Art Lovers discussion
NFT
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NFT What is this?
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NFTs are just receipts.The NFT market is a sea of jargon, but it can be simplified down to:
Hype is used to sell imaginary internet tulip bulbs, wash bidding is used to inflate their value, and suckers are conned into spending ridiculous sums of money (often in imaginary internet "currencies") to buy said imaginary internet tulip bulbs because the price of imaginary internet tulip bulbs keeps going up and could never crash!
If it sounds ridiculous, just wait til I get to the good part:
Not only are the internet tulip bulbs imaginary, you don't actually own them in any meaningful sense of the word. You just own a receipt that says you own the imaginary internet tulip bulbs, because anyone can claim they own the imaginary internet tulip bulbs, but only you can actually own the tulip bulbs because you have a nonfungible internet receipt that is the future of art/science/finance because *waves hands vaguely*.
NFTs of physical objects are exactly the same, except they are nominally related to something that actually exists. If you buy an NFT of it, you may or may not actually get to own the object (or a share of it).
Like any con, the people who have fallen for it are just as emotionally invested in it as they are financially. But I'm sure their imaginary internet tulip gardens are lovely.
James wrote: "NFTs are just receipts.The NFT market is a sea of jargon, but it can be simplified down to:
Hype is used to sell imaginary internet tulip bulbs, wash bidding is used to inflate their value, and ..."
James!!!
This is the most coherent thing I've read regarding this whole thing labeled NFT , or "Imaginary Tulip Bulbs" (did you come up with that label? "Tulip bulb?" that's humorous!)
That makes so much sense! I 'think' I get it now and it makes the other articles I've been reading make more sense, also. (I'll post some more of those for anyone who's interested)
I want to thank you thank you! And I don't know if we've heard from you before, or at least lately, if you are new...a HUGE Welcome!! and thank you for your contribution that really contributed to this whole folder that I thought needed its own folder as it seems to be something new up and coming in the art world.
I can't explain this at all. All I can post is what I find on the net and hope someone can decrypt what it says.
NFT non-fungible token
An NFT, or non-fungible token, is a unique digital representation of a good — for our purposes, a work of art. It's akin to a certificate of authenticity or a deed and it's recorded on a blockchain (more on that momentarily). (Google)
What gives NFT art value?
Just like any other piece of art the NFT is valued based on the credibility of the artist in the physical world, the nature of artwork, effort put in the creation of artwork, the story behind the artwork and the social currency of the artist.
Why would anyone buy an NFT?
When a person purchases a non-fungible token (NFT) of a real-world asset, they are assured of sole possession. Consumers are drawn to NFTs because they offer a unique quality. ... NFTs also give artists more privacy and control, as well as improved fan connection.
Do NFTs go up in value?
NFTs are rapidly increasing in value for good reason. Some NFTs, short for non-fungible tokens, are selling for upwards of $60 million. However, if you are like most people, you aren't exactly sure what NFTs are and why they are so important in the context of investing.