Non Fungible Tokens (NFTs) For Dummies Technology

[Legion]

It's hard to avoid all the hype recently about NFTs - Non Fungible Tokens. At its simplest, it appears to be a way to assert ownership over a digital asset by writing a record to a blockchain. Lots of artists are getting involved in this, and one piece of digital art reportedly sold for $69 million.

Sounds like yet another cryptocurrency scam designed to extract money from morons who think there's an easy way to get filthy rich without doing any work for it. There are also concerns about energy consumption when using these blockchains - Bitcoin uses more energy than all data centres and all-electric vehicles on the planet for example.

Is anyone around here excited about this, hoping to make some money selling their digital art, or buying these NFTs?

A complete scam or the future of ownership?

 

[Gemma]

Can someone please spoonfeed me and tell me in a nutshell - what NFTs is exactly about?

I've read and heard about it but still no wiser - is it simply creating a unique digital image and hoping that it goes viral and then selling the rights to it?

 

[David76]

Can someone please spoonfeed me and tell me in a nutshell - what NFTs is exactly about?

I've read and heard about it but still no wiser - is it simply creating a unique digital image and hoping that it goes viral and then selling the rights to it?

Not something I've paid too much attention to myself. This might help explain it better. Or maybe not.

What are NFTs? Non-Fungible Token Explained

Non-fungible tokens, or NFTs, are the latest trend in the crypto community, taking the world's digital collectibles by storm. NFTs captured the world’s attention as they came to reshape the future of digital work.

www.aximdaily.com

 

[Gemma]

Thanks!!! Still none the wiser. Sounds like a fad.

 

[Deleted member 63]

A complete scam or the future of ownership?

The general consensus I am hearing is the former or, maybe more charitably, an overblown niche technology. In the end, the thing that is probably going to come out of all this blockchain-related stuff is blockchain itself, which really is a legitimately useful technology. While it is associated with cryptocurrency, I know that there is a lot of work going on around using it to provide better security and authentication for mainstream financial transactions.

ots of artists are getting involved in this

I hear the Picasso estate is looking at using it to get some of his remaining works out. That could really send the amount of money being spent on this soaring.

 

[David76]

Can someone please spoonfeed me and tell me in a nutshell - what NFTs is exactly about?

I've read and heard about it but still no wiser - is it simply creating a unique digital image and hoping that it goes viral and then selling the rights to it?

Thanks!!! Still none the wiser.

This article might help you out Gemma