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! :)
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.