Also let’s revive this community to laugh at crypto some more!

For those who don’t know, NFTs or Non-Fungible Tokens are essentially what they say: a “token” (could be anything) that is not exchangeable. Interesting article here: https://mcn.edu/mcn-insights-nfts-are-a-scam/

Recently they’ve made the news with art pieces, but they exist in other forms as well. Kings of Leon released an album as NFTs… and then put that album on streaming platforms a few days later. But for this post I’ll keep it to artwork.

So what do you get when you purchase an NFT? You don’t get intellectual property over the art piece. You don’t necessarily get a unique, exclusive version of it either. You are not even buying a Jpeg! You’re not buying the artwork or anything related to it, you are actually purchasing a spot on the blockchain that marks you as a verified purchaser of this NFT. That’s all. That’s why NFTs can take on any form and are not limited to art and media. You could be buying medication (actual medication) as an NFT, and pay a premium to be placed on the blockchain as an owner of these pills. But since it takes most people 10 minutes to draw up some shitty art on paint and start selling it with the high volatility of crypto, that’s where most NFTs reside.

No, the reason people buy NFTs is because they are rich. It’s a class issue. They want to show they are rich enough to buy a spot on the blockchain for a jpeg that you could just right click->download. That they own enough millions that spending 1 of their millions for a spot on the blockchain they will never show anyone (except maybe for the women they’re trying to impress at parties) – that’s what satisfies them. That’s why you buy NFTs.

Now watch me become an international grand art thief by posting this 6.6 million $ art piece in 2 seconds:

  • loathesome dongeater
    3•3 years ago

    I feel about NFTs the same way I feel about Hunter Biden’s alleged art. Probably just a way for some assholes to launder money or something like that.

    Obviously some portion of the transactions are legitimate in nature. But someone buying something like this for millions feels like an intentional ruse to drive up demand.

    I have some background in programming and maths but I still feel no motivation to read about this kind of stuff. It feels very latestagecapitalism and moreover the people active in these circles are weird nerds.