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Post by Peter on Feb 15, 2022 4:54:12 GMT 8
Is this just more IT bullsh!t
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Post by catlady on Feb 15, 2022 5:42:37 GMT 8
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Post by DropBear on Feb 15, 2022 5:56:00 GMT 8
Is this just more IT bullsh!t Just another way of separating fools from their money. But if you can find enough fools you might even make some real money out of it. |
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Post by Peter on Feb 15, 2022 10:17:54 GMT 8
![]() <button disabled="" class="c-attachment-insert--linked o-btn--sm">Attachment Deleted</button> LOL 😂. About what I thought |
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Post by flanman on Feb 16, 2022 3:29:10 GMT 8
NFI what NFTs R. I C U R hungry. MNX 4 brekkie ?
FM
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yogi
New Member
Posts: 3
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Post by yogi on Jun 6, 2022 19:49:34 GMT 8
Non-Fungible basically means unique, so a non-fungible token is a unique data item, used for a transaction record.
Bitcoin is a fungible token - you don't care which particular bitcoin token you have, just so long as its a bitcoin of equal value - and the same goes for normal currency, a $10 note is a $10 note.
In the block-chain world, an NFT is a unique transaction record, whereas a bitcoin transaction is the same as another bitcoin transaction, in terms of what it is.
The issue with the use of NFTs is not what they are per-se, but what they are used for and understanding what they represent.
With NFT use in something like an art sale - the NFT represents the the transaction, and not the asset itself or the rights to that asset - think of it more like a cash register receipt for a bespoke one-off item - the receipt is not the item purchased and only provides evidence of the purchase transaction.
The specific rights and ownership of the asset involved in the transaction, are still subject to a sale contract, and this part of a purchase remains unchanged, NFT or no NFT.
If you buy something and don't read the terms and conditions of the purchase, then you only have yourself to blame, not receipt for your payment.
If you want an in-depth look at the legal aspects, legal-eagle does a good job of it -
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