I don’t really care about fad stuff so I never bought any but also I never really understood how they worked practically. Like if I bought a famous tweet or jpg or what ever, how would I use the token to verify owner ship of the thing or sell it?
I don’t really care about fad stuff so I never bought any but also I never really understood how they worked practically. Like if I bought a famous tweet or jpg or what ever, how would I use the token to verify owner ship of the thing or sell it?
You hit the nail on the head with the problem in your question. Other than a website that has a text banner that says “This person owns this” there’s nothing binding to prove that. Sure, there’s the actual computer work that goes into generating the token just like Bitcoin, but that’s only as useful as someone respecting its value.
It’s literally a badge that the outside world has to decide is valuable for it to mean anything.
You could say that for everything though. NFTs are just another cryptoscam. Designed with “encryption for ownership” but, its a digital image. Not hard to steal an image in comparison to bitcoins. With A.I. even worse in value since they let everyone steal anything as long as you say it was A.I.
NFTs weren’t even an image. It was a link to an image. NFT owners never owned the image, they just “owned” the link.
Yeah that’s what cryptocurrency is…