Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.::NFTs had a huge bull run two years ago, with billions of dollars per month in trading volume, but now most have crashed to zero, a study found.
I find it fascinating that NFTs were supposed to be a proof-of-ownership technology, but because people are stupid & greedy made pictures to sell with it
It always reminds me of those certificates for owning a piece of the moon.
Because it’s pretty much the same.
At the very core ownership that isn’t recognised by the state is meaningless. So that ape picture? No one really cares about some guy claiming to own it because they have control over the token. As long as it’s on the internet everyone can just copy it and there’s no authority caring about it one bit since NFT isn’t recognised as for example copyright is.
Even when it comes to stuff like items in games, these also are only worth anything as long as the publisher of the game recognises your claim to it! And even if they did recognise it, there’s absolutely nothing preventing them from changing their minds later. Simply because they create the game however they like and have 100% control over it’s development.
Except it’s not ownership, it is digital rights management. Right now DRM is handled by private corporations, not the state, and it generally is anti-consumer. NFTs could be used for DRM in a more pro consumer way.
That all hinges on a pretty big “could”.
Only if the companies in charge would allow that. And they really have zero incentive to do so. The way it currently is, is way more profitable for them.
What confused the fuck outta me as someone who has been in the crypto space since 2010 is that it wasn’t new or novel in any way. Colored Coins was virtually the same thing and it flopped in a similar fashion and there were several similar projects that did the same or never made it off the ground. Then, some shitty monkey drawings come along, are backed by virtually the same thing I had seen before and suddenly people I knew from my hometown who barely had two brain cells to rub together were claiming to be financial and tech gurus while peppering “block chain” into conversation. The one thing that brings me solace is that they all lost their investments
Can you blame them? If I gave someone a photo and then they offered to give me $1,000 if I also would write down a unique number, then I would without hesitation write down a random number and get my grand.