NFTs, Non-fungible Tokens

I still don’t understand why someone would pay a six or seven digit number for a digital picture?
Someone paid 3.4 million USD for this:


I download it for free from a news site. How can this be rare if anyone can just save it on their device?

1 Like

The image isn’t rare. The image with a unique key tied to it is.

That then effectively makes the key valuable, not the image. Can’t quite get my head around it, but as long as you see value in it or believe someone else is willing to pay more for the key in the future, why not?

Because with blockchain and image recognition every time somebody tried to use a reproduction you could sue them or ask them to pay a license fee. Theoretically.

I guess there’s also the Andy Warhol type effect. You know famous for being famous and ‘modern’.

1 Like

What’s to stop me selling that as an NFT?

I’ve just saved it onto my computer. What’s to stop me selling it on as an NFT? Is there anything legal?

The whole thing seems like a way to get money from utter saps, to be honest. I read somewhere that those stupid monkey ones had the price artificially increased by a group—they sold it amongst each other for thousands so people thought they were actually valuable. Now some sap pays millions for one.

1 Like

Digital Art is getting stolen and made into nfts without permission:

And the nfts themselves are getting stolen and sold on.

To answer your question: Nothing can stop you.

lol

What a swizz this whole NFT thing is.

Looks like I’m gonna grab some pictures from deviantart and try and make some easy money lol

It reminds me a bit of the tulip mania.

Now it’s difficult to manage. I’m sure in the future it will be easier to enforce ownership and licenses of NFTs. I agree with what you guys are saying for the current situation .

1 Like

And then you have the ecological aspect:

https://memoakten.medium.com/the-unreasonable-ecological-cost-of-cryptoart-2221d3eb2053

1 Like

It is very important to note that this article refers to ONLY proof of work based blockchain NFTs, in specific, on the Ethereum network. However, there is some truth in it, because many of the most popular NFTs are on the Ethereum network (Bored Apes, etc.). However, Ethereum is trying to move to Proof of Stake, which hopefully, will improve much of the environmental impact.

2 Likes

I finally understand NFTs.

To me it was explained as follows:

Imagine you’re married. Everyone can drill your spouse if they want for as long and often they want.
But at least you’ve got the marriage certificate.

4 Likes

Simply put; No Fucking Tolerance, for this total shit.

1 Like
1 Like