I still dont get how purchasing an NFT lets you own it. Now all private property is bullshit, but at least if you "own" a house you can call someone to kick the shit out of people who try and live there or if you "own" stock you get to vote in stockholder elections. Like what the fuck does "owning" an NFT even do? Can I sue someone if they start using my l33t PFP NFT on the r*dditdotcom?!? Can I get the police to bust into their house and shoot their dog to force them to not use my JPG? WTF does "Owning" one even mean?
An NFT is a record on some blockchain that has your information on it and a link to some given resource. The blockchain is just a distributed ledger, so the ledger now contains information saying that you are the owner of the link to the resource. If blockchains didn't guzzle coal and orphans to power themselves, this would be a moderately useful thing for e.g. authentication purposes. Techbros have instead turned it into a pump & dump scheme where you're just trying to hype the resource so you can sell it for more than you bought it for.
Truly, if any techbro actually believed in NFTs as a valuable thing, they would try to propagate them for literally any other use than labelling a link to a JPEG and then trying to offload the labelled link for money as fast as possible.
So "owning" a NFT comes with Zero rights aside from having my name on it? I think I would prefer a bench in the park, at least then I can sleep on it when I lose everything else.
Yeah that's about right. You don't control the original image (people can right click it lmao) nor the hosting (so if AWS hiccups it's gone forever). You just get to trade a receipt that has your name listed next to the URL.
It costs money to "mint" NFTs, which is to say placing them on the blockchain to begin with. And yeah, that's exactly what people are doing. There's 10,000 of those aheago palette swap lions. Part of the scam is that there has to be some "limited supply" of them.
:shrug-outta-hecks: the cost of transactions goes up over time in blockchains, so kind of. You can mint a shitload in one go though to bundle the cost and reduce the number of actual transactions you need to do. Then when you sell them to chumps at 100,000% markup, the transaction cost doesn't matter so much.
There's a bunch of cryptography stuff making very certain that you* own the NFT. But the NFT itself is just a small publicly readable file with a link to the thing. Like owning a URL on a specific URL shortener, except the thing you own isn't even that convenient, and also "own" only entitles you to sell it to someone else, and no other rights. Also you probably have to pay the original author a commission when you sell it, and this is permanently cryptographically built into the NFT itself.
But you* really do cryptographically verifiably own that NFT. And the concept of very very certain ownership of very tenuous ephemeral nonsense seems to short-circuit some people's brains into thinking it's worth something.
*Not really you. Actually your crypto wallet address.
I still dont get how purchasing an NFT lets you own it. Now all private property is bullshit, but at least if you "own" a house you can call someone to kick the shit out of people who try and live there or if you "own" stock you get to vote in stockholder elections. Like what the fuck does "owning" an NFT even do? Can I sue someone if they start using my l33t PFP NFT on the r*dditdotcom?!? Can I get the police to bust into their house and shoot their dog to force them to not use my JPG? WTF does "Owning" one even mean?
No, buying a NFT is not even buying the copyrights to that image.
An NFT is a record on some blockchain that has your information on it and a link to some given resource. The blockchain is just a distributed ledger, so the ledger now contains information saying that you are the owner of the link to the resource. If blockchains didn't guzzle coal and orphans to power themselves, this would be a moderately useful thing for e.g. authentication purposes. Techbros have instead turned it into a pump & dump scheme where you're just trying to hype the resource so you can sell it for more than you bought it for.
Truly, if any techbro actually believed in NFTs as a valuable thing, they would try to propagate them for literally any other use than labelling a link to a JPEG and then trying to offload the labelled link for money as fast as possible.
So "owning" a NFT comes with Zero rights aside from having my name on it? I think I would prefer a bench in the park, at least then I can sleep on it when I lose everything else.
Yeah that's about right. You don't control the original image (people can right click it lmao) nor the hosting (so if AWS hiccups it's gone forever). You just get to trade a receipt that has your name listed next to the URL.
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It costs money to "mint" NFTs, which is to say placing them on the blockchain to begin with. And yeah, that's exactly what people are doing. There's 10,000 of those aheago palette swap lions. Part of the scam is that there has to be some "limited supply" of them.
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:shrug-outta-hecks: the cost of transactions goes up over time in blockchains, so kind of. You can mint a shitload in one go though to bundle the cost and reduce the number of actual transactions you need to do. Then when you sell them to chumps at 100,000% markup, the transaction cost doesn't matter so much.
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Don't give them ideas
There's a bunch of cryptography stuff making very certain that you* own the NFT. But the NFT itself is just a small publicly readable file with a link to the thing. Like owning a URL on a specific URL shortener, except the thing you own isn't even that convenient, and also "own" only entitles you to sell it to someone else, and no other rights. Also you probably have to pay the original author a commission when you sell it, and this is permanently cryptographically built into the NFT itself.
But you* really do cryptographically verifiably own that NFT. And the concept of very very certain ownership of very tenuous ephemeral nonsense seems to short-circuit some people's brains into thinking it's worth something.
*Not really you. Actually your crypto wallet address.