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This was kind of my question too. I am still yet to properly understand what the point in owning an NFT tied to a piece of digital art is. Traditionally owning
by monkeynotes 5y ago
This was kind of my question too. I am still yet to properly understand what the point in owning an NFT tied to a piece of digital art is.
Traditionally owning art is meaningful because you get to display it in your home/office etc. The artwork is intrinsically valuable as a unique material object. Digital art, on the other hand, can be duplicated easily so there is nothing you can point to and say "this is the original".
I don't see how that is synonymous with owning traditional art, you don't have anything unique since everyone can "own" Charlie bit my finger as much as the NFT owner owns it. We can watch the video whenever we want, even if it's taken down off of the official YT channel, there are thousands of copies everywhere. So unless you own the rights to the video and royalties or whatever then all you have is an NFT token that symbolizes something important to whoever thinks it's important (much like currency).
Seems to me that an NFT itself is more like a vanity plate on a car than anything else, basically bragging rights that you can sell on if anyone else sees value in bragging. I suppose the gamble is that NFTs will continue to mean something to someone but it does seem to me to be a long bet that people with piles of cash are hedging or simply don't mind paying $$$s for a fashion statement.
- underwater 5y agoArt doesn't have any natural utility. No one is spending millions on a Picasso because they get millions of dollars of value out of looking at it. Expensive art is just as much a vanity plate as NFTs are.