NFTs as you know them was supposed to be more of a showcase of the technology until people decided to be stupid and put their life savings into them. In the future they will hopefully be pinned to real world assets like properties, real life art pieces, cars businesses etc. The technology itself is actually pretty cool if you look into it
This generation of NFTs are bad and certainly deserves their infamy, but the underlying technologies are quite useful. When NFTs get as boring as a grocery receipts, it is where it can reach true potential
Not really it's a form of agriculture which takes up valuable arable land. Needs potable water and fertiliser. Agriculture is bad for the environment. It's worth it when it's ya know feeding people food and stuff. Not so much when it's feeding rich idiots egos.
TLDR; NFTs are not proof of ownership NFTs do not give you ownership over a piece of digital media. An NFT is a document on the block chain that is linked to your wallet and contains a link to the digital media. It is not backed by any government or other authority, meaning that it is not legally binding. Saying that someone with an NFT of an image owns that image is not true. It's like if someone took a picture of the Eiffel Tower, signed it, and then claimed that they owned the Eiffel Tower.
They are proof of ownership. You can prove you own a token on the blockchain. Yes, anyone else can do whatever they want with the photo the token can represent, but nobody can prove they own or utilize the token unless they are you.
@@kenedi987 Yeah, obviously you own the token. But in terms of NFTs, you do not own what the NFT is about. Like an image NFT you do not own the image, but you own the token itself. It’s like with the Eiffel Tower analogy. You obviously own the piece of paper, but not the Eiffel Tower.
The tulips at least made more sense. They were actually pretty, and the more complex colors were extremely rare. The scarcity was a function of the biology of the tulip. With NFTs, the scarcity is purely artificial. Only 5 viceroy tulips might be grown in the span of a decade. Since it's a flower, it can't be copied (unless you somehow cloned it). An NFT is just a bitmap image. You can copy it an infinite amount of times. Each copy has the exact same contents as the original. Ergo, the exact same bytes in the exact same order.
The fact that you don't know how much a tulip bulb is going to be worth until it flowers is a fascinating wrinkle to this. The Dutch inadvertently invented lootboxes.
Funny how I I just found this video. It is hilarious how my teacher in Security Analysis told me this story last month. Tulips were going wild. Like you could buy a house with expensive tulips.
That's a great video! But those examples are nothing like NFTs. In the example of the Mississippi company those are just like stocks of a company, and the crash of the economy can even resemble the crash of the stock market. With the tulip example - those are physical flowers that can be used. NFTs are also nothing like intellectual property that other people can't use except with a permission from the owner of the property. But with NFTs, you can copy an NFT and it would be 100% the same as the original. There is ZERO difference between the "original" and the "copy". In NFT, you purchase a theoretical "ownership" of a thing that everybody can use freely whether the "owner" like it or not. Because the "owner" doesn't really own it.
"At least you got a tulip back then, now you get nothing". Uhh actually I can set my Twitter profile as my cool ape nft, that's much more valuable than a tulip!
i agree NFT's are really really dumb man but i think culture can also be add into that fatore into NFT's like there can't be any thing even close to our times NFTs back then because we have the internet so they is the big difference between us then them NFT's can only exist because of the internet back then if you made a book or anything that can be sold on mass you willl get a physical copy you can do that with NFTS you know
what the fuck is happening in the comment section bro. literal puppet accounts having discussions between themselves with name like "melvin rotdick" or "steve bigballs'
I like your content. Respectfully, this video has some inaccuracy and incomplete framing. Without descending into ad-hominem savagery or judgement (behavior social media encourages), I’d love to encourage patient, civil dialogue around differences in understanding.
Difference is that NFTs can be produced by AI and are mostly agly while tulips recquire some care and are beautiful form of live. So I think human mentality also changed
Not sure how you link the Mississippi Company with the loss of French territory in North America. Napoleon sold off France's holdings to USA during the early Napoleonic Wars because he knew he'd not be able to hold such an overseas territory.
NFT´s are dumb but these things are nothing like nfts... Buying a star is like an nft, investing when the price is high into a company is not like an nft
"it's a matter if you made money from them or not" does not determine if you love or hate NFTs. The concept of it is dumb unless it's used for music rights or something of actual value, unlike digital art that someone can copy and paste.
It did spread to the middle class, but the middle class was still only a very small percentage of society at the time. We’re talking lawyers, merchants, etc.. They were below the wealthy nobility but still above the peasantry that made up the vast majority of the population.
@@weldin the merchants paid high prices for the Bulbs but some of the wealthy nobility didn’t wanna pay for it even though they asked, so there was little to no economic repercussions
Is it ever even worth doing NFTs once or twice as a kind of "get rich quick" kind of thing? All I know is that the pricing and value is very volatile but clearly it works for some?
You're buying a address of the internet attached to the image that shows that you bought the address, so the idea is to buy and sell it at it's craze. The thing is that speculative bubbles usually just make rich richer and who tries to get into it to get rich quick, in dept.
There is both technology and idea behind them. 99% of existing NFTs are garbage representations but that’s the case with almost everything. The idea behind them is about as dumb as people calling youtube or streaming a career. They are a product of a new age of consumers and advancements in computer science. No need to buy any, but it was the same thing with cryptocurrencies a while back - hillbillies calling them stupid or scams, when the main point is that it’s new technology and that is always a good thing.
If you own one, sell it. If you buy one, try to sell it for more than you paid. Are you telling people what to do, or are you following someone else. Start your own bandwagon and mug the mugs, they deserve it.
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you don't own most of the digital things you buy tho. If you buy a game on steam, you don't gain the rights to the game, or the ability to sell it to others, or the ability to prevent others from having the same exact game themselves.
@@HereForTheComments because you are paying for something that you can effortlessly get for free. A digital item like a video game has intrinsic value because it is fun to play. you could claim that the image of an nft has intrinsic value because it looks cool, but looking at it is completely free. there is no reason to pay money for a free picture, other than to flip it like any other speculative asset. people are stupid if they think nfts are anything more than that.
@@HereForTheComments those are not really comparable though. the only way to get trading cards is to pay for them. you can get any nft image for free if you want, which is why people choosing to pay are stupid. I'm not trying to argue that you cant enjoy looking at or collecting nft images. if you like them thats ok. but theres no reason to pay money if you want to just look at or collect them.
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