What's With Non-Fungible Tokens(NFT) (Part Two)
This is a continuation of the article https://read.cash/@Talon/whats-with-non-fungible-tokensnft-part-one-27ff696a, if you haven't read the first part, you can follow the link above.
In the case of physical as well as audio-visual art, the owner holds the copyrights and reproduction right, but with NFT's, you don't even get that. Why your millions of dollars dished out might have earned you the owners title, the copyright and reproduction rights most times still belongs to the designer of the artwork.
If you don't find that absurd enough, most NFT's can be generated by computer algorithms. Basically, a kid can sit on his computer, type in a few trait parameters and have a thousand NFT ready for sale in no time. So, it's not like a lot of work go into making some of these arts ( of course there are those who work diligently to build each NFT character from scratch). What then is the craze all about?? Let me guess, digital art collecting?
Another funny part in this story is that, NFT's can be programmed in such a way that the creator gets a cut everytime the token change hands without your (the owners) permission been asked, of course. It almost seem to me like, you hardly own it, you're just holding a title ( and of course with it, the possibility of making an insane amount of profit on your 'investment' in the near future ).
Why The Craze
Like I said before, all of this begs the question, what's the craze all about?
According to https://reason.com/2021/11/24/whats-the-point-of-nfts/ 'Some worry that NFTs are overhyped, while others are convinced they're a subpar application of blockchain technology. "Over the past decade, the blockchain has become a refuge for people who need another place to rest their assets," writes skeptic Anil Dash, who worked with McCoy on creating the first-ever NFT, in The Atlantic. Since few apps are blockchain-based other than cryptocurrency trading marketplaces, argues Dash, this "hermetically sealed economy" means "people who have made those bets can't cash in their chips anywhere," so they resort to buying art, in NFT form, with their crypto. "Think of a kid who's spent the day playing Skee-Ball and now has a whole lot of tickets to spend. Every toy looks enticing. NFTs have become just such a plaything."
At their core, NFTs are the current means creators can use to capitalize on the fact that people still seek ownership and value exclusivity even in the digital age. Whether warranted or not, whether for bragging rights or personal satisfaction, people prefer real Vermeers to dupes; real Birkin bags to replicas; authentic Cartier watches to fakes. NFTs can be considered a blockchain-age extension of the allure Veblen goods have long carried'
While according to https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq 'One of the obvious benefits of buying art is it lets you financially support artists you like, and that’s true with NFTs. Buying an NFT also usually gets you some basic usage rights, like being able to post the image online or set it as your profile picture (which most people can still do without having to buy it). Plus, of course, there are bragging rights that you own the art, with a blockchain entry to back it up. NFTs can work like any other speculative asset, where you buy it and hope that the value of it goes up one day, so you can sell it for a profit'
All of this still doesn't really show me that this whole NFT craze is worth it, what about you?
As always, plenty gratitude for finding time to stop by my article
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