this post was submitted on 30 Mar 2024
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I get that part, the crypto stuff is just a fancy way of getting the paper receipt when I buy a movie at the store. Where I get lost is the product. From what I understand of the nft system, the code isn't in any way related to the image, it's just a receipt of purchase. Does buying this monkey image give the buyer copyright? Does it allow the buyer to distribute the image? Does it work like album art, where the band buys the image from an artist to use as album art making all future usages of that image the property of band? Or are these just a cool sticker that comes with the purchase of a unique string of code that people are using to speculate?
If you're questioning the value of digital receipts for monkey images I'm not disputing that. For me that's on par with beanie babies, postage stamps and other odd things people collect. I don't have to be excited about the current application to be excited about the fact that it works and what that means it could be used for in the future.
And of course, it would make sense that such a system wouldn't be used for something significantly important like property deeds or car registrations right away. NFTs are just another phase of demonstrating the capabilities.