Originally Posted By: JoanneCooper
Originally Posted By: Mark Hayes
Originally Posted By: Gordon Scott
AFAICS it's a bit like buying a signed limited-edition print. Other people can have copies of the print, but only the buyers have the signature

The whole blockchain thing of course has other applications, but this, I think, paints a pretty good picture of what's going on with digital art NFTs. You create a valueless entity and engage with other speculators in the hope of driving it up. Conceptually, it's like selling a notarized statement that someone owns the token of the MP3 of "My Way" you played on your computer on a certain occasion.

I’m not sure that they are all valueless. Sure, there are some that are valueless but imagine that Picasso had created an NFT of the scribble he did on the napkin. That would not be valueless.

I'm not saying the associated art is valueless. In your Picasso scenario, the art would have its usual value and the NFT would have whatever value is generated by speculation. You could actually buy and sell the painting and the NFT separately. One is a painting, the other is a cryptographic entity on a blockchain.

You could even create an NFT of the NFT, and buy and sell that independently of the other two. You might become rich that way!

Last edited by Mark Hayes; 03/31/22 04:40 AM.