Quote:
Originally Posted by Arizona_928
That's why NFT's are going nuts.
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One has to separate NFTs from the garbage that people are selling. NFTs are a great concept - perhaps the only one that I really like in crypto. NFTs are a digital "Certificate of Authenticity" akin to the ones that used to be delivered with collectible junk bought from the Franklin Mint. The NFT is an electronic version of that.
NFTs can be used to "certify" or "authenticate" anything, much like a county recorder records a deed for real estate, or the local DMV records and manages the title records for a car or truck. The nice thing is that the NFTs make this "ledger" a publicly accessible, distributed record that cannot be altered.
So NFTs are kindof interesting in this fashion, and one can think of a bunch of uses. But yodelheads trying to assign value to worthless stuff have jumped on the hype bandwagon, and started selling digital images and other nonsense stuff with NFT certificates attached. The actual thing their selling is virtually worthless, but they make it seem rare and authentic by attaching a Franklin Mint-style certificate of authenticity to it. It's important to distinguish the difference between the value in the object, and the certificate that accompanies it. Others may disagree with my opinion on this.
Here's a related funny incident where crypto-related people without too much common sense paid 2.66M euros for a copy of the Dune pitch book from a few decades ago, and with the purchase, they thought they owned the rights to reprint the book and also to produce a cartoon series based upon the drawings in the book. I.E. they bought a copy of a book, and thought they bought the intellectual property. A copy has also been circulating online for years. A whole bunch of people are making fun of this dude on Twitter here:
https://twitter.com/thespicedao/status/1482404318347153413
-Wayne