These NFT things

[The binman chronicles]

You own something that you've paid a fortune for whilst everyone else can get it for free just by taking a screenshot/download.

 

[Spadge Vernacular]

 

[PhilM]

Thanks @PhilM. Clear as mud now ?

Imagine drawing a picture on Microsoft Paint, then getting a word document and writing on it 'I made this' and emailing it to all your mates.

That's probably the closest thing to it.

 

[DuuuncanHadaPigeon]

The funniest explanation I've seen is;

Imagine you have a wife and your wife is getting drilled by everyone but you can't do sh*t.

But you do have the marriage certificate, that's the NFT.

 

[chrismpw]

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.

This is all well and good, but you haven't said how much for the pair.

 

[BNJ1878]

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.

But if I right click > save as.... I own it too.

It's complete nonsense.

 

[Black Belt Jones]

This is a good piece on NFTs - not so much on how they work, more just the depressing bullshit that they represent.

The Future Is Not Only Useless, It’s Expensive

In the end, we're all bored apes

www.gawker.com

NFTs are the human capacity for visual expression as understood by the guy at the vape store.

 

[marmor]

Wait till you get your head around this one as well then.

What is happening with the world?

Someone Spent $450,000 for 'Land' Next to Snoop Dogg's NFT House

Crypto fans are scrambling to buy and monetize metaverse land plots as Snoop Dogg, Adidas, and other brands start building virtual worlds.

www.rollingstone.com

 

[PhilM]

But if I right click > save as.... I own it too.

It's complete nonsense.

Oh I get that and I’m not saying I agree with it. The point however is that he may be useful when discussing rights of use, copyright and whatnot.

 

[Chewbacca]

SCAM

 

[BNJ1878]

Y

Wait till you get your head around this one as well then.

What is happening with the world?

Someone Spent $450,000 for 'Land' Next to Snoop Dogg's NFT House

Crypto fans are scrambling to buy and monetize metaverse land plots as Snoop Dogg, Adidas, and other brands start building virtual worlds.

www.rollingstone.com

You know what they say about fools and money.

 

[PhilM]

NFT marketplace OpenSea valued at more than $13bn

Worldwide trade in digital collectables was worth $40.9bn (£30.1bn) last year, a report suggests.

www.bbc.co.uk

 

[Amokachi1995]

Feels like the kind of thing someone who owned bitcoin would be into.

 

[witchdoc187]

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

My friend bought a spaceship in the metaverse and it's making him $20 a week. No idea what any of it means

 

[Buzz Lightroom]

Here's everything I know about NFTs all on one plate....

The irony of it is that the above JPG could technically become an NFT.
No idea how it would become worth any money and why someone would buy it but that seems to be the way it works.