Yesterday I read up on this NFT thing. If I got it right it is basically a hashcode of a digital thing, e.g. an image that is stored on some blockchain to document who owns it (it being the NFT+the associated object). 1/3
2
1
There is nothing in there that prevents anyone to copy the object a million times. There is nothing in there that prevents anyone to create tons of more NFTs for the same object, except for the proof of work involved for storing something on the blockchain (and legal contracts).
2
2
So, why does this have value? 3/3
4
3
I totally think the entire NFT thing is completely overblown but fundamentally, think of it as a signed copy of some authors work brought to the digital world. For some folks that can be something valuable, others couldn’t care less. 🤷‍♂️
2
4
It would make a lot of sense if there were licensing rights attached to the token, especially for the extremely complex rights associated with music. If it’s just a token, though, I agree it’s worthless (unless you see worth in ownership for its own sake, which I consider stupid)
2
Hm, what about a signed print of a photo? Or those 100 signed copies of a music album? I honestly don’t see a reason why this is anything different than in the physical world in which people value that and pay extra money if they care. You can copy the work but not the signature.
1
2
Replying to @odrotbohm @jensschauder
Agreed for photos, good point. But if I have an original painting and you have a copy, we have different things. If we both have a fungible copy and an irrelevant non-fungible extra, the main thing is still the same for both of us.

Apr 16, 2021 · 6:23 AM UTC

3
Replying to @stilkov @odrotbohm @jensschauder
So maybe to me an NFT is worth as much as one of a 100 signed copies of a photo, which is: essentially nothing ;) But you’re right that it’s a working market, so maybe it’s fine
2
Replying to @stilkov @jensschauder
Even in that area: why do people pay large amounts of money for a real Mondrian if pretty exact replicas can be created with quite reasonable effort? And: the easier it is to copy stuff, the more I understand the desire to get something special tied to the author.
Replying to @stilkov @jensschauder
And in a world of massively underpaid artists, I even more understand the artist‘s desire to create something marketable. And I am of course not surprised to see Silicon Valley overblow this into the absurd.
1