It’s not even the picture, it’s the promise you own a picture
And the picture itself is just a randomly generated picture of a money or a picture of Donald Trump photoshopped into something from the first page of Google images.
Holding an NFT can give you ownership of an image. If you have a bored ape NFT you own some legal rights to the image.
That’s because of contract law, and IP law. A contract assigns the copyright to the holder of the NFT, and governments enforce legal contracts.
The only thing that gives NFTs any claim to value is the fact that a centralized authority can enforce it. The entire concept behind the decentralized leaderless authority of the blockchain is a myth.
Yeah you can own an NFT but you can own any image through a license agreement with the owner.
Yes… That’s the point of my comment.
No they aren’t NFTs are recipts. That is all they are. They can have a connection to images or physical goods but they only proove that you bought a recipt and not actual ownership.
You don’t even buy the photo, you buy the hyperlink to the photo. In a sense, your buying the treasure map to gold, but you can’t have the gold.
No, you buy a certificate of ownership. That’s what NFT is.
Shes right an nft is a hallway to the picture. You don’t even own to picture
I thought NFTs is the title to the car. Just a title without any law backing it up.
No, because an NFT just tells you were the picture is on the block chain. In theory If you had access to the block chain and another picture you can just change the picture stored at that point
Some hacker needs to make it a mission to replace every Bored Ape and Trump Card NFT with Goatse.
I was pretty shocked when I found out that NFT pictures aren’t even stored in the block chain. NFTs are just records on the block chain with links to images stored on ordinary servers.
“This comment is an NFT and if you screenshot this I will sue your ass without hesitation. Please paypal me 4500 USD if you would like this comment, and don’t mess with me. I got my whole crypto gang on my side. We will fuck you up if you try stealing this comment, so don’t fuck with us.”
Why are they asking for fiat currency?
Physical money is just metal, plastic and paper.
The problem is the virtual value we give certain things.
FWIW nobody who is actually knowledgeable about crypto ever thought anything positive about NFTs. It’s all just wallstreetbets types who read one article and think they’re economists now. The tech is interesting and has applications but monkey jpegs are what idiots spent millions on for some reason.
People who are knowledgeable about crypto spent real money on a thing called dogecoin.
Nobody who is knowledgeable about crypto ever thought dogecoin was anything but a meme coin or pump and dump scheme. They would have known it offered zero benefits technologically over existing cryptos. Some may have bought it to cash in on the crazy market surrounding it, but they never thought doge was the future or anything. The people who thought that were the “i read one article and I’m a crypto expert now” crowd referenced in my original comment.
I viewed it as more of a donation to see the stupid meme on Nascar or other dumb sponsorships.
I think the entire boom it had was from regular people, people who specifically weren’t knowledgeable about crypto.
Exactly. Same with NFTs
Crypto
BrosLosers would be really mad at reading that, if they weren’t busy fellating the owners of BoredApes after they made them blind.…
What? No, that’s not a joke.
https://www.theverge.com/2023/11/6/23948464/bored-ape-nft-event-eye-injury-sunburn-uv-exposure
“Had a good time with the homies who also got their eyes burned”. These people are unbelievably down there in the pathetic human scale.
To be fair most art is just pictures (using the term picture loosely). That’s not why the nft is dumb.
They can’t read because they burned their eyes.
Cryptobros incoming to tell us all the real-world problems blockchain’s going to solve any day now in 3… 2…
They’re not even pictures. They’re hyperlinks to pictures that may or may not even be there.
Famously, it’s uncommon that your “NFT” ends up hyperlinking to a picture of a rug because the people running it know it’s a scam.
I think NFT’s had some promise for stuff you actually have to own (not some ape pictures). Like a digital version for maybe an invitation or tickets or if done properly (by your countries government for example) maybe even for stuff like licenses (i.e. driving license, welding license etc.) Or identification (passport, id, etc.)
Every single one of the examples you gave relies on some single centralized authority to give it value. Passports and licences are meaningless without a government. Tickets rely on the venue.
I have not heard anyone mention any application for NFTs that would work better than a database run by the agency that is required to give the document value.
Blockchain is a solution in search of a problem.
The problem IS the centralized authority. Can you forever trust a government to not artificially inflate or deflate the value of a currency? The whole point was to have a system with no single authority. No single point of failure.
It is, however, not perfect. The volatility, limited number of transacrions per second , and reliance on an incredible amount of energy expense were the largest of these when the original bitcoin concept was created. Some of these issues have solutions, but its still an evolving technology.
