I’m seeing this everywhere, but I’m not sure I understand the concept.
Were you in Devin Nash’s stream?
I’m not an expert on them or anything, but from what I’ve seen they’re a complete waste of time. Maybe some will be made that will actually be interesting/ have actual value. But the ones I’ve seen are BS “content” just like pictures or some stupid shit that someone probably made in less than an hour. I think their value comes simply from “being the only one to have it”. Like if I took a pic of my dick and claimed it as an NFT, someone could buy it with the sole purpose of being the only person to have it. I’m an average person, but if I was to become famous or something, then I suppose the dick pic could gain value lol. Most of the ones I’ve seen are things anyone can see online and screenshot/print out. Technically you would be the only one with it since your copy would be the only truly legit copy, but it would probably look identical to all the fake ones, if they’re copied corrected, which would take 5 minutes to do.
TDLR: NFTs are stupid and they only gain value because idiots and rich people buy them.
If I’m wrong, anyone please feel free to correct me, but as of right now, NFTs seem absolutely pointless to me, and shouldn’t produce value. But also, they’re gaining popularity for one reason or another, my theory is stupid people raising their value, but other than that I don’t know. So perhaps there’s a flaw in my thinking.
Nft stands for non fungible token. It is a way to digitally represent ownership of something digital (NBA topshots is a good example of this) backed by the same technology that underpins crypto currencies. It’s called a block chain, and uses encryption and distributed computing power to validate all transactions. In other words, you can “own” a digital picture or video and have proof that you do, which cannot be copied or replicated.
Non-Fungible token. Fungible tokens (like say bitcoins) are functionally indistinguishable from one another and thereby interchangeable: one Bitcoin is as good as any other and it’s not of any particular importance which one you have.
Non-fungible tokens (like say NBA Top Shots) are unique and non-interchangeable.
In what context? What does it stand for?