:	s0nicfan posted... Any art. Buying an nft does not transfer copyright. All you're doing is buying a UUID. You don't own any of it. Even if the artist only sells a single nft, they retain the copyright. If the artist both made the art and minted the NFT they can attach copyright ownership to the ownership of the NFT if they want. You just have to read the contract. --- It says right here in Matthew 16:4 "Jesus doth not need a giant Mecha." https://i.imgur.com/dQgC4kv.jpg <cite>Tyranthraxus posted [p:962062108] in Is this a ... [t:79868974]...</cite> <quote>s0nicfan posted... </cite> <quote>Any art. Buying an nft does not transfer copyright. All you're doing is buying a UUID. You don't own any of it. Even if the artist only sells a single nft, they retain the copyright.</quote>If the artist both made the art and minted the NFT they can attach copyright ownership to the ownership of the NFT if they want. You just have to read the contract. </quote> ... Copied to Clipboard!
lZUAL_REBlRTH 01/25/22 11:16:55 AM #15:	SergeantGander posted... If you're talking about say an NFT of an existing character like Sonic, then yea things get a bit more convoluted with copyright. This was one argument I heard. With copyright then there is a centralised accepted "authority" on who owns what. With this in mind I have three questions... 1) What's to stop me from stealing someone else image and passing it off as my own and selling an NFT of it? 3) What approval process is required to prove you own what you are trying to sell an NFT off? 2) How many NFT "blockchains" are there? What's to stop the same image being sold as an NFT on two different blockchains? <cite>lZUAL_REBlRTH posted [p:962062124] in Is this a ... [t:79868974]...</cite> <quote>SergeantGander posted... </cite> <quote>If you're talking about say an NFT of an existing character like Sonic, then yea things get a bit more convoluted with copyright.</quote> This was one argument I heard. With copyright then there is a centralised accepted "authority" on who owns what. With this in mind I have three questions... 1) What's to stop me from stealing someone else image and passing it off as my own and selling an NFT of it? 3) What approval process is required to prove you own what you are trying to sell an NFT off? 2) How many NFT "blockchains" are there? What's to stop the same image being sold as an NFT on two different blockchains? </quote> ... Copied to Clipboard!
s0nicfan 01/25/22 11:19:07 AM #16:	lZUAL_REBlRTH posted... This was one argument I heard. With copyright then there is a centralised accepted "authority" on who owns what. With this in mind I have three questions... 1) What's to stop me from stealing someone else image and passing it off as my own and selling an NFT of it? 3) What approval process is required to prove you own what you are trying to sell an NFT off? 2) How many NFT "blockchains" are there? What's to stop the same image being sold as an NFT on two different blockchains? Oh, people are just blatantly stealing deviantART images and selling them as nfts. People have tried to create some tools but it basically runs rampant. https://www.gizmodo.com.au/2021/12/deviantart-nft-theft/ https://futurism.com/artist-stealing-nfts/amp --- "History Is Much Like An Endless Waltz. The Three Beats Of War, Peace And Revolution Continue On Forever." - Gundam Wing: Endless Waltz <cite>s0nicfan posted [p:962062177] in Is this a ... [t:79868974]...</cite> <quote>lZUAL_REBlRTH posted... </cite> <quote>This was one argument I heard. With copyright then there is a centralised accepted "authority" on who owns what. With this in mind I have three questions... 1) What's to stop me from stealing someone else image and passing it off as my own and selling an NFT of it? 3) What approval process is required to prove you own what you are trying to sell an NFT off? 2) How many NFT "blockchains" are there? What's to stop the same image being sold as an NFT on two different blockchains?</quote> Oh, people are just blatantly stealing deviantART images and selling them as nfts. People have tried to create some tools but it basically runs rampant. https://www.gizmodo.com.au/2021/12/deviantart-nft-theft/ https://futurism.com/artist-stealing-nfts/amp </quote> ... Copied to Clipboard!
averagejoel 01/25/22 11:20:31 AM #17:	https://www.youtube.com/watch?v=YQ_xWvX1n9g --- peanut butter and dick <cite>averagejoel posted [p:962062214] in Is this a ... [t:79868974]...</cite> <quote>https://www.youtube.com/watch?v=YQ_xWvX1n9g </quote> ... Copied to Clipboard!
