What, exactly is a NFT?

[eldar]

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...

[eldar]

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 just, perhaps, a few bytes in a file somewhere?

[eldar]

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.