crypto, NFT, bla 

Until now, I have avoided wasting brain capacity for engaging with this stuff, but it seems to become somehow relevant? E.g. I read something about museums "registering NFTs" or something.

So 2 questions:
1. Is it worth knowing anything about it?
2. If so, can you point me to a quick source to pick up the basics, without too much "(anti)crypto-bro propaganda or techy details?

I only want to know enough to judge what's going on, and if I should take a closer look.

:boost_ok:

judgment-free high level explanation about NFTs 

@LouInABox so, an NFT stands for "non-fungible token", which basically means they are 'unique' - think more of an individually numbered limited run of a trading card series, rather than a currency.

How it works is that someone pays a bit of crypto currency to create a token with the properties they want (name, description, image and so on) and have it assigned to them. This is called "minting". They can then list it for auction on one of a dozen auction sites to try to make a profit, or simply just keep the NFT they just created.

An NFT on its own is essentially just a virtual unique trading card, where the value comes from how it's perceived (like owning an expensive painting, for example) and what comes attached (you could attach the rights to a character to an NFT, for example).

judgment-free high level explanation about NFTs 

@ChlorideCull @hugh
Ah, so NFTs keep being tied to crytocurrency/trading, and don't really go beyond that, right?

Follow

judgment-free high level explanation about NFTs 

@LouInABox @hugh Yeah, pretty much, at least today. I guess there's also that one NFT of a big tungsten rock, where the owner gets to visit it once a year to look at it for an hour?

judgment-free high level explanation about NFTs 

@ChlorideCull And is this rock located on public property?
Because that's what seems to be the dangerous part about it, when I get the system right: You create an NFT for something, effectively claiming ownership for it, and once the crypto/blockchain system gains legal status, you have privatised - or even taken over - something that belonged to the public or somebody else. Do I get that right?

@hugh

judgment-free high level explanation about NFTs 

@LouInABox @hugh The rock in question is on private property, and privately owned - it's a cut block.

There's pretty much zero chance NFTs on their own would gain any special legal powers, the mechanisms to have it act as a one sided contract is already there, so it could be used to confer actual ownership of something if the author wanted to.

Sign in to participate in the conversation

Instance run by a non-profit association, with a mission to encourage an open internet, welcoming to everyone.