Tyranthraxus 01/25/22 11:20:51 AM #18:	lZUAL_REBlRTH posted... What's to stop me from stealing someone else image and passing it off as my own and selling an NFT of it? Nothing. It's a huge problem going on right now. lZUAL_REBlRTH posted... What approval process is required to prove you own what you are trying to sell an NFT off? The NFT is traded just like any other block chain POW crap. You either have the key to it or you don't. lZUAL_REBlRTH posted... How many NFT "blockchains" are there? What's to stop the same image being sold as an NFT on two different blockchains? Nothing. Also the NFT is not proof of ownership. It's like a Bitcoin, except a very specific Bitcoin. It's like having a dollar bill that Elvis Presley used to buy a Heath bar. --- It says right here in Matthew 16:4 "Jesus doth not need a giant Mecha." https://i.imgur.com/dQgC4kv.jpg <cite>Tyranthraxus posted [p:962062234] in Is this a ... [t:79868974]...</cite> <quote>lZUAL_REBlRTH posted... </cite> <quote>What's to stop me from stealing someone else image and passing it off as my own and selling an NFT of it?</quote>Nothing. It's a huge problem going on right now. lZUAL_REBlRTH posted... </cite> <quote>What approval process is required to prove you own what you are trying to sell an NFT off?</quote> The NFT is traded just like any other block chain POW crap. You either have the key to it or you don't. lZUAL_REBlRTH posted... </cite> <quote>How many NFT "blockchains" are there? What's to stop the same image being sold as an NFT on two different blockchains?</quote>Nothing. Also the NFT is not proof of ownership. It's like a Bitcoin, except a very specific Bitcoin. It's like having a dollar bill that Elvis Presley used to buy a Heath bar. </quote> ... Copied to Clipboard!
#19	Post #19 was unavailable or deleted.
CyricZ 01/25/22 11:21:46 AM #20:	averagejoel posted... Yeah I'm slowly going through this. I figure if I take it in chunks I can stave off the despair. --- CyricZ He/him <cite>CyricZ posted [p:962062257] in Is this a ... [t:79868974]...</cite> <quote>averagejoel posted... </cite> Yeah I'm slowly going through this. I figure if I take it in chunks I can stave off the despair. </quote> ... Copied to Clipboard!
kirbymuncher 01/25/22 11:25:17 AM #21:	lZUAL_REBlRTH posted... 1) What's to stop me from stealing someone else image and passing it off as my own and selling an NFT of it? 3) What approval process is required to prove you own what you are trying to sell an NFT off? 2) How many NFT "blockchains" are there? What's to stop the same image being sold as an NFT on two different blockchains? 1) nothing 2) none 3) this isn't stopped but that's by design. you can even sell the same image as two different NFTs on the same blockchain if you want. the NFT isn't the artwork, it's just an identifier, which in this case is linked to the artwork. I think it would be a bit silly to do since the uniqueness/scarcity of it is where it gets its value from but there's nothing actually preventing this from being done --- THIS IS WHAT I HATE A BOUT EVREY WEBSITE!! THERES SO MUCH PEOPLE READING AND POSTING STUIPED STUFF <cite>kirbymuncher posted [p:962062361] in Is this a ... [t:79868974]...</cite> <quote>lZUAL_REBlRTH posted... </cite> <quote> 1) What's to stop me from stealing someone else image and passing it off as my own and selling an NFT of it? 3) What approval process is required to prove you own what you are trying to sell an NFT off? 2) How many NFT "blockchains" are there? What's to stop the same image being sold as an NFT on two different blockchains?</quote> 1) nothing 2) none 3) this isn't stopped but that's by design. you can even sell the same image as two different NFTs on the same blockchain if you want. the NFT isn't the artwork, it's just an identifier, which in this case is linked to the artwork. I think it would be a bit silly to do since the uniqueness/scarcity of it is where it gets its value from but there's nothing actually preventing this from being done </quote> ... Copied to Clipboard!
1337toothbrush 01/25/22 11:40:27 AM #22:	lZUAL_REBlRTH posted... To use an analogy lets use the Mona Lisa. I'm going to have to stop you right there. The digital nature of NFTs changes the dynamic completely. It takes effort to duplicate a physical work. Anything digital can be copied bit-for-bit exactly very easily. The tactile nature of physical objects also makes a difference. --- https://imgur.com/a/FU9H8 - https://i.imgur.com/ZkQRDsR.png - https://i.imgur.com/2x2gtgP.jpg <cite>1337toothbrush posted [p:962062735] in Is this a ... [t:79868974]...</cite> <quote>lZUAL_REBlRTH posted... </cite> <quote>To use an analogy lets use the Mona Lisa.</quote>I'm going to have to stop you right there. The digital nature of NFTs changes the dynamic completely. It takes effort to duplicate a physical work. Anything digital can be copied bit-for-bit exactly very easily. The tactile nature of physical objects also makes a difference. </quote> ... Copied to Clipboard!
