[Cederfjard]

But what is it really that they own? Bragging rights, that they paid for the artist to proclaim them the first (or subsequent) person to own a hash on one of multiple blockchains, that contains a link pointing to an image file of an artwork hosted on a CDN? And the artist can create infinitely more? And the image file might be taken down at any time? And while you can trace the provenance on the blockchain easily enough, linking the originating address with the actual artist needs some external evidence off blockchain that might not be around forever? And the blockchain it’s on might well lose popularity at some point and be forgotten? Etc?

I just can’t see why it’d be valuable to anyone, unless they’re just caught up in the hype and don’t think too hard about it. I can however see people taking advantage of the many, many people who feel like they missed out on, say, Bitcoin and want to get in on ”crypto”.

[iskander]

A provenance certificate which is socially interpreted as ownership. Not going to argue whether that's a good or durable interpretation of ownership, just attesting that some people really do feel it.

[Cederfjard]

I hear you. I expect the bottom to fall out of this, abruptly and fairly soon. But we’ll see.

[iskander]

I thought so too but now met enough people who believe in that interpretation and seen the virality of it; feel like it might have cultural legs. We'll see if it survives the crypto bubble popping and the monetary value of all the expensive NFTs disappearing.