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! :)
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.