Jagr_68 01/25/22 11:53:43 AM #23:	JimmyFraska posted... John Favreau on the new Luke skywalker documentary, said that one day all images and media will be marked. Who knows, maybe we're there already Marked --- New York Rangers [2004-2008] https://media.giphy.com/media/WvQHBYW0q4TuxdAg61/giphy.gif https://psnprofiles.com/Jaromiroquai68 <cite>Jagr_68 posted [p:962063054] in Is this a ... [t:79868974]...</cite> <quote>JimmyFraska posted... </cite> <quote>John Favreau on the new Luke skywalker documentary, said that one day all images and media will be marked. Who knows, maybe we're there already</quote> Marked </quote> ... Copied to Clipboard!
lZUAL_REBlRTH 01/25/22 12:08:49 PM #24:	1337toothbrush posted... I'm going to have to stop you right there. The digital nature of NFTs changes the dynamic completely. It takes effort to duplicate a physical work. Anything digital can be copied bit-for-bit exactly very easily. The tactile nature of physical objects also makes a difference. It might not be an exact analogy but others have stated it's close enough. <cite>lZUAL_REBlRTH posted [p:962063449] in Is this a ... [t:79868974]...</cite> <quote>1337toothbrush posted... </cite> <quote>I'm going to have to stop you right there. The digital nature of NFTs changes the dynamic completely. It takes effort to duplicate a physical work. Anything digital can be copied bit-for-bit exactly very easily. The tactile nature of physical objects also makes a difference.</quote> It might not be an exact analogy but others have stated it's close enough. </quote> ... Copied to Clipboard!
Tyranthraxus 01/25/22 12:12:37 PM #25:	lZUAL_REBlRTH posted... It might not be an exact analogy but others have stated it's close enough. It is not close enough. NFT isn't actually proof of ownership, digital or otherwise. The closest actual example is the international star registry. https://internationalstarregistry.com/ --- It says right here in Matthew 16:4 "Jesus doth not need a giant Mecha." https://i.imgur.com/dQgC4kv.jpg <cite>Tyranthraxus posted [p:962063557] in Is this a ... [t:79868974]...</cite> <quote>lZUAL_REBlRTH posted... </cite> <quote>It might not be an exact analogy but others have stated it's close enough.</quote>It is not close enough. NFT isn't actually proof of ownership, digital or otherwise. The closest actual example is the international star registry. https://internationalstarregistry.com/ </quote> ... Copied to Clipboard!
averagejoel 01/25/22 5:48:26 PM #26:	CyricZ posted... Yeah I'm slowly going through this. I figure if I take it in chunks I can stave off the despair. it's one of those things that just seems worse the more you learn about it --- peanut butter and dick <cite>averagejoel posted [p:962072669] in Is this a ... [t:79868974]...</cite> <quote>CyricZ posted... </cite> <quote>Yeah I'm slowly going through this. I figure if I take it in chunks I can stave off the despair.</quote>it's one of those things that just seems worse the more you learn about it </quote> ... Copied to Clipboard!
justaguy3492 01/25/22 5:50:39 PM #27:	it's the new generation's "buy a star" scam. You have a piece of paper that says you own it, but in reality you don't own shit. --- Gt: justaguy3492 <cite>justaguy3492 posted [p:962072733] in Is this a ... [t:79868974]...</cite> <quote>it's the new generation's "buy a star" scam. You have a piece of paper that says you own it, but in reality you don't own shit. </quote> ... Copied to Clipboard!
nfearurspecimn 01/25/22 5:51:59 PM #28:	s0nicfan posted... You don't actually own the thing. --- Wake up. You have to wake up. currently a preta/hungry ghost Dai Grepher: I was wrong. My entire theory is incorrect. Zero Mission IS a remake of Metroid. <cite>nfearurspecimn posted [p:962072770] in Is this a ... [t:79868974]...</cite> <quote>s0nicfan posted... </cite> <quote>You don't actually own the thing.</quote></quote> ... Copied to Clipboard!
