Some NFTs are actually just Jpegs
Starting something new in my field of reporting has made me understand one thing and that's the need to be accountable for what I say.
Disclaimers can really come in handy when writing SEO content just for the traffic because the media can actually be a shitty place sometimes.
Fair warning: the media don't tell the truth most of the time.
NFTs - the capitalist economy was born and is dying slowly.
Yes, we all know what happened with NFTs, and lots of us, including myself, maybe have spoken about how they are great and all that, but the truth is; non-fungible tokens as a token standard are a great piece of an asset on the blockchain, but outside that, it can be a literal shit, yes, and the markets are starting to realize that!
Notice how no-coiners filled the space because of NFTs, praising the shit out of it. This includes musical artists, politicians, football clubs - footballers, and also rich ventures.
They all moved in quickly because it was a honey pot to make money off gullible people like fans and inexperienced investors that don't do research.
Non-fungible doesn't exactly mean not redistributable!
No, it doesn't, just means not tradable like coins like Bitcoin, lol, on a basic level, that's it.
Yes, to prove that some so-called NFTs have no real value, it seems that not many realize that the file or simply image can be minted more than once on the same network or on different networks.
Simply also, a different user can download the image and mint it as the owner on a separate blockchain or even the same, shocker?
This is because they literally are just files, the blockchain does not stop the same file from being minted again even if that were possible, it wouldn't work cross-chain as the standards and technologies are different!
So basically, I can mint a photo of my dog as many times as I want, and someone else can just download it and mint it as well. Some can even choose to mint it on a different blockchain, now that's just weird and sounds like these so-called NFTs can travel just as internet photos can, sad?
What makes an actual NFT?
Following the previous points, there's the fact that a platform can delete your NFT if it's a copy of someone else or you have posted it on another chain, doesn't all that sound weird? Centralizing digital assets? To think we call them decentralized marketplaces, yeah, what a joke!
Utilities and Ownership Structures.
NFTs on their own are useless, they mean nothing and can be redistributed via the internet and blockchain parallel to each other, but when a utility and real ownership structure is built around an NFT, it becomes worth the name.
Why?
Just like cryptocurrencies, without utilities, they are worthless. An NFT with a utility structure proves valuable on its own because its utility cannot be seen on all other versions of it, which are fake.
The utility structure identifies the said NFT as unique and valuable. Ownership Structures are also important, specifically for NFTs that are basically arts.
NFT arts need to possess licenses that are transferred to the next beholder each time. This makes the art truly owned and controlled by whoever holds it.
Furthermore, the beholder may choose to sue counterfeiters if any are caught.
Without these two important layers, the so-called NFTs are just Jpegs living on centralized platforms basically operating as a market where you can't even control your own products.
So only if you're flipping NFTs for a profit and you know best to handle that, if not, don't buy NFTs without utility structures or ownership frameworks.
You've thought of it for a while, you can now click that follow button:)