NFT - Non Fungible Tokens. Complete scam or the future of ownership

Baba Yaga · 28-03-2023 6:55pm

think Ill just hang on to my tulip bulbs...they're going to be big!!!!

Capt'n Midnight · 28-03-2023 7:17pm

https://www.boards.ie/discussion/comment/120409450#Comment_120409450

The Bank of England were forced by the UK government to issue NFTs. They did nothing except wait for things to cool off before saying it ain't going to happen.

NTFs have no intrinsic value. They aren't scarce, if you like one just copy it. Receipts are scarce but who cares when you can copy the original.

Procedurally generated ones aren't even copyrightable, the program might be but artwork produced without human skill isn't.

https://web3isgoinggreat.com/

Yet another explanation of NFT's

Non-fungible tokens for dummies

Want to buy nothing? You'd probably say no. That's because people don't like nothing, they like scarcity and status. In the digital world, scarcity doesn't work because data can be infinitely replicated.

But what if I faked digital scarcity? A database with limited spaces, each identified by a unique number. Think a line of people queuing for nothing. There's no value inherent in one spot over another, but I sell you a position in the queue. I'm not selling you the queue, or its destination (there isn't one), just the right to stand in this particular position.

You give me a dollar, and I give you some paper work, signed by yours truly, that says you have the right to stand there. Your position in the queue combined with my paper is a token that can't be recreated. There is only one of each position. It is, therefore, "non-fungible." The blockchain checks every single sale of a queue position and once you've bought your spot, it's listed on the blockchain. Want to sell your position to someone else? You can, and that transaction will be listed on the blockchain too.

Why would anyone want a spot in my queue? Well, what if I put up a poster next to your position? Every spot now has a unique poster, and buying a place in the queue means you can now stand next to that poster. You don't own the poster, you don't own the image on the poster, you can't reproduce the image, or sell copies, or claim any other type of ownership. What you've bought is the right to stand next to that poster – that's it. You can show your friends the receipt that says you can stand there. They might even think it's cool.

Congratulations, you now understand NFTs. Yes, it really is that stupid.

NB, other than standing next to the poster at a particular point in time you have nothing. The poster might not be there when you come back. Or someone else could be standing there or as near to where you stood as makes no difference.

And yes there is a coal fired power station in Kazakhstan that does nothing useful except cause pollution and provide energy for the computers.

pjohnson · 28-03-2023 7:34pm

Christ are people back falling for this again?

polysteamtoken · 01-04-2023 11:57am

https://www.boards.ie/discussion/comment/120412386#Comment_120412386

I have no idea what a pog is? Did you mean a pig? Perhaps a dog? Either way your comments contribute nothing.

01-04-2023 12:08pm

Dude, if you paid hundreds of quid for a procedurally generated image and a link to a slow database then that’s your business. You fell for the hype and the promise of easy money, but stop trying to get others to fall for the same trap.