I came across this article here, and being the old fart that i am, i don’t understand. What good can this do, what advantage could this possibly have? (Except for money laundering, i guess).
It appears “art” is the perfect venue for NFTs: Nothing is real. Nothing has intrinsic value. Nothing guarantees they have/will have any value at all. But if you and anyone else can agree on a price, you have a market.
I wouldn’t touch it with a ten foot pole. But trendy souls will fall all over themselves to be part of the scene. Some will make money. I suspect most will simply have a vague recollection in twenty years about it having been a thing. A few will have sad tales of woe about how they lost their fortunes.
NFT COULD of worked if the actual blocktain value pointed to a IPFS entry of the item,
Instead most point to the IPFS entry that references a http hosted asset that the NFS seller is hosting.
It seems that the market is catching up.
Why do NFT’s require a blockchain? Can’t we use GPG signatures somehow, to sign things, in a way that demonstrates unique ownership?
NFT’s entire thing is scarcity of digital assets, a blockchain is a good tool on seeing who actually own thats one entry in a decernteralized way. I dont see how GPG could solve that, since GPG signing is to verify the content of the item, not who owns the item or who gave which item to who