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NFT's

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By *appytrailman OP   Man
over a year ago

Manchester

Does anyone really understand how they work can you upload something and claim it to be an NFT? The whole thing really confuses me!

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By *rwhowhatwherewhyMan
over a year ago

Aylesbury

Nope, not interested either. Just another crypto fad to relieve people of their hard earnings in my opinion

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By *appytrailman OP   Man
over a year ago

Manchester


"Nope, not interested either. Just another crypto fad to relieve people of their hard earnings in my opinion"

That's pretty much my understanding of it, I saw that some were sold for tens of thousands, all I can see is it's a digital image!

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By *agerMorganMan
over a year ago

Canvey Island

The tl;dr of it is that it’s proof of ownership on the blockchain.

You buy an NFT, that proof of ownership is transferred to you, then you sell it, it goes to the next person.

I know people who buy & sell and make a tidy profit off of it all, but beyond that, I struggle to see the point.

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By *rwhowhatwherewhyMan
over a year ago

Aylesbury


"Nope, not interested either. Just another crypto fad to relieve people of their hard earnings in my opinion

That's pretty much my understanding of it, I saw that some were sold for tens of thousands, all I can see is it's a digital image! "

They are meant to have a unique or limited code embedded into them which makes them rarer I believe, still a load of phooey though.

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By *ocusMan
over a year ago

Cambridge

They are a solution looking for a problem.

A scam at their worst and pointless at best. Everything they do can already be achieved by other methods.

And that's coming from someone involved in them.

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By *ocusMan
over a year ago

Cambridge


"Nope, not interested either. Just another crypto fad to relieve people of their hard earnings in my opinion

That's pretty much my understanding of it, I saw that some were sold for tens of thousands, all I can see is it's a digital image!

They are meant to have a unique or limited code embedded into them which makes them rarer I believe, still a load of phooey though."

In their most basic form they are simply a pointer to a web address. There can be any digital file at that address so it can be an image, a sound, a tweet, an app...anything. Whatever is at that web address can potentially be changed at will by whoever controls the server or if the server is switched off/dismantled the item goes as well.

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By *rHotNottsMan
over a year ago

Dubai & Nottingham

They are tokens secured using blockchain. People get very confused between blockchain technology ( ledgers) and products that utilise it like non fiat currencys.

Think of it like a digital certificate of authenticity or ownership that can be validated using open technology , a very good inventiion for solving complex solving global problems like fraud and theft of land assets

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By *rHotNottsMan
over a year ago

Dubai & Nottingham


"Nope, not interested either. Just another crypto fad to relieve people of their hard earnings in my opinion

That's pretty much my understanding of it, I saw that some were sold for tens of thousands, all I can see is it's a digital image!

They are meant to have a unique or limited code embedded into them which makes them rarer I believe, still a load of phooey though.

In their most basic form they are simply a pointer to a web address. There can be any digital file at that address so it can be an image, a sound, a tweet, an app...anything. Whatever is at that web address can potentially be changed at will by whoever controls the server or if the server is switched off/dismantled the item goes as well."

I’m not sure that’s true , the transactions in the block can hold properly transaction details without referring to individual copies of land registry databases , this is successfully piloted in several countries now and the U.K. government is also looking into it

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By *ocusMan
over a year ago

Cambridge


"

I’m not sure that’s true , the transactions in the block can hold properly transaction details without referring to individual copies of land registry databases , this is successfully piloted in several countries now and the U.K. government is also looking into it "

That is exactly how it works. The blockchain holds records of transactions not the items themselves. An NFT to something like a land registry will point to the location of a digital record. If that NFT changes hands the changes are recorded on the blockchain not the record itself. Things like land registries have a greater chance of permanence but they still work on the same principle.

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