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this post was submitted on 17 Aug 2023
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I mean I'm Gen Z and still don't understand what an NFT is so probably lol
I like to just think oh that's another scam/pyramid scheme and be on my way.
that's pretty much what I do. I don't know how they actually work, I've had it explained to me like 5 times and still don't get it lmao
It's a way to prove that someone gave/sold you some/all rights to some "thing". Which would be important if anyone cared, but no-one does ... with the exception of those who once thought that someone cared and are trying to recoup their "investment" by deceiving others.
Images are dumb its the literal worst use case anything with direct ownership has a good use case for nft, probably needs a rebranding.
Right, NFTs are just cryptographically secure receipts... Which is cool and all, but we've been getting by with non-cryptographically-secure receipts for a very very long time, so it's kind of just a waste, and probably a misapplication of the technology.
Nfts are bragging rights, like having an original painting. You get to show people you have money by spending it on something extravagant but basically useless.
It's a centralized receipt database.
If that doesn't sound sexy, or even useful, you're right.
Imagine going to the grocery store filling your cart with stuff and then checking out. Then you leave the cart behind and only take the receipt home with you. In this analogy, the NFT is the receipt that you get at the checkout counter and your cart is the actual picture file. Although you do usually get the picture file, anyone else can access it too.
Sure the receipt proves that you bought the thing, but you having the receipt only matters if somebody else cares.
The art world was actually a good target for NFTs because I can print out a picture of a Monet and hang it on my wall for basically free, but other people pay hundreds of millions of dollars for that same painting just because it's "the real one".