These NFT things

[Groucho]

What the bloody hell are they? I keep reading about them but no one seems to explain what they are.

Anyone?

*mumbles and goes back to bed

 

[woodsyni]

Did a quick Google once. Still none the wiser.

 

[Connor]

Scam/money laundering

 

[Terrarian]

It goes over my head as well

 

[DuuuncanHadaPigeon]

They disgust me. You basically own a serial number that is loosely related to a jpeg, that is hosted on the internet by someone else. If the server hosting it goes down now what do you own, it's pathetic.

Also used for money laundering, just like real art is.

 

[Yarrgh]

An attempt for us to fall for the emperor's new clothes?

It's insanity that these things exist. Just a chance to grift money off the most gullible of digital rubes.

 

[Groucho]

That’s for your explanation attempts but I still have no clue.

This could confuse a stupid person.

 

[tommye]

This could confuse a stupid person

Good job there's none of those on here then

 

[sageyefc]

Said this in another thread, appears to be pictures of cartoon apes don’t know how your supposed to make money on them or what they’re for

 

[kev]

That’s for your explanation attempts but I still have no clue.

*This could confuse a stupid person.

Never heard of them until you started this thread.
I've just spent about 20 minutes reading up on them.

*I can confirm this

 

[Kantareller]

Some kind of cult

 

[Noble Savage]

The 3 highest terms I can make sense of when googling NFTs are scams , pathetic .JPGs and pyramid scheme .
Blockchain , cryptocurrency and metaverse have something to do with it too .
Looks like they are poorly drawn images that you have a receipt for but don't actually own . All very strange .

 

[ste d' indica]

 

[PhilM]

You 'own' a unique token that is loosely associated with a digital file. This is all stored on a block chain so ownership rights, like BitCoin, can't be manipulated*

The idea is that if you make a piece of digital artwork, such as image, video or piece of code, the origin rights (copyright) are maintained by one person.

A .jpg for example can be copied countless times from the master, but theoretically only one person will only the NFT of the original hence having ownership.

The idea is that it'll be prove those rights (e.g. as evidence for revenue or over disputes of copyright) as the person who made it will have that NFT.

The only issue is that while this all sounds wonderful and could be useful for selling digital rights for anything from tickets etc., it's mostly used illegally.

Moving money digitally around the world is now much, much easier than ever if you know how, but it's not exactly useful for your average buck dealer etc.

*apparently.

 

[kev]

You 'own' a unique token that is loosely associated with a digital file. This is all stored on a block chain so ownership rights, like BitCoin, can't be manipulated*

The idea is that if you make a piece of digital artwork, such as image, video or piece of code, the origin rights (copyright) are maintained by one person.

A .jpg for example can be copied countless times from the master, but theoretically only one person will only the NFT of the original hence having ownership.

The idea is that it'll be prove those rights (e.g. as evidence for revenue or over disputes of copyright) as the person who made it will have that NFT.

The only issue is that while this all sounds wonderful and could be useful for selling digital rights for anything from tickets etc., it's mostly used illegally.

Moving money digitally around the world is now much, much easier than ever if you know how, but it's not exactly useful for your average buck dealer etc.

*apparently.

Thanks @PhilM. Clear as mud now ?