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> The operative phrase is "There is no legal framework," This isn’t really the salient point. You can buy and sell useful things with no legal framework (and p
by knubie 5y ago
> The operative phrase is "There is no legal framework,"
This isn’t really the salient point. You can buy and sell useful things with no legal framework (and people do all the time) and that doesn’t make it a scam or a scheme designed to sucker people. The difference is that NFTs have no inherent, tangible value. In that sense it’s more akin to something like baseball cards, or art. Things that have no inherent value, and are easily reproduced, but can be verified to be “authentic”.
- okareaman 5y agoThat's true. I've started coming around to that and thinking it's a lot like the art business, especially if you look at an artist like Andy Warhol who stamped out his works on something akin to an assembly line and left an estate estimated to worth $220 million. Art is worth what someone is willing to pay for it. I guess NFTs are the latest manifestation of that world. Perhaps some like the margins of the art world and want to extend it with more features. Edit: I get my knowledge of Andy Warhol from these three documentaries, which have some conflicting information but paint a picture of a man who wanted to make a lot of money. Andy Warhol - The Complete Picture https://www.youtube.com/watch?v=KnhqRiJ4KH8 https://www.youtube.com/watch?v=KnhqRiJ4KH8 The Life of Andy Warhol https://www.youtube.com/watch?v=ZDIdjvezp2U https://www.youtube.com/watch?v=ZDIdjvezp2U Andy Warhol Documentary Film https://www.youtube.com/watch?v=UQXpqQO4vaE https://www.youtube.com/watch?v=UQXpqQO4vaE The art business is a game for rich people. I don't think I'll bother with because I can't compete at that level due to lack of funds.