>>11720379>>11657829>What is NFTNon fungible tokens. Here is the short explanation for it
1) In the art world, specially in the "contemporary art" world, the work of art in itself doesn't have an intrinsic value.
A banana taped to a wall sold for 120,000 dollars. That particular banana has no intrinsic value, as it has to be replaced every so often (because it spoils) and nor does the tape because it also needs to be replaced when the banana is replaced.
Soooo, the "artwork" in itself has no value. Then what makes this "work of art" valuable to the point people are willing to pay 120 grand for it?
>THE CERTIFICATE OF AUTHENTICITYThe certificate of authenticity is a notarized piece of paper that says this particular "work of art" is the one that was first exhibited at so and so museum, whose authorship is by so and so author which sold it to so and so, the current owner.
The banana has zero value. The tape has zero value. Even the fact that there is a banana taped to a wall has zero value.
This piece of paper tho, it's worthy 120 grand.
You may think it is stupid with all this banana and tape and everything else but the same goes for a Picasso painting, or a Rodin sculpture or anything else in the world of art.
Even if you can get your hands on a stolen original DaVinci painting without the certificate of authenticity proving both that it is an original painting and that it belongs to you at most you sell it to a dodgy private collector that will pay you a fraction of the value.
* ENTERS NFT *
Taking in consideration that the banana has no intrinsic value, the tape hs no intrinsic value and, yet, the certificate of authenticity and ownership can actually find suckers wealthy enough to part with a significant amount of money for it, the same scam artists of the artistic world found the digital version of the same
>what if we could sell a certificate of authenticity and ownership for THE NYAN CAT?They glued this concept on the "blockchain" concept, another current fad and quite literally started selling certificates of authenticity and ownership, signed through some sort of blockchain, to rare Pepes (again, not even kidding).
Then they pull the oldest trick in the art world
>THEY THEMSELVES BUY THEIR OWN NFTs FOR AN INFLATED VALUEand then it generates headlines like
>Rarest Pepe NFT sells for 120k and then the suckers pour in the market, thinking it is a great value to buy it at a discount of only 90k to try to sell at a profit.
And that's, kids, is how NFT babbies are formed.
