I keep wondering what buyers of NFTs get out of it? There was news recently about somebody who paid thousands of dollars for the original photo of a meme. What do they get? Everybody can see the meme online, the owner of the original photo could, potentially, sell it to somebody else. How does the buyer profit?
Here is the previous thread about this:
Who is Dan?
Imagine that a greasy-looking guy in a trenchcoat offers to sell you the Brooklyn Bridge, so you give him $50 million, then he burns down 1,000 acres of Amazonian rainforest and gives you a handwritten receipt that says “Brooklyn Bridge currently owned by Rick Kitchen”, and posts a picture of the receipt on 4chan that anyone can look at as proof that you own that receipt. You don’t own the Brooklyn Bridge, you only own the paper that says you own it. Also, trenchcoat guy doesn’t own it either, and he can sell as many more of those papers as he has Amazonian rainforest capable of being burned.
That’s an NFT.
I fully expected every response in this thread to begin with “I’m not Dan, but …” … I’m sure it’s just an autocorrerror for “can”
Well, since everyone on 4chan can see that you now “own” the Brooklyn Bridge, Trenchcoat can’t sell any more. But he can sell any number of other bridges out there. Also, Trenchcoat’s cousin Shady can sell you the Brooklyn Bridge again, since he uses a different font on his receipt, and calls his system something different.
But you don’t own the Brooklyn Bridge per se. You own that unique receipt - a non-fungible receipt, if you will - of ownership of the Brooklyn Bridge, which is unique because of the specific amount of Amazonian acreage that was burned down in the process of making it.
I know. That’s why I used quotation marks around “own”.