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Yes, this is correct. For now, people are willing to participate in the collective delusion that these tokens are what they claim to represent: real ownership o
by acjohnson55 5y ago
Yes, this is correct. For now, people are willing to participate in the collective delusion that these tokens are what they claim to represent: real ownership of an off-chain asset. I don't think that's going to last.
It's possible to imbue an NFT, itself, with real value. Like if it was a legally recognized title. Or if ownership of an NFT could be used to produce an authorization token for access to some physical or digital experience.
- Kye 5y agoIsn't this the entire purpose of smart contracts in Ethereum, the underlying system for most NFTs? What do NFTs add?
- acjohnson55 5y agoSmart contracts are a very generic concept. NFTs are a smart contract design pattern. They typically employ standardized smart contracts (e.g. ERC-721, ERC-1155) so that services can be built to interface with any standard NFT contract. But it's also possible to make custom smart contracts to manage non-fungible digital assets.