I don’t really care about fad stuff so I never bought any but also I never really understood how they worked practically. Like if I bought a famous tweet or jpg or what ever, how would I use the token to verify owner ship of the thing or sell it?

  • neidu4@piefed.socialEnglish
    0·
    2 days ago

    NFTs, like blockchain in general, are public write-only databases. The only difference is that NFTs also contains references to things such as media (pictures).

    They’re still around, but like all other fads that are poorly camouflaged pondicherry ponzi schemes (ducking autocorrect), they’re practically worthless.

    An NFT doesn’t dictate ownership, neither de jure nor de facto.

    While I find the concept of public write-only databases interesting feom a technological standpoint, an actual use case has yet to be discovered.

    • ryannathans@aussie.zone
      0·
      2 days ago

      A commercialised use case known to you, perhaps, but they have some very useful actual use cases.

      E.g. a commercialised use case is supply chain verification

      And a really cool use case that hasn’t been commercialised is transferrable/sellable digital licences, e.g. for video games. NFTs even have a royalty system that would ensure the rights holder gets paid a small % with each second hand sale too

        • Nibodhika@lemmy.world
          1·
          1 day ago

          Doesn’t have to though. All of this is based on smart contracts, to which means the logic is what you make of it. It could, for example, also send some kickback to a platform when activating the game there, so e.g. you buy the game from the game dev directly and you’re given an NFT for it, with it you can download the game from the game dev page, but also you can pay a small fee and get a steam key for it, that fee could be sent to both Valve to justify their involvement, then you might be able to generate similar Playstation key for it, or any other platform. This would be an interesting system where users can buy the game once and activate it for different platforms.