I believe those who are involved in the world of cryptocurrencies have likely come across the concept of NFTs quite often. It is frequently compared to collectibles, but this analogy is at best inadequate and at worst harmful.

So what exactly is the deception?

NFTs are not digital repositories for media content. They do not prevent copying, modifying, or deleting any digital or physical objects to which they are associated. Furthermore, they do not inherently grant ownership rights or certify copyrights for any assets they are linked to.

In essence, an NFT can be seen as a unique piece of paper with a serial number, password, or web address.

Now, I'd love to hear your thoughts on why we actually need NFTs. Feel free to share your opinion in the comments under this post.

One of the main reasons people are interested in NFTs is that they provide a way to establish verifiable ownership and provenance for digital assets. This is particularly important in the digital realm, where it's easy to create copies of files or share them without permission. NFTs use blockchain technology to create a unique digital token that can be bought, sold, and traded, allowing creators to monetize their work and collectors to own a verified, one-of-a-kind digital item.

While it is true that NFTs themselves do not prevent copying or modifying the associated content, they offer a mechanism for establishing a sense of scarcity and exclusivity in the digital space. This has led to increased interest from artists, musicians, and other creators who see NFTs as a new way to connect directly with their audience and monetize their work, without relying on traditional intermediaries.

Of course, there are ongoing debates and discussions around the environmental impact of NFTs, the speculative nature of the market, and the potential for scams or copyright infringement. It's essential to consider these factors and weigh the pros and cons when forming an opinion about NFTs.

few more points to consider regarding NFTs:

1. Empowering Artists: NFTs provide artists with a new avenue for monetizing their work directly, without the need for intermediaries such as galleries or record labels. This allows them to retain more control over their creations and potentially earn higher royalties.

2. Authenticity and Provenance: NFTs offer a way to establish and prove the authenticity and provenance of digital assets. The blockchain technology underlying NFTs ensures that ownership records are transparent, immutable, and publicly verifiable.

3. Tokenization of Real-World Assets: NFTs have the potential to tokenize real-world assets, enabling fractional ownership and liquidity in traditionally illiquid markets, such as real estate or art. This could democratize access to investments and open up new opportunities for investors.

4. New Forms of Creativity: NFTs have given rise to innovative and unconventional forms of digital art, virtual experiences, and virtual real estate. They have sparked creativity and experimentation by providing a platform for unique and immersive digital creations.

5. Collectibles and Community Building: NFTs have revived the concept of collecting, allowing individuals to collect and trade unique digital items. This has created vibrant communities around specific NFT projects and fostered a sense of community among collectors and enthusiasts.

aspects to consider:

1. Interoperability and Programmability: NFTs can be programmed with smart contracts, allowing for various functionalities and interactions. This opens up possibilities for royalty mechanisms, automated secondary sales, and even dynamic content that can evolve over time.

2. Royalties and Revenue Sharing: NFTs have the potential to enable artists and creators to earn ongoing royalties from the subsequent sales of their works. Smart contracts can be programmed to automatically distribute a percentage of each resale back to the original creator, providing a new revenue stream.

3. Digital Identity and Authentication: NFTs can be used as a form of digital identity or authentication, granting access to specific services, memberships, or experiences. This has implications beyond art and collectibles, extending into domains like gaming, virtual worlds, and decentralized finance.

4. Accessible Global Marketplaces: NFT marketplaces provide a global platform for creators to reach a wide audience without geographical limitations. This can facilitate greater exposure and commercial opportunities for artists who might otherwise struggle to find a market for their work.

5. Cultural Preservation and Ownership: NFTs offer a potential solution for preserving and acknowledging cultural heritage and indigenous rights. By using blockchain technology to establish ownership and provenance, NFTs can help protect and celebrate cultural artifacts in the digital realm.

Your mistake lies in your insistence on thinking within the framework of collecting and art, while NFTs can have numerous applications. Let's briefly explore some possibilities:

1) NFTs can be used for various forms of content, ranging from text posts to music.
2) Game artifacts can also be tokenized, which has the potential to create a significant industry. Just look at the sales statistics in gaming to see the gradual shift towards tokenization.
3) Domain names can be transformed into NFTs.
4) NFTs can serve as access keys to exclusive events or locations.
5) They can even represent a unique profile within a social network.

Now let's address the issues with your arguments:

1) You claim that NFTs are not a form of digital storage for media content. While this is generally true, certain NFTs like pixel punks are actually embedded in the blockchain. With the advancement of layer-2 solutions and new networks, we can expect more decentralized NFTs to emerge.

2) You argue that NFTs do not prevent copying, modification, deletion, or other actions towards the objects they represent. This is valid if NFTs are associated with a centralized entity. However, in the case of platforms like ArWeave, IPFS, and with the development of layer-2/new networks, we can find ways to preserve NFT data and address this concern.

3) Your assertion that NFTs do not inherently grant ownership rights or certify copyrights is partially accurate. NFTs introduce the concept of digital ownership for unique digital objects.

First and foremost, we must acknowledge that it is challenging for us to fully grasp the potential of NFTs at this early stage. We are still bound by old ways of thinking and must overcome our resistance to change. To truly understand the power of NFTs, we should let our imaginations run wild and open our minds to new possibilities. NFTs are not a scam or fraud, but rather a groundbreaking opportunity for individuals to own and utilize digital assets limitlessly. Of course, there are technical limitations, but as we continue to develop digital infrastructure, we will overcome them with time.

Deception is non-existent. How can a high artist assert their authorship in the digital realm? NFTs offer a remarkable solution!
Imagine an artist painting a masterpiece on canvas, selling it, and the new owner proudly displaying it at home. Every visitor marvels at its beauty.

Now, consider a digital designer creating a stunning artwork, backing it up as an NFT. If someone were to use this artwork on various websites without permission, the owner, armed with the power of NFTs, could file a copyright infringement claim.

At present, NFTs are still considered a novelty, but they will soon transform into an essential tool in the art world. However, there is one important caveat to keep in mind. Suppose you purchase a painting and decide to create a mirrored copy of it. In the absence of clear regulations, do you possess the right to assign a new NFT to this replicated version?