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NFTs defined: Why would anybody pay $600,000 for a cat meme? | DW Analysis



A digital 10-second clip of the Mona Lisa bought for six.6 million, regardless that anybody can watch it totally free on-line. A cat meme downloaded tens of millions of instances bought for 600,000 {dollars}. And a clip of Lebron James slam dunking went for 200,000 {dollars}, regardless that it’s possible you’ll as effectively watch on YouTube.
Welcome to the world of NFTs. Digital objects purchased with cryptocurrency. The market is booming. NFTs introduced in over 86 million {dollars} in February alone. And within the artwork world, even Christies has now joined the sport, placing the primary ever NFT up for public sale.
NFT stands for non-fungible token. When one thing is non-fungible it means it’s not simply interchangeable as a result of it’s distinctive or scarce.
A chunk of digital artwork is fungible: It’s not distinctive or scarce as a result of it may be downloaded and copied infinitely. However if you create an NFT for it, a course of referred to as tokenizing or minting, it turns into traceably genuine and distinctive or scarce.
an NFT comprises a selected set of information. And there’s info saved on the token about who created the content material, for the way a lot it was bought and who the proprietor is. That approach, the token represents a certificates of possession. And blockchain expertise ensures that every one that information is unchangeable and fraud proof. So whereas the digital object should be on-line, shopping for the NFT, you purchase the certificates of possession for it. Okay, however when you obtain a meme, it nonetheless appears to be like the identical as the unique, proper? So who’s shopping for this stuff? Is all of it a rip-off, or is that this the way forward for the artwork world?

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30 Comments

  1. Why would anyone with a brain buy a digital picture with a sticker on it if they can just invested and don't have to worry about losing all that money for something that doesn't even matter

  2. These arses have put together a description of what they're doing using a lesser non word! FUNGIBLE haha… so when people hear it,, they're like ooooh….aaahhh.. must be an opportunity! Then couple that with blockchain LOL another buzzword – these eejits are all over it. You don't own the raas artwork fools!! You just have a digital bit of code that relates to the actual item to say, it was authentic and that the artist who put it into the blockchain is the creator – LOL. Some of these artworks are worth ZERO, and suddenly they have value because they've put it into a blockchain! I could understand if the artwork was worth something and the NFT was included with it to authenticate the art – and that's all – pay for the tangible item.

  3. problem is no one care if you own a virtual piece like this.Its not like a painting where you can see,smell touch the product…you can only look at it and people can make a literal copy of it if they cared.The only thing you would own would be the ''bragin right'' of owning it but you still wouldnt be the artist that made it and probably wouldnt earn any respect from just owning nft anyway.

  4. well… I knew humans but after that… I'm pretty sure. so your saying…. I can watch this cat video, but the guy that is selling it says I can't or something? lol it's internet… everything is available XD I never going to understand NFTs and I don't want too coz… my bad vibes sense is tingling

  5. NFT full of BS doest make sense at all.. I think they using for money laundering or etc…. you spend million of jpeg file that can download from internet. where is the use case

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