[thegeekbin]

In relaxed terms, NFT is a special type of token that is universally unique. There is no two identical tokens, and by holding this "token", it's like holding a certified purchase receipt. It's the "proof of ownership" for this item.

Think of it like a freshly printed 10 dollar bill - it's all unique because of the serial number, and there's no two bills with the identical serial number (in theory on bills... in practice on crypto it is truly unique)

[the_snooze]

>It's the "proof of ownership" for this item.

Does the "proof of ownership" actually map onto anything in the real world? It sounds like people are paying out the nose for a notion of "this is mine" instead of "this is mine, and the courts will back me up." Who's actually respecting these ownership claims to justify the cost?

How is this any different from those "name a star after your sweetie" scams?

[wccrawford]

No, there's nothing. It's literally a line of text attached to the number. It doesn't mean anything, except that if someone tried to put that same line of text on another one, there'd be a social media uproar about "fraud" in NFTs. It's just a matter of time until it happens.

But for now, it's more profitable for people to keep them actually unique and ride the wave of ridiculous money.

And no, it's not really any different than selling naming rights to something that can't be owned, and selling it to multiple people. I'm sure those certificates have a number on them, too.

[qqii]

It doesn't explicitly mean anything, in the same way information queried from oracles has no explicit meaning and how any off chain information is meaningless using an on chain model of understanding.

Like normal tokens that doesn't stop people from attributing goods (PRQ), value (BTC) or rights (Deal with it NFT).

Compared to selling physical named rights buyers can verify supply, see previous prices and sellers can optionally take commission on every sale.