I'll be honest here, I barely get the concept of this at all, but from what I've gathered regarding it all, it seems like you can own your own unique artwork with a non-replicable encoding that gives it its own fingerprint if you will, thus making it impossible to copy ---> but apparently people can just screenshot it and render it useless? There's some people saying it's not true and then some more, but I just don't think that I'm tech savvy enough to tell whether they're being legit about this or not. Moreover, I feel that the last time I heard something about ridiculously expensive / overpriced art works, either it had something to do with tax evasion or money laundering by the elites. So well, I dunno.
Can someone on here break this craziness down for the GAW audiences in laymen's terms? Would be much, MUCH appreciated! Cheers! And thank you! :)
Money laundering via ponzi scheme.
It is like when you give a magician a $20 bill so they can make it disappear and he does.
🤣🤣🤣
I'm an artist by profession, and I hear conversations about this. Most of us are highly skeptical and far from convinced it is something we would pursue.
Just need a market place and someone to lead the way with first album release. The Kanye STEM music player is cool, and only way to get his second album donda 2. Kanye seems to have some beef with the record industry:)
So this just somehow feels super likely to be true...well...to me anyways. Can't trust much that is related to pricey "art works" anymore.
Art is just first use case for NFTs.
But more interesting uses are being worked for real world applications.
Imagine a stock market where every stock traded is an NFT that can’t be naked shorted because cryptography. Now hedge funds etc do that all the time but it’s illegal because it creates counterfeit shares. With NFT shares that would be impossible.
and the books more like physical books that you can trade. Now digital books are more like leasing books per se with lots of terms per the TOS.
Probably lots of apps for anti counterfeit tech for real life items. Ownership titles and whatnot.
Likely eventually they will become deeds to houses and stuff like that. But much easier to trade or sell a house with paperwork being automated with smart contracts
Or you own a fraction of an NFT that is associated with a property that acts as a key and pass so that you can schedule a weekend out to a mountain cabin. The future of timeshares (among other things, many examples, as you pointed out) in a decentralized, blockchain ledger proofed manner.
Concert/Event tickets as NFTs allow people not only access to the venue, but can allow VIP access, use the NFT for comped drinks, access a chat that allows you to ask questions and get them answered on stage, get a % of concert revenue (depending on tier), plus a collectable memorable.
There is a lot of reason to be skeptical of Crypto and NFTs so people, DYOR, but they are big and may very well be the future.
I find it very interesting that we are seeing the promotion of digital assets in a time where they want people to “own nothing and be happy”.
People are literally buying millions of dollars worth of NFTs, and digital property in the meta verse.
With the flick of a switch they could very well have nothing.
Kids are no longer being guided towards buying real assets, this is very scary.
The video game company KONAMI just released some NFTs that sold for high value. The funny part about it is Konami hasn’t done shit in YEARS. Then out of nowhere release these. It’s a quick money grab (IMO). Being a pessimist, if the power grid fails and goes down for whatever reason, anything digital is void. Everyone keeps saying to stock up on silver, etc. but I personally have been growing gardens and stock piling food. You can’t eat silver.
It has a block chain,like bitcon,you can put it on program's and games so they can be resold online. It can also be attached to digital stock certificates to prove they are real.
They it can cause the market to burn to the ground,as their are trillions of synthetic shares in the marketplace.
Gamestop is making big moves in NFT. Those that fully understand them are jacked to the tits.
NFT will be a new way of empowering content creators.
The old way of music studios, casting couches, and hollywood style of doing business is over.
NFTs allow artist to sell their content to a global market, directly to the viewers. It also has a royalty type function so if someone resells the “item”, the original content creator will receive a portion of the sale.
If mass adoption happens, the end user probably won’t even notice that they are using crypto NFT technology for whatever it’s applied too.
Somethin for nothin
Sounds like this should be used in the music industry. Invest in the artist and not the record label. Might actually get some good music again
Yea and not only limited to artwork. Can be memberships, special customers, etc. It can be used for a wide variety of things with unique fingerprint, which can be really useful.
I'm guessing NFT's will be used for almost everything in the near future. Blockchain tech is taking over, which is also pretty dangerous if used incorrectly.
We live in very interesting times.
u/#correct
And to your last point, GameStop is on the verge of rolling out their own NFT environment for video games... it's gonna be YUGE
Yes one can make tradable items that can go across platforms in theory.
Quite an insightful response! Only one question though, are there that many art buyers and art lovers among the general populace, or is it yet another shady hidden scheme made (by and for the elites) to simply make the said elites more richer? You know, by having a thoroughly rigged our-chosen-artwork-gains-as-much-popularity-as-and-when-we-please system (such as Wall Street) from the get go?
In the photography community there seems to be a small group of people that understand and utilize NFTs, but there is another group that are aghast at the whole idea and are always complaining how bad it is for the environment (these seem to be far leftists). Most people like me don't really understand it very much. Your explanation helped some, so thanks.