https://www.npr.org/2021/03/05/974089381/whats-an-nft-and-why-are-people-paying-millions-to-buy-them Rich nerds buying blockchain certificates of authenticity for digital art using blockchain certificates of authenticity of fiat cash, both tied to a sim card who's security is at the mercy of the ethics of at best mid level telecom carrier technicians. Seems a bit insane to me. Digital phone wallets seem bad enough to me, but to link it to tens of thousands of USD equivalents for a freaking certificate? Has anyone even heard of this? I just learned of it yesterday....
Well it's like buying art, original art, it is an investment. The Non Fungible Toke provides the purchaser with proof of ownership and confirmation that it is the original. The creator can also add conditions like, for every copy sold I want 10%, it's quite an extraordinary invention. Obviously some have gone overboard and paid astronomical prices for original NFTs that were over priced.... same as paying too much for an original painting.
They're absolute bull crap, but so are a lot of things that people with too much disposable income throw money away on. Here is how I first learned about them:
I never thought things could get more stupid than the Princess Diana Beanie Baby, but they have. I will point out that wacky speculation like this is often a sign of being in an economic bubble.
