Can someone explain NFT’s?
- Thread starter Ohio1nole
- Start date
The value of an item is whatever someone is willing to pay for it. At a high level, think of an NFT as a digital version of a baseball card and it uses Blockchain technology. Many people may not see an NFT or baseball card as something that holds a lot of value, but there are a group of people who it may appeal to. Non-fungible means not able to be replaced. Yeah people can download copies of something, but it's not the original. Just like people can make copies of Mona Lisa but it's not the original Mona Lisa. Again, something is worth whatever someone is willing to pay for it. If you have the Blockchain token, you own the item.
but it’s all digital? There’s no physical copy of the image? Or baseball card for your reference?
and what sets the market price for the image? Like is an image made from Dhersh more popular or valuable than something made from Ohionole?
Yep it's all digital, and there is only one original which is verifiable through the Blockchain token. You could make a physical copy, but it would not be as valuable since it is not the original.
The value or worth is determined just like how any other commodity's would be. There could be a market of 1 person or 1,000,000 people, and whatever someone is willing to pay for it will set the price. So the item could be put up for auction, or it could be listed at a set price. If it is listed and it doesn't sell then that means one of two things. Either there is no market for the item or the price needs to change.
NFT's are counterintuitive to most of us but probably less so for the younger population. we're used to having something, an item, that is tangible and in many instances fungible. the NFT allows a seller to create something that is absolutely unique and cannot be replaced.
for example a musician could slap an NFT on the master copy of an album or single.
it's one of those things like crypto that people should generally educate themselves on. there's plenty of people out there to buy seemingly ridiculous things like jack dorsey's first tweet.
for example a musician could slap an NFT on the master copy of an album or single.
it's one of those things like crypto that people should generally educate themselves on. there's plenty of people out there to buy seemingly ridiculous things like jack dorsey's first tweet.
A better example is to think of an NFT as a piece of art, while there are many prints (copies) there is only one original. You could right click on an NFT and have a copy for free, but that will show up in the code if you try to pass it off as original. They are digital art. Don't buy them for investment, buy them because you like the art or you want to support a particular person/platform that the NFT is associated with. If you're lucky that platform blows up and you're NFT gains value.
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THIS is where it falls apart for me. Digital images, audio files, etc, can be made IDENTICAL to the original. In art, that copy is noticeably different from the original. I guess there are forgeries...
Anyway, when it comes to quality and usefulness a digital copy is as good as the original for most people.
Also, where does the token come from? How do you know the actual digital file used to generate it can't be altered slightly and a new one created from THAT one?
I'm no expert, just trying to learn myself, but from the podcasts I've listened to from people in the crypto and web 3 realms, the code in the blockchain is how you can tell original from copy. A copy will look just like the original except the code will show that it's a copy.
There is the ability to make an identical copy of just about anything. Art, collectors items, you name it. But for a collector who is trying to own an item and who is into that hobby, there is a lot of value in owning the original.
My understanding is you do not own the "item" you own the address for the blockchain that the item rests on so it's not like owning the Mona Lisa it's like owning the safe in which it's kept.
Wha UF the create the same NFT with same zblick Chsin Tech or I use a different vderivstuve of block chsin Tech. I create a block chdin token for exact same NFT. How can one know which block chsin token is the original or with more (perhaps not NFT with a different Block chsin token becomes more valuable).
The original of a digital item? Doesn't make sense. Its not like the original Loony Toons sketches or an original Jackson Pollock its a identical copy of a digital item, exactly the same as every other million copies. A copy of a painting or sculpture is in someway different than the original which is part of the reason it has value along with demand for the item.
I guess I'm too old to understand why there would be any value in that. To each his own.
If a person makes an original piece of art digitally it is still art and may have value to someone. However, I agree the original painting is different than an original digital item in that one is hand made.
Between NFTs, Crypto and the meta verse I feel like a very old 37y/o. People are getting rich off this shit that all seems like hypothetical and abstract to me. I guess traditional stock is kind of like this? If I have a share of Amazon it’s not like I physically own some part of the company. They don’t mail me a paper clip to represent that share. But I guess the difference to me is that companies I buy stock in are real companies that make/sell real products.
NFTs go further than simple digital images or gifs. One use case that I believe will be very successful is ticketing. A ticket to say a sporting event, let's go with a FSU football ticket. This ticket can be digitized and issued as an NFT. It of course is registered on the blockchain and used for entry into the game. Where it gets much more interesting and useful is the NFT is also a smart contract. In this contract that is written into the NFT, the school can come up with a royalty. Meaning, the ticket is issued to say the season ticket holder. If the ticket/NFT is sold the smart contract may say that 25% of the sale price goes back to the school. Doesn't have to be 25%, can be any percent written into the contract. This ability to write in a royalty to the NFT is the game changing aspect that will change the way artists, musicians, creators get paid for their work.
Crypto needs to die so I can buy a decent video card for a PC all the damn Crypto miners destroying the market for gaming and video editing.
Right there with you. It’s super annoying.
