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.
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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