I was recently invited to
@fox5dc to talk about NFT Day with
@MaureenUmehFox5. We covered the basics, but here is an old post of mine from way back in the day when the entire
#NFT craze was going full-tilt.
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What are you buying when you pay for an NFT?
It seems lots of folks aren't all that clear, potentially including the ones doing the buying. Without getting too far into the technical weeds, you are paying to have a transaction permanently recorded in a public ledger. Anyone can look at it to verify that transaction. In case of NFTs, that transaction establishes your "ownership" of a digital asset.
In essence, you're buying a receipt to show others how much you spent to "own" a digital artwork. Ah, but yes, but of course, we're "redefining the concept of ownership," you see. Uh-huh.
When you buy a Ferrari as a status symbol/signal, at least you get to drive it. NFTs are like buying the title to the Ferrari that everybody else gets to drive, then reminding them it's yours every time they drive it.
You're not even renting them the Ferrari. You're just standing on the corner watching them drive it as you point at it and yell, "Hey, everybody, that's my car they're driving, I have the title right here!"
No intrinsic economic value is conveyed by your "ownership" interest. So, what are you "buying?" Bragging rights? A ticket on the latest iteration of the meme-stock crazy train?
Hence, the thinking that this is all a digital tulip mania cum money laundering Ponzi scheme. Which it increasingly looks to be.
Now, who wants to buy some limited edition Bored Igor NFTs? Only 1ETH or 680,539
$IGOR coins "while supplies last!"
Supplies of gullible cryptobros, that is.
#NFT #cryptocurrency