What, exactly is a NFT?
Discussion
This news article puzzled me.
What is a NFT, what can you do with it, and why? Can you own a meme.
'Side-eyeing Chloe' Clem to sell iconic meme as NFT https://www.bbc.co.uk/news/world-us-canada-5865966...
What is a NFT, what can you do with it, and why? Can you own a meme.
'Side-eyeing Chloe' Clem to sell iconic meme as NFT https://www.bbc.co.uk/news/world-us-canada-5865966...
LargeRed said:
A non-fungible token (NFT) is a unit of data stored on a digital ledger.
like crypto but not
Basically this, as far as I understand it. Imagine you bought the Mona Lisa, and got a letter from the Louvre to say you owned the original item - thus everything else is merely a copy.like crypto but not
Or it's a complex vehicle for laundering cryptocurrency.
As I understand it, the process of assigning or creating the status of NFT to an item means from that point, its ownership can be irrefutably proven; therefore when it's bought and sold, there can be no question over authenticity/veracity/providence.
A woman has very recently, I believe, made an NFT out of her hymen. A person with a very unusual physiological anomaly was also considering whether it could be given NFT status.
Incidentally a quick google for NFT use cases showed fairly mundane things like event tickets, property, various documents could be registered as NFTs. Could be an answer to boundary disputes, ID theft and fake event tickets.
A woman has very recently, I believe, made an NFT out of her hymen. A person with a very unusual physiological anomaly was also considering whether it could be given NFT status.
Incidentally a quick google for NFT use cases showed fairly mundane things like event tickets, property, various documents could be registered as NFTs. Could be an answer to boundary disputes, ID theft and fake event tickets.
Edited by ReverendCounter on Thursday 23 September 15:22
Fabric said:
Basically this, as far as I understand it. Imagine you bought the Mona Lisa, and got a letter from the Louvre to say you owned the original item - thus everything else is merely a copy.
Or it's a complex vehicle for laundering cryptocurrency.
Do you own copyright and the Mona Lisa physical picture, its certainly non fungible. The digital image, and the millions of copies and clones looks very fungible.Or it's a complex vehicle for laundering cryptocurrency.
Or just, perhaps, a few bytes in a file somewhere?
Yes, an NFT is basically a certified version of a digital asset. Whilst you can probably copy the asset itself perfectly, you cannot copy the certification.
It's like being able to have the Mona Lisa as painted by Da Vinci, or a copy that is atom for atom the same, but is not actually painted by Da Vinci.
Whether you think NFTs have a value is a personal view.
Maybe it is a bit like a natural diamond vs a synthetic diamond.
It's like being able to have the Mona Lisa as painted by Da Vinci, or a copy that is atom for atom the same, but is not actually painted by Da Vinci.
Whether you think NFTs have a value is a personal view.
Maybe it is a bit like a natural diamond vs a synthetic diamond.
eldar said:
Or just, perhaps, a few bytes in a file somewhere?
That's my understanding - the metadata within the token itself being the only actually important part.Interesting read regarding NFT's, ownership rights, and applications here; https://www.twobirds.com/en/news/articles/2021/aus...
Fabric said:
That's my understanding - the metadata within the token itself being the only actually important part.
Interesting read regarding NFT's, ownership rights, and applications here; https://www.twobirds.com/en/news/articles/2021/aus...
Thanks. Looks rather complex and open to lots of challenges.Interesting read regarding NFT's, ownership rights, and applications here; https://www.twobirds.com/en/news/articles/2021/aus...
FrankAbagnale said:
Did anyone, or does anyone buy/sell NFTs here?
I got in to it a few months ago, and have done OK. My friends who got in to it in March-May have done very well!
I know a photographer who is based on the south coast. He’s made at least 100ETHs from selling his images!I got in to it a few months ago, and have done OK. My friends who got in to it in March-May have done very well!
_Hoppers said:
FrankAbagnale said:
Did anyone, or does anyone buy/sell NFTs here?
I got in to it a few months ago, and have done OK. My friends who got in to it in March-May have done very well!
I know a photographer who is based on the south coast. He’s made at least 100ETHs from selling his images!I got in to it a few months ago, and have done OK. My friends who got in to it in March-May have done very well!
_Hoppers said:
I know a photographer who is based on the south coast. He’s made at least 100ETHs from selling his images!
Fair play to him. I know nothing about NFT's but I watched a youtube video linked on the automotive vloggers thread (so now I am an expert 
) and basically it would appear the photographer hasn't sold anything, he still has the copyright etc, he's just parked his photo next to a unique string of 1's and 0's verified as being unique. The buyer doesn't have anything other than a unique string of 1's and 0's.Has a very strong whiff of Tulips to me.
ReverendCounter said:
As I understand it, the process of assigning or creating the status of NFT to an item means from that point, its ownership can be irrefutably proven; therefore when it's bought and sold, there can be no question over authenticity/veracity/providence.
A woman has very recently, I believe, made an NFT out of her hymen. A person with a very unusual physiological anomaly was also considering whether it could be given NFT status.
Incidentally a quick google for NFT use cases showed fairly mundane things like event tickets, property, various documents could be registered as NFTs. Could be an answer to boundary disputes, ID theft and fake event tickets.
But that only proves that I own the "real" NFT. Someone could replace the real Mona Lisa for a fake one, and my real "NFT" would then only prove that I own the fake Mona Lisa.A woman has very recently, I believe, made an NFT out of her hymen. A person with a very unusual physiological anomaly was also considering whether it could be given NFT status.
Incidentally a quick google for NFT use cases showed fairly mundane things like event tickets, property, various documents could be registered as NFTs. Could be an answer to boundary disputes, ID theft and fake event tickets.
Edited by ReverendCounter on Thursday 23 September 15:22
I'm a bit confuddled about all this fungible stuff.
Like who the f
k actually buys a home or a car in the metaverse for actual SSS/bitcoin, and why???The way I look at it is similar to the above suggestions, its no different to buying and selling original paintings or similar.
What's interesting, is the pace these things increase in value. You hear about a lot of artists just scraping by in times gone by, and their paintings are now only worth a lot of money after the artist has died, there can't be any more now, and sometimes hundreds of years has passed.
The guy taking photos can just take some more!
What's interesting, is the pace these things increase in value. You hear about a lot of artists just scraping by in times gone by, and their paintings are now only worth a lot of money after the artist has died, there can't be any more now, and sometimes hundreds of years has passed.
The guy taking photos can just take some more!
cml24 said:
The way I look at it is similar to the above suggestions, its no different to buying and selling original paintings or similar.
What's interesting, is the pace these things increase in value. You hear about a lot of artists just scraping by in times gone by, and their paintings are now only worth a lot of money after the artist has died, there can't be any more now, and sometimes hundreds of years has passed.
The guy taking photos can just take some more!
I'm not sure he needs to take another photo, he still has the copyright to the original photo he sold the NFT for, I am not sure if it is down to the ethics of the photographer that would stop him selling another NFT for the same photo What's interesting, is the pace these things increase in value. You hear about a lot of artists just scraping by in times gone by, and their paintings are now only worth a lot of money after the artist has died, there can't be any more now, and sometimes hundreds of years has passed.
The guy taking photos can just take some more!
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