What is this trickery? How on earth do you own a digital asset? What's to stop Chynah from stealing it? I'm old school so I have no idea how any of this new fangled get rich quick shit works.
Can someone explain NFTs to me?
- Thread starter Dr. Farnsgoth
- Start date
- Watchers 15
- E-Sports
Thread: Can someone explain NFTs to me?
cryptoadam
Needs a Spellchecker
- Platforms
I wish I could. Its apperantly art work that is placed on the block chain. So sure you can copy and paste the GIF, but you will never actually own the keys on the blockchain.
Why they are worth money and how do I make one to make money I have no idea. But if we could find a way to make DPAD NFTs and make bank lets do it. I will even give 10% to the big guy.
Why they are worth money and how do I make one to make money I have no idea. But if we could find a way to make DPAD NFTs and make bank lets do it. I will even give 10% to the big guy.
It's just a certificate of authenticity, not a means of ownership and control like with a car title or deed. Most NFTs being sold have no actual hard-coded link to what they supposedly represent (i.e. if someone sells a picture through an NFT, the data stored in the NFT object does not include the picture).
It's mostly a gimmick for now.
It's mostly a gimmick for now.
Relativ9
Member
- Platforms
They are perhaps one of the wrong paths of Blockchain technology, not because they have no possible use, but because their value and utility has been massively inflated by hype and misunderstanding. Do not invest in NFTs in other words, is a bubble.
well first of all shes fucking dead
Stouffers
FAFO
lock2k
Due a Whippin
Doesn't stop you from wanking to her roid clit
Digital bullshit that ppl can sell.
The catch is money laundering
The catch is money laundering
Soon hunter Biden will be selling them.
Some great responses in this thread. One thing to keep in mind is that it is up to the seller or buyer to maintain the originals. For example I can store my nft in a google drive account but imagine the account gets nuked for some reason. I reach out to the creator and it turns out they never kept the originals. Well Fuck me I now own literally nothing besides a certificate that points to the blockchain proving I made the official transaction.
If I want the nft back I have to go copy paste it from some one else. You are literally paying to put your unique Id next to a transaction on the blockchain.
Literally 1 head.
Idk either. Still haven't got my head 'round crypto currency.
Pumpkin Seeds
Member
First Answer: NO
Second Answer: MO NEY
Third ANSWER: GAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA EEEEEEEY
Second Answer: MO NEY
Third ANSWER: GAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA EEEEEEEY
You are gonna learn today boy.
Break it into different categories.
Blockchain is the technology that cryptos are built on…look at these as different types of networks. Blockchain has fundamentally changed the world and we are just now seeing the repercussions.
Cryptos are built on different types of blockchains. Depending on the criteria set for these networks/crypto the parameters can cause them to have value.For example Bitcoin has a limited supply and there will never be more then the total set when the network was built.
Now comes the crypto markets. 99% of it is shit and scams. Your wife and her boyfriend are launching their own crypto tomorrow. How about you go dump thousands of dollars into it?
At this point it's all unregulated and the typical investments strategies work. You can base your trades off the fundamentals or technical analysis or word of mouth.
Now we have nfts which are built on the blockchains. In my personal opinion they are worthless…. Doesn't mean in the future they won't have value. I could be missing something but until they get more flushed out I think it's just people hyping them and I won't buy any.
To be fair though many people said the same thing about Bitcoin when it first launched although I would argue that cryptocurrency is vastly different than tokenized images.
Stifler's Mom
I've got some Scotch
- Platforms
I still find it funny that someone comes along and tells you "this completely virtual thing is worth something", and it's like willing this into existence works somehow and people buy that shit then.
NFTs are collectable digital assets that hold value, so in other words a scam
It's more than that imo. People have fomo because they missed the boat on some cryptos. Everyone wants to be a maximalist and find a get rich scheme. You have people saying NFTs are the next crypto.
"Hey champ, what if i told you you could get in on Bitcoin when it was dirt cheap before it took off? You would be stupid not to do that. Well here are these images that have a unique token. Don't worry about the price tag of a million dollars. I promise it will go up in the future. Just look at Bitcoin"
Literally the sales pitch for many people hyping nfts. Plus you get famous people like Brett Favre Who say they are going to make their own nfts. This brings a lot of normies into the picture that have no idea what they are getting in to.
Cravis
Member
- Platforms
I'm honor of this I am creating my own NFT. I even made a snazzy logo
Stifler's Mom
I've got some Scotch
- Platforms
That's why I always tell people I don't want to have that discussion. Same with Apple or Tesla stock.
Yeah, I get it, you person didn't do something. There are many more things you missed out on that you don't even know about.
That's life.
NFTs (at least in the current form of glorifed CoAs) are the crypto analogue of Beanie Babies.
NFTs as a generalized crypto storage and logging system has uses (e.g. storing and verify digital evidence for courts, which I wish I had the expertise to get into because it would be a fucking goldmine for the first-to-market).
Ferdinand the Cowfish
Member
- Platforms
And just like Beanie Babies and most other "collectibles", the bottom will drop out on the market and their value will plummet.
Have there been any court cases surrounding NFTs yet? It would be interesting to see if someone with an NFT on an image could legally require some sort of payment from other people using that image.