Collat 01/25/22 5:53:58 PM #29:	lZUAL_REBlRTH posted... An NFT is essentially Proof of Ownership. Already wrong. Technically, you don't even own the artwork. Just a "token" it's attached to. <cite>Collat posted [p:962072816] in Is this a ... [t:79868974]...</cite> <quote>lZUAL_REBlRTH posted... </cite> <quote>An NFT is essentially Proof of Ownership.</quote>Already wrong. Technically, you don't even own the artwork. Just a "token" it's attached to. </quote> ... Copied to Clipboard!
DespondentDeity 01/25/22 6:32:44 PM #30:	https://gamefaqs.gamespot.com/a/user_image/9/3/5/AAP2ssAAC2W3.jpg --- The web of destiny carries your blood and soul back to the Genesis of my life form. I'm softer than a daisy, if you cut me I'll bleed pink <cite>DespondentDeity posted [p:962073925] in Is this a ... [t:79868974]...</cite> <quote>https://gamefaqs.gamespot.com/a/user_image/9/3/5/AAP2ssAAC2W3.jpg </quote> ... Copied to Clipboard!
UnholyMudcrab 01/25/22 6:36:55 PM #31:	There are precisely two kinds of NFTs: Scams Money laundering schemes --- http://i.imgur.com/VeNBg.gif http://i.imgur.com/gd5jC8q.gif http://i.imgur.com/PKIy7.gif http://i.imgur.com/3p29JqP.gif <cite>UnholyMudcrab posted [p:962074059] in Is this a ... [t:79868974]...</cite> <quote>There are precisely two kinds of NFTs: Scams Money laundering schemes </quote> ... Copied to Clipboard!
BeantownHero 01/25/22 6:42:04 PM #32:	They're exactly 2 questions i have when it comes to NFTs What, exactly, am I getting for my money? Can the thing I'm buying be leveraged to make more money than what i paid for it? If so, how? --- Black In America https://gamefaqs.gamespot.com/boards/1527-black-in-america <cite>BeantownHero posted [p:962074217] in Is this a ... [t:79868974]...</cite> <quote>They're exactly 2 questions i have when it comes to NFTs What, exactly, am I getting for my money? Can the thing I'm buying be leveraged to make more money than what i paid for it? If so, how? </quote> ... Copied to Clipboard!
Rharyx211 01/25/22 6:48:22 PM #33:	Imagine someone sold you a receipt from a grocery store, a receipt from purchasing milk. The receipt is the NFT, but you don't actually own the milk. But also the guy who sold you the receipt doesn't own the milk -- they just found the receipt in the trash. And also the transaction of that receipt caused an acre of trees to be burned down. --- Watch "Final Fantasy XV Abridged" and "Kingdom Hearts Abridged" right here! https://www.youtube.com/user/mcknett3 <cite>Rharyx211 posted [p:962074384] in Is this a ... [t:79868974]...</cite> <quote>Imagine someone sold you a receipt from a grocery store, a receipt from purchasing milk. The receipt is the NFT, but you don't actually own the milk. But also the guy who sold you the receipt doesn't own the milk -- they just found the receipt in the trash. And also the transaction of that receipt caused an acre of trees to be burned down. </quote> ... Copied to Clipboard!
Norman_Smiley 01/25/22 6:56:12 PM #34:	BeantownHero posted... They're exactly 2 questions i have when it comes to NFTs What, exactly, am I getting for my money? You are getting a ledger record of a thing. Can the thing I'm buying be leveraged to make more money than what i paid for it? If so, how? If you are able to find someone that things your ledger record of a thing is worth more than you paid for it, yes. Otherwise, no. The ledger record itself has precisely zero intrinsic value, only the value you and others like you place on it. --- http://i.imgur.com/BVBQC.jpg The big wiggle equals ratings. <cite>Norman_Smiley posted [p:962074594] in Is this a ... [t:79868974]...</cite> <quote>BeantownHero posted... </cite> <quote>They're exactly 2 questions i have when it comes to NFTs What, exactly, am I getting for my money?</quote> You are getting a ledger record of a thing. <quote> Can the thing I'm buying be leveraged to make more money than what i paid for it? If so, how?</quote> If you are able to find someone that things your ledger record of a thing is worth more than you paid for it, yes. Otherwise, no. The ledger record itself has precisely zero intrinsic value, only the value you and others like you place on it. </quote> ... Copied to Clipboard!
