NFTS ; LET’S CUT THE BULLSHIT
NFTs are a scam
- NFTs are just a fad
- You can turn your art into an NFT to prevent it from being copied.
- Each NFT is a proof of authenticity for a “one-of-a-kind” item.
- NFTs are bad for the environment.
The above are a few claims you might have read about NFTs.
Boil away the jargon, an NFT is simply a record of something: a claim of ownership, a time-stamped transaction receipt, an agreement. Just as we agree that only the holder of the ticket to Seat 223B of a music concert gets to sit there, we agree that NFTs aren’t universally interchangeable. And we agree that there are (or should be) no duplicate records that make the same claims about the same thing. That’s all that “nonfungible” is about.
An asset is anything having value and people are willing to purchase it. When an art collector buys an old leather jacket duct-taped to a wall, they know it’s a leather jacket duct-taped to a wall. So if you’re going to buy a digital jacket virtually duct-taped to a public blockchain as an NFT, it’s best to have a clear-eyed understanding of what you are getting and not getting for your money.
NFTs can be important and useful and they’re evolving to become more so. But NFT evangelists and skeptics alike tend to dumb things down, hype things up and sometimes just get things wrong. Here are a few things to note about NFTs
1. NFTs aren’t a scam. Scammers use yahoo mail or Gmail but we don’t say email is a scam.
2. NFTs aren’t a fad. Whether a particular line of digital collectibles turns out to be a lasting set of cultural artifacts or short-lived, it remains seen.
3. Yes, you can turn your art into an NFT but that won’t prevent your art from being copied.
