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What really got me to understand what an NFT is was a post in a gold / silver subredit. A poster asked the question "Where could I find someone who could make a
by etataetaet 5y ago
What really got me to understand what an NFT is was a post in a gold / silver subredit. A poster asked the question "Where could I find someone who could make a physical NFT gold and silver coin". I really didn't understand what that meant so I asked. They answered that it was going to be a intricately designed coin that was a physical NFT.
This physical NFT was just a coin. Nothing special, no blockchain just a coin.
After this I realized that all these NFT's are completely worthless. You wouldn't buy a physical coin that some random guy (Talented artiest but still) for millions. Why would it be different if its digital?
I could be wrong and NFT's will somehow become the next massive institution but I don't think so.
- nivenkos 5y agoAlso the point of coinage is that it is fungible, NFTs are designed to be non-fungible (and even Bitcoin if you get down to the details). Sadly crypto-currencies still haven't really solved the currency use-case.
- pastrami_panda 5y ago> Sadly crypto-currencies still haven't really solved the currency use-case. I'm not a fan of this space, but I surveyed many crypto tokens last year and it did sound like some well designed tokens could solve the use-case as an actual currency. Algorand springs to mind, they claimed high transactions speeds and also carbon negative footprint (which sounds too good to be true, but I don't know the specifics).
- dillondoyle 5y agoexcept most NFTs are just URLs right? And it would cost a significant amount of money to actually write say a video into the chain?
- etataetaet 5y agoYeah exactly! They are even less practical than my example. Its very confusing how they are worth so much to me