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Can someone explain NFTs (Non-fungible tokens) and yes I have googled it.

omegaswisst
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I have been reading up on NFTs but just can't understand what is valuable about them.

The digital image by Beeple which sold for USD 69.3m at Christie's can be cut an pasted if I want a copy.

Is it just bragging rights that you hold the original?

As far as I can see if there is no interest in the image it will be worthless!

What am I missing?

CH-Beeples-NFT.jpg
 
Dan S
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It basically certifies that you are the "owner" of the electronic object. They are valuable for the same reason that any collectible object is valuable. Or cryptocurrency for that matter.
 
jumpingsecond
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I can also hang a copy of the Mona Lisa on my wall. But it is not the original Mona Lisa. Your copy/pasted digital copy of my NFT does not have the blockchain verified rights to my NFT. If this NFT is a popular one, like the Mona Lisa is a popular work of art, someone may pay enormously for it.
 
Observer
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An NFT is a digital asset that can’t be split up. Some of them are art NFTs like the Beeple piece, but there are many other types. Insurance policies, titles, and deeds can (and likely will) be represented by NFTs. Video game assets (avatars, cars, weapons, armor…) are being traded as NFTs and it’s one of the hottest crypto markets today.

tldr; unlike cryptocurrencies that can be split into smaller fractions, NFTs are a single unique unit.
 
shishy
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It's that fun old question of -- would you rather have the original, or a 100% exact replica? If something is a 100% exact replica, does it matter if it's a fake / copy / etc.?

Buying an NFT art piece means you get the only truly verified piece that was made by the original artist, the others are all just copies.

If owning the real thing by the artist isn't important but having the copy gives you equal joy, then just screengrab and move on.

(It is interesting to compare how we treat that same problem with watches lol)
 
Observer
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I've been very happy with original art and copies. I just want to be able to hang it on the wall.
 
omegaswisst
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Thanks for the education everyone. My poor old brain has trouble wrapping itself around the concept.

So basically, if I can generate enough interest in something/anything I can sell it.
Edited:
 
JimInOz
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So @STANDY could create an NFT of this watch image and sell that for $28K and get to keep the watch?

Win win for everyone 😁.

x1137033-3e787c15ab33554b705bfbc6aaefc1ae.jpg.pagespeed.ic.4z35rn0DQP.jpg
 
Archer
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jumpingsecond jumpingsecond
I can also hang a copy of the Mona Lisa on my wall. But it is not the original Mona Lisa. Your copy/pasted digital copy of my NFT does not have the blockchain verified rights to my NFT. If this NFT is a popular one, like the Mona Lisa is a popular work of art, someone may pay enormously for it.

But if the NFT is already a copy of an artwork, you just have a more expensive copy.
 
Larry S
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A fool and his money …..
 
Evitzee
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Why doesn't some enterprising watch company, say Rolex or Omega or Patek Philippe, sell NFT's to some one of a kind Daytona or Speedmaster or Nautilus? Then the owner could brag about how he owns the electronic image. It all seems like a scam to me. Perhaps I'm too old to understand this new tech, but young enough to have read about the tulip mania ca.1635.
 
omegaswisst
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Evitzee Evitzee
Why doesn't some enterprising watch company, say Rolex or Omega or Patek Philippe, sell NFT's to some one of a kind Daytona or Speedmaster or Nautilus? Then the owner could brag about how he owns the electronic image. It all seems like a scam to me. Perhaps I'm too old to understand this new tech, but young enough to have read about the tulip mania ca.1635.

Yep, the Tulips came to mind also.

However, like other crypto currencies they are slowly gaining traction despite the seemingly illogical nature of it all.
 
JimInOz
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If I can't eat it, wear it, drive it, ride it, hang it on the wall or put it in my pocket then it doesn't exist for me.

A few decent EMPs in the next shit fight and all of the virtual currency and NFTs will be just memories.
 
stonestone
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JimInOz JimInOz
If I can't eat it, wear it, drive it, ride it, hang it on the wall or put it in my pocket then it doesn't exist for me.

A few decent EMPs in the next shit fight and all of the virtual currency and NFTs will be just memories.
For that matter, the same will hold of fiat currencies. Food and other necessities will be bartered with Speedmasters.
 
STANDY
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JimInOz JimInOz
If I can't eat it, wear it, drive it, ride it, hang it on the wall or put it in my pocket then it doesn't exist for me.

A few decent EMPs in the next shit fight and all of the virtual currency and NFTs will be just memories.

You missed one Jim 😗
But will let it slide as most will know what's missing 😉
 
JimInOz
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STANDY STANDY
You missed one Jim 😗
But will let it slide as most will know what's missing 😉

😁

Yes I know, but I'm feeling well mannered today,
Although that may quickly change the more I struggle to set the yoke spring on this damn 6138 movement 🤬
 
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