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by freddieoduks
1940 days ago
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Best article on NFTs is this introductory article by Linda Xie https://linda.mirror.xyz/df649d61efb92c910464a4e74ae213c4cab... TL;DR
- NFTs help prove ownership without needing a central authority (which is a big deal) e.g. have you ever been misled and bought a fake concert ticket? It's also huge for the collectibles market which is plagued with high-levels of fraud (which is a billion dollar industry). - NFTs can also make fractionalized ownership more accessible.
So using your analogy, as an artist I release a song but I sell fractions of my song as NFTs to my audience and when I receive royalties it automatically gets distributed to all the nft song owners. There will be meme NFTs of course (the cat that got sold for $600k), it is a speculative asset that people are experimenting with but I think eventually things will reset and the useful NFTs will remain. They can have real utility whether for a virtual or physical world. |
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The same artwork or membership card or movie ticket can be wrapped in multiple NFT, each living on a different blockchain or on the same blockchain but in different contracts.
Hence you still need the central authority saying which chain is the true one. For example if the NFT represent a plot of virtual land, the game or software managing that land acts as the central authority.