@HarryChest
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Can someone please explain to me in plain words, what NFTs actually are and why I should super be excited and rush to collect/trade on them? Thanks. #CryptoTrading
@HarryChest
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Uniqueness, Rarity, and Indivisibility. Same reason why you'd want to buy the Mona Lisa if you could, and not be content with a printed copy of it.
LoL, the difference of owning/not owning is a blockchain record. I can enjoy it as.much as the author does, so ... Unique? Indivosible? How about copy/paste? It's pixels ... 🖖
It's an asset class, a store of value, and a way for you to protect your money against inflation. By the same logics, Bitcoin is also nothing more than binary code stored on the virtual space, USD is nothing more than paper with a fancy printing and a serial number, and contracts are just strings of text with signatures. The value of something is based on how a majority perceives it. I've stated above the 3 properties that make a majority attribute value to them. I'm not saying it's right or wrong, but merely providing you with what you asked: the reasons why NFT's have value, put in a simple way.
Bitcoin is billions of 'identical' coins holding value. NFTs are supposed to be the opposite.
There will only ever be 21 million Bitcoins. A fraction of those are already lost, due to people losing access to their wallets. The amount is therefore reduced to an estimated 19 million coins. Currently, approximately 18 million were already mined.
Indeed and NFTs are endless. Just a jpeg with a pricetag.
Quite the opposite. Each NFT is unique.
Exactly. Each an island of itself. And the different pricetags are based on..... pixel.color. Meh!
Actually, they can also be music. I'm not sure you understand I'm neither pro, nor against NFT's. They are what they are. If I was to be against them, I'd have to be against many other things. At least they're yours to store in your cyber-wallet. How much do people across the globe pay for virtual goods like video game subscriptions, streaming services, and a bunch of other things that they're not even paying for the possession, but simply the access?
I agree. People pay for services. Is 'owning' a NFT a service? I think it's still a lot different
I'd also go as far as to say as the money in your account is also only there and yours because there's a ledger stating so. The difference is that ledger is secretly controlled and stored by a centralized institution, your bank. You trust it to do the right thing - but what if they don't act in good faith? If that institution goes down, the ledger goes down with it, and so does your money. On the blockchain space, you're more protected from that to be happening, as the ledger is public and decentralized. There's no one entity that can make a wrong call and make you lose your life savings, and the record of the transactions made is public for everyone to verify.
When we talk about cryptocurrency, OK, but decentralized 'ownership' of pixels. Naaaah No bank wants to store my squiggles and call it valuable.