5 ms·

If ownership is not transferable, then how can you call it a token, and what is it non-fungible in relation to? This categorically seems like it is not a non-fu

If ownership is not transferable, then how can you call it a token, and what is it non-fungible in relation to? This categorically seems like it is not a non-fungible token, or even a token at all. It's just an artist signing a file using PGP. So many articles throw around the term "NFT" nowadays without stopping to even break down the acronym, let alone consider what it actually entails.

Aeolun 5y ago
The NFT part is only the “I paid for this item” part. You can make a chain by making a further transaction with the ID of the last one (which arguably indicates you own the file hash indicated). I don’t think the NFT actually does anything but identify a certain bunch of content? The important part is the transaction history.
- everfree 5y ago
  > You can make a chain by making a further transaction with the ID of the last one (which arguably indicates you own the file hash indicated). You can, but then you either have to host a central transaction history somewhere or you run into the double-spending problem.
  - stagas 5y ago
    The difference with NFT is that it's used for art, and art comes from a specific artist, and usually in the world of art what gives value to the art is the artist. So, if I have a thing signed from the artist, it's as good as it can get. If they want to double spend or do other things, then they will lose credibility as artists and will no longer be able to sell what they sold so there's no incentive in cheating, hence no need for a central authority or blockchain. All you need is them publishing their public ledger of what was sold to whom, no blockchain necessary.
    - everfree 5y ago
      > If they want to double spend or do other things, then they will lose credibility as artists Double spending is a property of ownership, not creation.
- scotty79 5y ago
  > The NFT part is only the “I paid for this item” part. The most important thing (or even the only important thing) of cryptocoins and NFT is a proof that "I no longer own it and as such I'm unable to sell it to anyone else."

Aeolun 5y ago

The NFT part is only the “I paid for this item” part. You can make a chain by making a further transaction with the ID of the last one (which arguably indicates you own the file hash indicated). I don’t think the NFT actually does anything but identify a certain bunch of content? The important part is the transaction history.

everfree 5y ago
> You can make a chain by making a further transaction with the ID of the last one (which arguably indicates you own the file hash indicated). You can, but then you either have to host a central transaction history somewhere or you run into the double-spending problem.
- stagas 5y ago
  The difference with NFT is that it's used for art, and art comes from a specific artist, and usually in the world of art what gives value to the art is the artist. So, if I have a thing signed from the artist, it's as good as it can get. If they want to double spend or do other things, then they will lose credibility as artists and will no longer be able to sell what they sold so there's no incentive in cheating, hence no need for a central authority or blockchain. All you need is them publishing their public ledger of what was sold to whom, no blockchain necessary.
  - everfree 5y ago
    > If they want to double spend or do other things, then they will lose credibility as artists Double spending is a property of ownership, not creation.
scotty79 5y ago
> The NFT part is only the “I paid for this item” part. The most important thing (or even the only important thing) of cryptocoins and NFT is a proof that "I no longer own it and as such I'm unable to sell it to anyone else."