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What does NFT mean?
PTVETTER
Posts: 6,152 ✭✭✭✭✭
It's better to ask and find out than guess wrong!
Pat Vetter,Mercury Dime registry set,1938 Proof set registry,Pat & BJ Coins:724-325-7211
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Non-fungible token
Successful BST transactions- Bfjohnson, Collectorcoins, 1peter223, Shrub68, Byers, Greencopper, Coinlieutenant, Coinhunter4, SurfinxHI, ProfLiz
Wikipedia
A non-fungible token (NFT) is a non-interchangeable unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded.[1] Types of NFT data units may be associated with digital files such as photos, videos, and audio. Because each token is uniquely identifiable, NFTs differ from most cryptocurrencies, such as Bitcoin, which are fungible.
Successful BST transactions- Bfjohnson, Collectorcoins, 1peter223, Shrub68, Byers, Greencopper, Coinlieutenant, Coinhunter4, SurfinxHI, ProfLiz
NFT's are an example of something new that I have absolutely no interest in and would never buy. However, I might sell some if there was money to be made.
I investigated this issue when it first began... I find it ridiculous.... Not for those who make money from selling them - more power to them. You pay, you own bragging rights to some portion of something, but have nothing. Cheers, RickO
They're a way to get you to part with your hard earned money for something that comes from nothing, and is worth nothing.
RIP Mom- 1932-2012
Not all NFTs are created equal. But discussing them here is pointless.
All comments reflect the opinion of the author, even when irrefutably accurate.
sounds like something to stay FAR away from !
Concert tickets can be NFTs.
Don't jump to conclusions based on the snarky comments heard here from people who don't know anything about NFTs.
All comments reflect the opinion of the author, even when irrefutably accurate.
Not for trade.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
Not For Teletrade.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
Heck, someday a rare coin could be owned by a consortium and NFTs issued so the part owner has a unique photo to call they're own.
Such proportional ownership (minus the NFTs) already exists for some rare and iconic sports memorabilia.
Could be a simple as the digital rights to True View photos.
All comments reflect the opinion of the author, even when irrefutably accurate.
NFT's can be more than just a file, like an image or video or even a game.
They can have functionality in the real world if that's what gets attached to them...
An NFT sold by a band that then entitles the owner to free concert seats.
A signed document that is not only unalterable but also leaves a traceable trail of every single owner and future signer.
A project where retaining a complete traceable ownership history is important.
There's more...a lot!
The main point is that an NFT once created can not be altered and can be owned by one or in some cases multiple individuals.
NFTs are tokens that we can use to represent ownership of unique items. They let us "tokenise" things like art, collectibles and basically anything. They can only have one official owner at a time and they're secured by the Ethereum blockchain which means no one can modify the record of ownership or copy/paste a new NFT into existence.
Blockchain refers to an incredibly secure peer to peer system where transactions must be verified by every connected peer.
It is a shared, immutable ledger that facilitates the process of recording transactions (shared ledger is the key component).
Transactions can't happen on a blockchain unless EVERY peer's ledger matches system wide shared complex math calculations.
Coins are Neato!
"If it's a penny for your thoughts and you put in your two cents worth, then someone...somewhere...is making a penny." - Steven Wright
What if you forget your password?
.
it can be worse than that if one uses keys. lose the (private) keys, lose the account and whatever is in it. no forgot keys options. period. (ie forgot password, sent to email, usually no biggie)
there is estimated to be well over hundreds of millions of dollars (since the prices went up so high) of crypto stuck on thumbdrives and within inaccessable accounts due to lost/forgot keys/pins.
i'm impressed to see some actual knowledge posted about nfts in this thread. (even if someone is bashing them and crypto, i don't mind, so long as they actually know what they are talking about and can mock them accordingly)
everything is mockable...
Same thing that happens if you forget the password for your bank account.
All comments reflect the opinion of the author, even when irrefutably accurate.
I walk into the bank in person to get money?
I get that an NFT can have a valid use in the real world, but they are also used for some really silly things. Like part ownership of cereal art, or whatever item someone can convince you is valuable but you can never physically own or touch.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
Won't work for an internet bank.
You can "walk" into the wallet holder also. Various password recovery options exist.
But keep scaring people away.
All comments reflect the opinion of the author, even when irrefutably accurate.
Numismatic Forum Talk
Not For Thee.
It’s more like owning a picture of a coin. There can be lots of different copies with different backgrounds. But you still don’t own the coin.
This is NOT true.
The deed to your house could be an NFT. Stocks and bonds could trade as NFTs. Ownership of anything could be represented by an NFT.
Your comment amounts to disinformation.
All comments reflect the opinion of the author, even when irrefutably accurate.