This explanation of NFTs is hilarious and sad. How is this legal?

[cheek100]

And crazy how they did that without mentioning NFTs or even Blockchain to my knowledge. Just a digital license that was checked every 24 hrs



Isn't that just a smart contract on the Blockchain. Not necessarily a NFT which is usually digital ownership of media

Yes nfts use smart contracts but are designed specifically for proof of ownership.
Not bound to media only.

 

[Buddy]

NO Free Tacos

 

[Rembrandt]

Yes nfts use smart contracts but are designed specifically for proof of ownership.
Not bound to media only.

What makes them different from smart contracts then? Those are used for ownership between the buyer and seller

 

[NotAnFBIagent]

I still think the concept of NFTs could have value once we figure out useful things that could be done with it.

It's like a solution that doesn't have a clear problem yet.

There's already a use for it. It's a public ledger that shows ownership. You can have a digital record of your car title, deed to your house, diploma etc

 

[Rembrandt]

There's already a use for it. It's a public ledger that shows ownership. You can have a digital record of your car title, deed to your house, diploma etc

What makes those different from smart contracts that are for the same exact thing?

 

[NotAnFBIagent]

What makes those different from smart contracts that are for the same exact thing?

There can be more than one product with similar uses

 

[itsyoung!!]

This generations Pet Rock

 

[Ineedmoney504]

Nfts was just stupid.

 

[Rembrandt]

There can be more than one product with similar uses

So what makes NFTs special exactly if there are already things similar that allows contracts, purchased to be recognized in the blockchain

 

[NotAnFBIagent]

So what makes NFTs special exactly if there are already things similar that allows contracts, purchased to be recognized in the blockchain

The point is there are use cases besides the meme it became

 

[13473]

NFTs turned to a meme, and tbh I’ve laughed at the bored ape motherfukkers a lot

But if I’m to play devil’s advocate, the copy + save argument is not a good one. If I went to Jay Z’s home and took a picture of one of his Basquiat’s and used it as my phone wallpaper, does that mean I own it? Tiffany’s comes along and wants to use the painting in an ad, do I get a cut simply because I have the painting as my phone wallpaper? With ownership comes monetization.

NFTs as they were conceptually, provided a new frontier in digital ownership. If you forget for a second the oversaturated meme pics, this was revolutionary for digital property. In the past there were limited ways to show ownership of a one of one digital item. It all got fukked up when the nft market got saturated with all these bullshyt pics made by people trying to make a quick buck. Ideally, it should have been utilized by only rare, high quality digital items

u don't own the photo.

the only nft i heard of where u had some ownership rights was the bored ape thing. one of those famous comedians was doing a cartoon around it cuz he bought the nft, someone stole it and he was unable to release the show because he no longer had the rights. the thief did.

 

[cheek100]

What makes them different from smart contracts then? Those are used for ownership between the buyer and seller

Bc nfts are generally owned by one person. In the future they will be used in “fractional ownership” when tokenization is more widely adopted. Smart contracts are the platform which nfts are created on the blockchain.

 

[Complexion]