What the hell are NFTs?

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To my knowledge they look like you're paying thousands of dollars for a jpeg image.
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Pretty much that. It's the "monetize the memes" meme made manifest.
Long story short: blockchain faggotry verifies that you are the true and honest owner of that meme. It does not have any of the legal backing to it like a copyright does and so you're really just buying crypto that happens to have an image attached to it with no recourse if people just copy the image.
 
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The NF part means Non Fungible, meaning non-transferable. So when you have an NFT in a blockchain, it means that there is a record set in the stone of the blockchain that will forever* list you as the owner of the token, whatever it may be. In the NFTs you hear talked about the tokens are image certificates or hashes.

They have some theoretical practical uses. Showing a hash of a "collectible" jpeg is not one of them. They have no legal power and they're not transferable by design, so you can't do anything with it except say "according to this blockchain, I own this token," a framework which will not be honored by anyone on the planet.

You can get a fungible token on the blockchain that you can then transfer to other people and use in exchange for good and services (or leave someone else hodling the bag, as cryptos tend to work). That's the whole operating principle of cryptocurrencies. When you buy a nonfungible part of the blockchain you're pissing away money to whoever sold it to you. Cryptocurrency value comes mostly from speculation, which while not a great way of valuing things, is a better source of value than NFTs whose value comes entirely from viral marketing. NFTs currently are useless and worthless to anyone who owns them. They're a futuristic version of those land deeds that claim to represent ownership of one square inch of land in Scotland so you can call yourself a Lord.

Extra points if the blockchain you bought into is some shitcoin that no one has ever used and was made for the sole purpose of selling NFTs.
 
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As an above poster said, I think they started as a blockchain alternative to copyright (a sort of non-governmental alternative for intellectual property). I can see the theoretical use of this, but like previously said: no official government recognition and being used as a get-rich-quick/money laundering scheme has made the idealistic purpose moot.
 
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Un Platano said:
The NF part means Non Fungible, meaning non-transferable. So when you have an NFT in a blockchain, it means that there is a record set in the stone of the blockchain that will forever* list you as the owner of the token, whatever it may be. In the NFTs you hear talked about the tokens are image certificates or hashes.

They have some theoretical practical uses. Showing a hash of a "collectible" jpeg is not one of them. They have no legal power and they're not transferable by design, so you can't do anything with it except say "according to this blockchain, I own this token," a framework which will not be honored by anyone on the planet.

You can get a fungible token on the blockchain that you can then transfer to other people and use in exchange for good and services (or leave someone else hodling the bag, as cryptos tend to work). That's the whole operating principle of cryptocurrencies. When you buy a nonfungible part of the blockchain you're pissing away money to whoever sold it to you. Cryptocurrency value comes mostly from speculation, which while not a great way of valuing things, is a better source of value than NFTs whose value comes entirely from viral marketing. NFTs currently are useless and worthless to anyone who owns them. They're a futuristic version of those land deeds that claim to represent ownership of one square inch of land in Scotland so you can call yourself a Lord.

Extra points if the blockchain you bought into is some shitcoin that no one has ever used and was made for the sole purpose of selling NFTs.
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Agree with this for the most part but this "cryptocurrency value comes mostly from speculation" isn't really any different from any other fiat currency.
 
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Un Platano said:
The NF part means Non Fungible, meaning non-transferable. So when you have an NFT in a blockchain, it means that there is a record set in the stone of the blockchain that will forever* list you as the owner of the token, whatever it may be. In the NFTs you hear talked about the tokens are image certificates or hashes.

They have some theoretical practical uses. Showing a hash of a "collectible" jpeg is not one of them. They have no legal power and they're not transferable by design, so you can't do anything with it except say "according to this blockchain, I own this token," a framework which will not be honored by anyone on the planet.

You can get a fungible token on the blockchain that you can then transfer to other people and use in exchange for good and services (or leave someone else hodling the bag, as cryptos tend to work). That's the whole operating principle of cryptocurrencies. When you buy a nonfungible part of the blockchain you're pissing away money to whoever sold it to you. Cryptocurrency value comes mostly from speculation, which while not a great way of valuing things, is a better source of value than NFTs whose value comes entirely from viral marketing. NFTs currently are useless and worthless to anyone who owns them. They're a futuristic version of those land deeds that claim to represent ownership of one square inch of land in Scotland so you can call yourself a Lord.

Extra points if the blockchain you bought into is some shitcoin that no one has ever used and was made for the sole purpose of selling NFTs.
Click to expand...

So, in other words, if cryptocurrency is the virtual "money", NFT's are virtual "things" you can sell for crypto or non crypto money or things?
 
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Tax avoidance.

1) Rich person buys NFT or some other dogshit "art" for however much money. Doesn't matter.
2) "Super Independant" art valuation expert values artwork as being worth hundreds of times more than what the rich person paid for it.
3) Rich person gives NFT / art / whatever to charity. Classed charitable donation on taxes.
4) If rich person made $1million, their donation was worth $2million so rich person has made a net loss of $1million and pays no tax.
 
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NFTs are like regular tokens, except they aren't interchangeable, hence "non-fungible." On Ethereum, they are issued under the ERC-721 standard, unlike normal tokens which are designated ERC-20. NFTs can be transacted like any other token or Ether itself, the only difference is that they can't be divided into parts, and there's only one. Whatever the NFT "represents" is attached in metadata to the token when it is deployed. This metadata is usually a link to a file uploaded to IPFS, a protocol that allows files to be stored online in a decentralized way, similarly to a torrent. The uploaded file is usually an image, gif, or mp3. However, NFTs could theoretically represent and act as a "proof-of-ownership" for anything, as long as it can be made digital.
 
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It's for the "joy" of having something that belongs to you. Like having a signed copy of something. But instead of the signature of a certified celeb, its the digital signature of some shitty artist who draws slight variations of a monkey all day?
 
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