| General > General Technical Chat |
| BEWARE of fake EEVblog NFT's |
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| station240:
--- Quote from: nctnico on January 16, 2022, 01:29:32 am ---The value of a NFT is based on the (digital) object it represents. It seems to be gaining quite a bit of traction in the (digital) art world because it allows multiple people to become part owner of a piece (*) and the artist can choose to receive a kickback for every transaction. * There are organisations /systems which allow people to invest in expensive objects (art, historical, etc) and trade the ownerships like shares. NFTs bring the ability to trade ownership without needing a middle man like auction houses etc. --- End quote --- The theory behind NFTs was the artist would get a portion of the money as the digital asset increased in value. Reality is there are bots (on twitter for example) that steal digital artwork, and sell the NFT w/out permission. Given how crypto currency works, you can't even cancel or take ownership of the stolen item. Whole Cryto currency thing reminds me of the quote: "No trees were killed to send this message, but a large number of electrons were terribly inconvenienced." |
| not1xor1:
NFT and cryptocurrency madness are just a modern digital form of tulip mania unlike tulips though they cause a great deal of environment damage both from energy waste and fast hardware turnover |
| Nominal Animal:
The population of this planet is insane. :-// |
| magic:
Glad people are finally waking up to this simplest truth. I knew it since I turned five :-DD |
| nctnico:
--- Quote from: station240 on January 16, 2022, 08:10:52 am --- --- Quote from: nctnico on January 16, 2022, 01:29:32 am ---The value of a NFT is based on the (digital) object it represents. It seems to be gaining quite a bit of traction in the (digital) art world because it allows multiple people to become part owner of a piece (*) and the artist can choose to receive a kickback for every transaction. * There are organisations /systems which allow people to invest in expensive objects (art, historical, etc) and trade the ownerships like shares. NFTs bring the ability to trade ownership without needing a middle man like auction houses etc. --- End quote --- The theory behind NFTs was the artist would get a portion of the money as the digital asset increased in value. Reality is there are bots (on twitter for example) that steal digital artwork, and sell the NFT w/out permission. Given how crypto currency DLT (distributed ledger) works, you can't even cancel or take ownership of the stolen item. --- End quote --- Fixed that for you! |
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