averagejoel 01/25/22 6:56:47 PM #35:	BeantownHero posted... Can the thing I'm buying be leveraged to make more money than what i paid for it? If so, how? it can, assuming you find a bigger fool than you who's willing to buy it from you --- peanut butter and dick <cite>averagejoel posted [p:962074611] in Is this a ... [t:79868974]...</cite> <quote>BeantownHero posted... </cite> <quote>Can the thing I'm buying be leveraged to make more money than what i paid for it? If so, how?</quote>it can, assuming you find a bigger fool than you who's willing to buy it from you </quote> ... Copied to Clipboard!
Nemu 01/25/22 7:04:10 PM #36:	The idea only works if you have an ecosystem in which people recognize the ownership, but that's simply not possible. It'd work in a game setting where resources can be forcibly limited, but you don't need NFTs to do that. And they'd still be locked within the game ecosystem, so you wouldn't really own them. It's basically that you own a line of code publically identified with a piece of media that people are trying to scam each other into thinking they have innate value. <cite>Nemu posted [p:962074818] in Is this a ... [t:79868974]...</cite> <quote>The idea only works if you have an ecosystem in which people recognize the ownership, but that's simply not possible. It'd work in a game setting where resources can be forcibly limited, but you don't need NFTs to do that. And they'd still be locked within the game ecosystem, so you wouldn't really own them. It's basically that you own a line of code publically identified with a piece of media that people are trying to scam each other into thinking they have innate value. </quote> ... Copied to Clipboard!
AceMos 01/25/22 11:09:01 PM #37:	https://www.youtube.com/watch?v=XwMjPWOailQ&t=1137s --- 3 things 1. i am female 2. i havea msucle probelm its hard for me to typ well 3.does her janpuu dance <cite>AceMos posted [p:962081146] in Is this a ... [t:79868974]...</cite> <quote>https://www.youtube.com/watch?v=XwMjPWOailQ&t=1137s </quote> ... Copied to Clipboard!
jumi 01/25/22 11:16:19 PM #38:	Why are so many NFTs monkeys?! --- XBL Gamertag: Rob Thorsman Facebook: http://www.facebook.com/robertvsilvers <cite>jumi posted [p:962081283] in Is this a ... [t:79868974]...</cite> <quote>Why are so many NFTs monkeys?! </quote> ... Copied to Clipboard!
AceMos 01/25/22 11:17:46 PM #39:	jumi posted... Why are so many NFTs monkeys?! they are generated by an AI --- 3 things 1. i am female 2. i havea msucle probelm its hard for me to typ well 3.does her janpuu dance <cite>AceMos posted [p:962081314] in Is this a ... [t:79868974]...</cite> <quote>jumi posted... </cite> <quote>Why are so many NFTs monkeys?!</quote>they are generated by an AI </quote> ... Copied to Clipboard!
jumi 01/25/22 11:18:58 PM #40:	AceMos posted... they are generated by an AI That doesn't really explain it. --- XBL Gamertag: Rob Thorsman Facebook: http://www.facebook.com/robertvsilvers <cite>jumi posted [p:962081327] in Is this a ... [t:79868974]...</cite> <quote>AceMos posted... </cite> <quote>they are generated by an AI</quote> That doesn't really explain it. </quote> ... Copied to Clipboard!
AceMos 01/25/22 11:20:20 PM #41:	jumi posted... That doesn't really explain it. the AI is programed to generate apes --- 3 things 1. i am female 2. i havea msucle probelm its hard for me to typ well 3.does her janpuu dance <cite>AceMos posted [p:962081357] in Is this a ... [t:79868974]...</cite> <quote>jumi posted... </cite> <quote>That doesn't really explain it.</quote>the AI is programed to generate apes </quote> ... Copied to Clipboard!
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. </quote> ... Copied to Clipboard!
jumi 01/25/22 11:24:11 PM #43:	AceMos posted... the AI is programed to generate apes Why? Why not dogs or cats? --- XBL Gamertag: Rob Thorsman Facebook: http://www.facebook.com/robertvsilvers <cite>jumi posted [p:962081420] in Is this a ... [t:79868974]...</cite> <quote>AceMos posted... </cite> <quote>the AI is programed to generate apes</quote> Why? Why not dogs or cats? </quote> ... Copied to Clipboard!
