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With most of these things, its all about using the item as a status symbol. Having a rare painting on your wall shows status. NFTs don't and likely never will h
by SilverRed 5y ago
With most of these things, its all about using the item as a status symbol. Having a rare painting on your wall shows status. NFTs don't and likely never will have the same impact.
- cortesoft 5y agoThe people who are buying them are absolutely buying them as a status symbol, so that appears to be working.
- th0ma5 5y agoA great many people are starting to look down on NFT buyers and sellers. I'm not sure what status they provide since either someone has to maintain the chain somehow forever which is impossible, but also there isn't anything stopping someone from creating alternative timelines of sales.
- cortesoft 5y agoAlmost every status symbol is looked down upon by many people. That doesn’t mean there isn’t a group who admires it. The same thing could be said about other collectibles. There isn’t anything stopping people from printing their own baseball cards, but that doesn’t change the market.
- th0ma5 5y agoYeah but at least you'd have a baseball card. This is a number? I definitely get your point though.
- cortesoft 5y agoMany people say the same thing about Bitcoin. They aren't wrong, either, but they also miss the point that it doesn't matter if enough people decide to value it.
- th0ma5 5y agoRight no for sure. For instance people forked Bitcoin and suddenly everyone that held Bitcoin also held Bitcoin Cash. I can see the not too distant future where a dispute arises as to who owns a particular NFT though because of such kind of forks, possibly.
- th0ma5 5y agoI'm not sure why people buy NFTs, but I suspect they think it somehow implements digital rights management of a bill of sale, and it doesn't.