Tying the physical artwork, and the physical accessory, to the NFT is interesting. Not sure how that works. Seems like it could totally destroy the counterfeit wine market, tho.
NFTs didn't really make a whole lot of sense as the digital art certificate. However, when you start conferring legal rights like property or Copywrite you start to see some value.
However, it became clear to me that the ideal use case is digital assets for digital consumption. Think of in-game assets, they are perfect NFTs.
All those fortnight skins you bought can, be stored on the blockchain and technically transferable if your next environment uses similar architecture. Also by nature, there is also an immediate secondary market to sell those off after you are done with that game.
Another even more creepy use case is the metaverse... want to be a part of Zucks or any other Metaverse, all the items you use in there are essentially NFTs. Skins, Land, Cars... anything else you can think of.
In some ways, it makes a lot of sense when you pair crypto with NFTs for gaming. You can essentially turn on that time invested in leveling up a game into something tangible that could potentially have appreciation value provided you invest in a long-standing game like Minecraft, fortnight, Roblox ect.
Its going to be an interesting market to watch and there will be a lot of money to be made for some over the next 10 years.
I agree that NFT's have real use-cases for digital rights management. I'm mostly disappointed in humanity that most of the hype seems to be around shitty profile images.
An NFT is a unit of data stored on a digital ledger, called a blockchain, which can be sold and traded.[5] The NFT can be associated with a particular digital or physical asset (such as a file or a physical object) and a license to use the asset for a specified purpose.[6] An NFT (and the associated license to use, copy or display the underlying asset) can be traded and sold on digital markets.[7]
NFTs function like cryptographic tokens, but, unlike cryptocurrencies such as Bitcoin or Ethereum, NFTs are not mutually interchangeable, hence not fungible. While all bitcoins are equal, each NFT may represent a different underlying asset and thus may have a different value.[8] NFTs are created when blockchains string records of cryptographic hash, a set of characters identifying a set of data, onto previous records therefore creating a chain of identifiable data blocks.[9] This cryptographic transaction process ensures the authentication of each digital file by providing a digital signature that is used to track NFT ownership.[9] However, data links that point to details like where the art is stored can die.[10]
So, I’ve read this before, and maybe I’m just daft, but is it possible to explain this in layman’s terms? I’m not someone who isn’t technically inclined, but I’ve never fully grasped the whole NFT thing. First thing that made me go “ugh” about it was a business article I read regarding a “pop vinyl” NFT, so I looked up what an NFT is, which made no sense to me. I don’t understand it at all? Thanks in advance.
There should only be 1 in existence, and you should have it in hand if paid in full.
You should be the ONLY person with the legal right to own/hold it, as you now do with said deed in hand.
Now you take said deed, add additional layers of security to it by locking it up in the bank vault. Think of the blockchain in this scenario as a bank vault during business hours. You know you cannot just go into the vault and take a single dollar, it's impossible. BUT, you can see the vault door is open and the public can see inside.
Once minted on the blockchain, it's locked in, and the data it holds cannot be changed/altered...forever. You can still go look at it, but you cannot alter it. Only the owner can transfer it because you hold the data needed to do so. Nobody can make a fake copy and try to scam you out of your money. Even if they made a replica, it does not match the original data minted in the beginning. This can easily be verified by looking at the initial minting.
There are other things here to consider, like metadata hash and such, but that gets a bit techy and i'm not the proper person to break that down thoroughly.
I hope this answered your question fren.
I have no problem answering questions if I have an answer to give. But it has to be done the proper way, you know, like a civilized human being does...as yourself of course :)
Well maybe if you did your own research like a normal human, you'd gain a wrinkle or two on that smooth brain of yours.
You're part of our problems being so damn lazy but pedantic at the same time. Take that silver spoon outta your ass and find your own damn answers then.
Ehh, there's more to NFTs than just that. The whole art thing, while crazy at times, is more of proof of concept.
Think about property deeds, product ownership rights, copyrights, contracts, etc...
There are good things that NFTs can be used for.
Tying the physical artwork, and the physical accessory, to the NFT is interesting. Not sure how that works. Seems like it could totally destroy the counterfeit wine market, tho.
NFT's are essentially a form of DRM.
NFTs didn't really make a whole lot of sense as the digital art certificate. However, when you start conferring legal rights like property or Copywrite you start to see some value.
However, it became clear to me that the ideal use case is digital assets for digital consumption. Think of in-game assets, they are perfect NFTs.
All those fortnight skins you bought can, be stored on the blockchain and technically transferable if your next environment uses similar architecture. Also by nature, there is also an immediate secondary market to sell those off after you are done with that game.
Another even more creepy use case is the metaverse... want to be a part of Zucks or any other Metaverse, all the items you use in there are essentially NFTs. Skins, Land, Cars... anything else you can think of.
In some ways, it makes a lot of sense when you pair crypto with NFTs for gaming. You can essentially turn on that time invested in leveling up a game into something tangible that could potentially have appreciation value provided you invest in a long-standing game like Minecraft, fortnight, Roblox ect.
Its going to be an interesting market to watch and there will be a lot of money to be made for some over the next 10 years.
Did you mean "copyright" as in having the right to copy?
I agree that NFT's have real use-cases for digital rights management. I'm mostly disappointed in humanity that most of the hype seems to be around shitty profile images.
A QUICK SEARCH WILL GIVE YOU ALL THE ANSWERS.
No need for the caps fren.
It's Non-Fungible Token. Here you can find what you seek: https://en.wikipedia.org/wiki/Non-fungible_token
Stop being lazy, that took me less than a minute.
So, I’ve read this before, and maybe I’m just daft, but is it possible to explain this in layman’s terms? I’m not someone who isn’t technically inclined, but I’ve never fully grasped the whole NFT thing. First thing that made me go “ugh” about it was a business article I read regarding a “pop vinyl” NFT, so I looked up what an NFT is, which made no sense to me. I don’t understand it at all? Thanks in advance.
Take your house deed/title for example.
There should only be 1 in existence, and you should have it in hand if paid in full. You should be the ONLY person with the legal right to own/hold it, as you now do with said deed in hand.
Now you take said deed, add additional layers of security to it by locking it up in the bank vault. Think of the blockchain in this scenario as a bank vault during business hours. You know you cannot just go into the vault and take a single dollar, it's impossible. BUT, you can see the vault door is open and the public can see inside.
Once minted on the blockchain, it's locked in, and the data it holds cannot be changed/altered...forever. You can still go look at it, but you cannot alter it. Only the owner can transfer it because you hold the data needed to do so. Nobody can make a fake copy and try to scam you out of your money. Even if they made a replica, it does not match the original data minted in the beginning. This can easily be verified by looking at the initial minting.
There are other things here to consider, like metadata hash and such, but that gets a bit techy and i'm not the proper person to break that down thoroughly.
I hope this answered your question fren.
I have no problem answering questions if I have an answer to give. But it has to be done the proper way, you know, like a civilized human being does...as yourself of course :)
Well maybe if you did your own research like a normal human, you'd gain a wrinkle or two on that smooth brain of yours.
You're part of our problems being so damn lazy but pedantic at the same time. Take that silver spoon outta your ass and find your own damn answers then.
"There's just no pleasing some people," said Jesus to the Former Leper.
Stop screaming fren. You'll always get an explanation from those who have more knowledge on said topic if you simply ask.
Who hurt you?