NFT's -- help I don't get it!

[rokkerr]

https://nypost.com/2022/05/11/madonna-n ... tion-grab/

I am supposed to get NFT's...

I have zero interest?

Am I just a porn relic who likes his porn on a phone and doesn't give a shit about NFTs?!?!??!?!

[WalterB]

You're a porn relic? I don't even know what an NFT is. And, since I have never liked Madonna, I certainly have no intent to try and watch whatever this is, lol. Oh, and while phones are a beautiful thing, I prefer my laptop,

[greggl]

A stupid trend in my opinion. Just another way to part you from your money. You pay a ton of money for a computer file of a digital piece of art that supposedly you are the only one to own and have exclusive rights to.

[John_fromNY]

I know Julian Lennon was doing something with several Beatle items that he had in his collection. Much of it about his father.

https://www.julienslive.com/auctions/catalog/id/417

https://www.rollingstone.com/music/musi ... n-1289639/

[WalterB]

Well, now, at least I'm not more lost than ever,

An NFT featuring a photo of Paul McCartney’s handwritten notes for “Hey Jude” was the biggest seller, going for $76,800. Other big ticket items included an NFT of John Lennon’s Help! cape, which went for $12,800; the NFT of his Afghan coat from Magical Mystery Tour, which sold for $22,400; and an NFT of a 1959 Gibson guitar Lennon gifted his son, which also sold for $22,400.

"An NFT sold for...." You mean they didn't even get the notes? Or the cape? Or any of the actual items? All they got was a picture of the notes? For $78,000? I seriously don't get it.

From what my feeble ole brain can finger out, an NFT is some sore of digital 'file' that says that you own a certain piece of property. The kicker? You don't get the item. You get a file that says "John Lennon's coat is yours, but we're gonna keep it here. But this file is proof that you actually own it. You just don't HAVE it."

Don't worry, I'll keep searching. I'll finger it out.

[stickyvicky]

A non-fungible token is a financial security consisting of digital data stored in a blockchain, a form of distributed ledger. The ownership of an NFT is recorded in the blockchain, and can be transferred by the owner, allowing NFTs to be sold and traded. Wikipedia

Now you get it?

[WalterB]

AAAAHHHHhhhhh, so TTHAT'S it.

[mrjosh85]

Hi Rokker! Maybe I can help.

NFT stands for Non-Fungible Token. We can think of that was meaning ‘Non-Interchangeable Token’. The token means that you are given essentially a certificate of ownership that is recorded in the public ledger of the blockchain.
What does that mean? A blockchain essentially attempts to reproduce what a bank does digitally every time we swipe our cards: it determines if we have the money available to transfer, and if so, records the transaction and sends the money to the other party. A blockchain therefore is just a huge electronic public ledger or database that records all of these transactions.
With an NFT, you’re not buying the asset itself; rather, you’re buying a token that’s recorded on the blockchain whose value is linked to that underlying asset. That’s because a lot of the assets can’t actually be owned: they’re digital items like a tweet or even a moment in time.
People trade value on underlying assets all the time, such as through commodities trading: you buy and sell derivatives based on the underlying value of oil, but you never actually receive a barrel of oil.
Oil, however, has commonly acknowledged value: it produces energy that allows our whole society to run. The gamble with an NFT is that others perceive the same value in the first-ever tweet that you do, and are willing to buy your token for more money at a certain point in the future.
It’s an intriguing idea to many who are looking to secure rights to their digital music, digital art, or other such items. For example, if you make digital art, then unlike a painting, someone can just reproduce an exact copy of your digital piece that functions the same as the original. Your original piece therefore has no underlying value as it is fungible. But if you own the token that is tied to the asset, then conceptually you maintain ownership and the monetizing of that art piece.

[rokkerr]

I know Julian Lennon was doing something with several Beatle items that he had in his collection. Much of it about his father.

https://www.julienslive.com/auctions/catalog/id/417

https://www.rollingstone.com/music/musi ... n-1289639/

Not sure how I feel about a son selling NFTs of his fathers stuff ----- I wonder what John would think?

[UncleDave]

A non-fungible token is a financial security consisting of digital data stored in a blockchain, a form of distributed ledger. The ownership of an NFT is recorded in the blockchain, and can be transferred by the owner, allowing NFTs to be sold and traded. Wikipedia

Now you get it?

So easy, even a blonde gets it