AceMos 01/25/22 11:25:19 PM #44:	jumi posted... Why? Why not dogs or cats? shrugif i had to guess apes are easier to have a bunch of crap pasted on --- 3 things 1. i am female 2. i havea msucle probelm its hard for me to typ well 3.does her janpuu dance <cite>AceMos posted [p:962081444] in Is this a ... [t:79868974]...</cite> <quote>jumi posted... </cite> <quote>Why? Why not dogs or cats?</quote>shrugif i had to guess apes are easier to have a bunch of crap pasted on </quote> ... Copied to Clipboard!
ellis123 01/25/22 11:27:29 PM #45:	jumi posted... Why? Why not dogs or cats? The vast majority of people who buy into NFTs are only able to communicate to like-minded people through the Internet. Because of that they mostly exist in the same sort of mentality that one would if you only existed on 4Chan: everything is a meme. Monkeys are a Gen Z meme (you probably have heard the "return to monkey" one plenty). Hence why one of the most prolific NFTs, one that was so popular that it got its own cartoon series, is really crappy AI monkey faces. --- "A shouted order to do something of dubious morality with an unpredictable outcome? Thweeet!" My FC is in my profile. <cite>ellis123 posted [p:962081487] in Is this a ... [t:79868974]...</cite> <quote>jumi posted... </cite> <quote>Why? Why not dogs or cats?</quote>The vast majority of people who buy into NFTs are only able to communicate to like-minded people through the Internet. Because of that they mostly exist in the same sort of mentality that one would if you only existed on 4Chan: everything is a meme. Monkeys are a Gen Z meme (you probably have heard the "return to monkey" one plenty). Hence why one of the most prolific NFTs, one that was so popular that it got its own cartoon series, is really crappy AI monkey faces. </quote> ... Copied to Clipboard!
1337toothbrush 01/26/22 12:15:28 AM #46:	jumi posted... Why are so many NFTs monkeys?! I assume it's to ride off the hype of the GameStop short squeeze hype where "apes together strong" was all the rage. --- https://imgur.com/a/FU9H8 - https://i.imgur.com/ZkQRDsR.png - https://i.imgur.com/2x2gtgP.jpg <cite>1337toothbrush posted [p:962082517] in Is this a ... [t:79868974]...</cite> <quote>jumi posted... </cite> <quote>Why are so many NFTs monkeys?!</quote>I assume it's to ride off the hype of the GameStop short squeeze hype where "apes together strong" was all the rage. </quote> ... Copied to Clipboard!
#47	Post #47 was unavailable or deleted.
au_gold 01/26/22 12:20:12 AM #48:	[LFAQs-redacted-quote] Best description Ive heard so far. --- Let me talk to your mother. Get your mother please. <cite>au_gold posted [p:962082619] in Is this a ... [t:79868974]...</cite> <quote><cite>[LFAQs-redacted-quote]</cite> Best description Ive heard so far. </quote> ... Copied to Clipboard!
VigorouslySwish 01/26/22 12:21:03 AM #49:	lZUAL_REBlRTH posted... An NFT is essentially Proof of Ownership. correct --- i'm just some guy yellin' about apple sauce <cite>VigorouslySwish posted [p:962082630] in Is this a ... [t:79868974]...</cite> <quote>lZUAL_REBlRTH posted... </cite> <quote>An NFT is essentially Proof of Ownership. </quote> correct </quote> ... Copied to Clipboard!
MrToothHasYou 01/26/22 12:37:03 AM #50:	An NFT is a digital box. Inside that box is a URL that links you to a shitty digital image of a cartoon monkey. You do not own the monkey image, but you do own the box that contains the URL (you also do not own the URL). I think that about covers it. --- An Injury to One is an Injury to All https://iww.org/ <cite>MrToothHasYou posted [p:962082921] in Is this a ... [t:79868974]...</cite> <quote>An NFT is a digital box. Inside that box is a URL that links you to a shitty digital image of a cartoon monkey. You do not own the monkey image, but you do own the box that contains the URL (you also do not own the URL). I think that about covers it. </quote> ... Copied to Clipboard!
Topic List	Page List: 1, 2

Current Events > Is this a fair explanation of what an NFT is? (+) Yeah! (+)

Current Events > Is this a fair explanation of what an NFT is?