Their not.

Ok, poor wording on my part. What I meant to say was that the art trading world is built around money laundering and tax evasion. NFTs [in their current form] just show what the art trading world really is.

By that logic, everyone who picks up a pencil or paintbrush and sells their stuff is part of a big evil scheme and should be jailed. SMH

So no different from regular art? Like the entire art world is built around money laundering and tax evasion.

@Background Pony #EF75
Do they have any actual, practical applications that regular people might find useful in the near future?

It’s a method of digital authenticity based on the same blockchain technology as cryptocurrency. You can duplicate a digital file, but unless someone has a digital token, they can’t claim to have the original content. A digital token is irreplacable - you can’t replicate it or funge it - hence the name.

It just got waaaaaay outta control with hype. A zillion variations of a simplistic art piece can be made using a snippet of code and sold with hype of ultra-uniqueness in an attempt to justify high prices. The promise is held that each variation will be worth much more later down the road - only they’re not. Classic pump/dump which a lot of influencers are promoting to their fans. Too many people have sold weird half-baked or even stolen content as NFTs in a desparation to make a quick buck. Together these give the technology a bad name.

New blockchains are in development that use much less energy to mint and store them. With time, the hype bubles will burst and the dust will setttle. Government regulation would help, but that’d be self-defeating to the point of blockchain - no human intervention of a ledger of stores of value.

So you can sell your work or probs selfie like that dude?

Never thought the pink ADHD horse would make a good point

“Getting rich without putting in the effort” is usually very appealing for most people.

They are magical

It’s a good excuse to blind the living fuck out of people.

Same, Pinkie…

Same.

A more environmentally friendly way to get rid of your money than setting it on fire

They’re nasty fufking things.

Money laundering, from what I’ve heard

They cause butthurt.