NFT's?

[Mandalor]

Hey this is a thread to discuss NFT's also knows as Non-Fungible-Tokens. NFT's are minted artworks you can purchase using crypto currencies, primarily ETH, once you have purchase an NFT you then have the only copy which comes with it's own unique token on the ETH blockchain network.

Crazy recent facts of NFTS's:
- Logan Paul sold 3000 of his own NFT's and within 30 minutes generated $5,000,000
- The current highest selling NFT is that of an animated nyan cat which sold for $69,000,000

What are peoples thoughts on NFT's?
Would you purchase Minecraft inspired NFT's?

Comment and discuss below!

 

[Ally]

What stops someone from selling stolen or ripped off work? :/

 

[Mandalor]

What stops someone from selling stolen or ripped off work? :/

That is a possibility however the chance of this scammer being successful is highly unlikely. As mentioned each NFT has it's own unique token ID in the Etherium blockchain which is essentially a way of saying this is the very original of this piece on the internet. NFT's at the moment might not seem huge however I assure you it is and it's something here to stay. Therefore owning the very original of art pieces can be very profitable in many years to come.

 

[Ally]

That is a possibility however the chance of this scammer being successful is highly unlikely. As mentioned each NFT has it's own unique token ID in the Etherium blockchain which is essentially a way of saying this is the very original of this piece on the internet. NFT's at the moment might not seem huge however I assure you it is and it's something here to stay. Therefore owning the very original of art pieces can be very profitable in many years to come.

Unless I'm misunderstanding, isn't it possible for anyone to go to Google, pick a picture and claim it's their work?
Like what physically stops them from doing that?

 

[Mandalor]

Unless I'm misunderstanding, isn't it possible for anyone to go to Google, pick a picture and claim it's their work?
Like what physically stops them from doing that?

Great Question!

Technically speaking at the moment somebody could post a NFT of an art they don't own and try to sell it. Scam artists are already doing this as an example very recently Elon Musk posted on twitter about an NFT he may be selling and not long after many scammers stole that to sell. At the moment to list and start your NFT collection it costs what's known as a "gas fee" which essentially is a cost of the power it takes to list your items on the etherium blockchain. Currently gas fees are around $135 - $150 I believe so that scares off quite a large majority of scammers to begin with. Secondly stolen arts are being reported and banned to prevent scamming. Lastly when you create an NFT on your collection each NFT has it's own "Token ID" generated on the etherium blockchain. You can check the dates the art was listed meaning if the original was listed in March and you see a scammer selling the same art you could check when this scammers art was created and know it isn't the original.