I have over 500 websites that use my image that I took on my camera for work. I can charge them $1 each? I just have to have a contract on my image so they have to pay me? How is that contract generated through numbers and letters?
Explain it to me like I'm 5.
- Thread starter TopHook
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I'm not worried about bitcoin getting hacked. Basically infeasible to hack and the blockchain is restorable as far as I know
Long term digital currency does not liberate us, the opposite imo. The asset of bitcoin is winding up to be centralized
Whatever the case might be, decentralized money isn't the revolution we need it to be with centralized food, energy, water, housing etc but that's for another thread
The contract is generated through a “smart contract” I think it’s also known as a “DAPP” or decentralized application and attached to the ETH block chain.
I don’t k ow the exact mechanics yet, still reading.
Now curveball. Just because you own the NFT doesn’t necessarily mean you are the only one who can use it.
Think of it like the Mona Lisa, anyone can print out a picture, put it in a frame and display it.
Do you think block chain will decentralize those other things like food, energy, water etc?
I do
It kind of sounds like NFT will be watered down over time. Except you can create more "Mona Lisas'"
Very well could be, but it’s on fire right now. It’s a huge industry worth billions of dollars.
I did do an edit.
And for what its worth I hate NFT’s. Haha. I don’t see the value in them but I’ve learned that doesn’t really matter.
What matters is that there are a shit ton of nerds that do care about them and they are spending a bunch of money on them.
What matters is that there are a shit ton of nerds that do care about them and they are spending a bunch of money on them.
Agree.
QuanChi
Elite
You’re getting there. Keep goingOnly thing I can think of right now.
QuanChi
Elite
NFTs aren’t going anywhere. If they represent a unique digital asset that no one else can reproduce, and/or if they are associated with a collection/product/brand/platform that holds or grows value, NFTs are great things to own.
Many NFTs will be worthless in the end, but select ones will hold tremendous value.
Just think if Facebook sold NFTs from the beginning. And they sold 100,000 special profile icons that can become social media status symbols for the people that own them. Or what if the Blue check marks on Twitter were tokenized.
You can even have editions, where the first editions are worth considerably more than following editions
QuanChi
Elite
Basically but with a few extra steps
Okay, like an avatar or when you start a site that can be monitized with other montizable aspects, or image, of the website/internet. If the picture I take, people want to use, cause it looks so good, I have and NFT hold on that image?
QuanChi
Elite
Yeah an avatar is a really great example.
As far as selling pictures you take, there are much easier ways to monetize that than NFTs.
I guess the need for crypto makes sense. Its not like the creators of the NFT need to make an entire new blockchain to validate transactions. Just use one that is already there
But you, as the owner of the card, would be the only one that could sell the NFT in any form or fashion. And it would have to confer some rights to the owner of the NFT.
Because someone off the street just can't create a Michael Jordan rookie NFT. Most likely Jordan or the NBA would be the only ones that could release something like that. And by one of those entities licensing someone to create the NFT, that is what gives it value.
Not necessarily as those require robust small business, private property and nuclear energy
I hope so but I don't see blockchain as a guarantor of that at all
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The justice system. That is why Top Shots is successful because it is licensed by the NBA. And lets just say that current laws are somehow not applicable for NFTs (I don't think this is the case), NFTs have value because of the pedigree (I can't think of a better word at this point).
PleasureMoose
Legendary
I can flip mine around and check out the stats on the back
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