I don’t really care about fad stuff so I never bought any but also I never really understood how they worked practically. Like if I bought a famous tweet or jpg or what ever, how would I use the token to verify owner ship of the thing or sell it?
I don’t really care about fad stuff so I never bought any but also I never really understood how they worked practically. Like if I bought a famous tweet or jpg or what ever, how would I use the token to verify owner ship of the thing or sell it?
I understand the scam angle and I agree with it, but I think I can provide some additional insight in this thread. NFTs are also called “smart contracts”. Banks and non-bank institutions use them and smart contract engineering jobs are still available. People may now be completely unaware that they are interacting with NFTs (or rather, the institution is for them).
They are a unique crypto entity with one owner, rather than a coin which can be exchanged for any other coin. The ape image thing also tried to tie ownership to admittance at some event but I don’t think that panned out and it was a scam. This is a good idea in theory, since you can fight counterfeiting and scalpers.
NFTs may contain code, be interactive or have animations, point to images on websites or embed images on-chain, and can be verified with zero-knowledge trust methods. Just like with crypto, don’t go buying it lol.
Major stock exchanges are tokenizing stocks which will allow same day settlement and transfers between institutions. They arent giving you the token, but it is or will be used more and more behind the scenes. Maybe they’ll give you access to it in the future too.
Edit: theres some small scale tokenized exchanges that operate 24/7 as well.