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They have value because people think they will have a bigger future value. People think they will have more value in the future because there will be a bigger s

They have value because people think they will have a bigger future value. People think they will have more value in the future because there will be a bigger sucker willing to buy it from them. That's it. There's no step along the future ownership chain where it actually creates, yields, or transmutes into any sort of fundamental value. So assuming you've done your research, it is known up front to be worthless and yet you are buying it anyway with the intent to defraud someone else. Or you haven't done your research and you end up being the sucker in this setup. Either way, art NFTs are pretty definitionally a scam. The word "scam" is thrown around far too much by critics of cryptocurrencies. Think what you will of bitcoin or ethereum, but neither one is a scam. NFTs, on the other hand, unequivocally are scams.

fleddr 5y ago
NFTs in itself are not a scam. When I genuinely mint a photo I own the copyright of and set a price, you can simply chose to buy it or not. In the case that you buy it, you're not scammed. The price was clear, and you got what you ordered. You can think of NFTs as being overvalued or worthless, but that doesn't make them a scam. Just don't buy them. Likewise, NFTs don't come with any promise that they gain in value, that too is on the buyer.
- garmaine 5y ago
  NFTs aren't rights to photos, or any other kind of tangible or intangible property right. That would be an actual property. But that's not what NFTs are.
  - fleddr 5y ago
    Largely true, but rapidly changing. Some marketplaces do allow for copyright license statements to be included in the mint. The better marketplaces include verification of authorship. Adobe is including proof of authorship into its suite of tools. There's bots now crawling for knock-offs and cross chain mints. So in the best of cases...if a verified author mints a verified work, which includes a copyright/usage statement, and I buy it...what do I legally own? I think that's a question for the lawyers.

fleddr 5y ago

NFTs in itself are not a scam. When I genuinely mint a photo I own the copyright of and set a price, you can simply chose to buy it or not. In the case that you buy it, you're not scammed. The price was clear, and you got what you ordered. You can think of NFTs as being overvalued or worthless, but that doesn't make them a scam. Just don't buy them. Likewise, NFTs don't come with any promise that they gain in value, that too is on the buyer.

garmaine 5y ago
NFTs aren't rights to photos, or any other kind of tangible or intangible property right. That would be an actual property. But that's not what NFTs are.
- fleddr 5y ago
  Largely true, but rapidly changing. Some marketplaces do allow for copyright license statements to be included in the mint. The better marketplaces include verification of authorship. Adobe is including proof of authorship into its suite of tools. There's bots now crawling for knock-offs and cross chain mints. So in the best of cases...if a verified author mints a verified work, which includes a copyright/usage statement, and I buy it...what do I legally own? I think that's a question for the lawyers.