I presume you mean crypto coins, not cryptography in general.
They are strings of numbers that are accepted as having intrinsic value because of scarcity. The value goes up and down depending on supply and demand just like other currency. |
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A NFT is when there is a digital token (another string of numbers) that represents real-world objects and digital assets. Things than are once off. Things like music, and art, and silly pictures. Again scarcity here is the key. Rare stuff is considered to have value. |
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"It's speculative gambling, don't invest what you can't afford to lose, simple as
For every crypto millionaire there is someone who lost their fortune also."
That is true, but is also true of equities.
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I watched a video on YouTube where someone tried to explain what an NFT was and I’m still as confused.
They explained it as owning a square on a spreadsheet, the lower the number the more value. So square 1 is more valuable than square 100.
They also said when it comes to things like art you are paying for the right to say something you won, but you don’t.
So for example the Louvre could sell an NFT of the Mona Lisa, you buy that NFT but that doesn’t give you the right to walk in and take the painting off the wall, but it does give you the right to say you own the data on the spreadsheet that the Louvre set up and on that spreadsheet you own the data associated with the Mona Lisa.
Seems like a terrible idea to me, but if people want to piss their money away in this kind of thing, more fool them. |
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"I watched a video on YouTube where someone tried to explain what an NFT was and I’m still as confused.
They explained it as owning a square on a spreadsheet, the lower the number the more value. So square 1 is more valuable than square 100.
They also said when it comes to things like art you are paying for the right to say something you won, but you don’t.
So for example the Louvre could sell an NFT of the Mona Lisa, you buy that NFT but that doesn’t give you the right to walk in and take the painting off the wall, but it does give you the right to say you own the data on the spreadsheet that the Louvre set up and on that spreadsheet you own the data associated with the Mona Lisa.
Seems like a terrible idea to me, but if people want to piss their money away in this kind of thing, more fool them."
In my opinion, one of the the main drivers if not thee driver in the growth of crypto and NFTs is criminality and money laundering.
Created by large financial houses and available to ordinary folk, to give them some sort of credibility.
But at the the moment these are just vehicles for money laundering! |
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"I watched a video on YouTube where someone tried to explain what an NFT was and I’m still as confused.
They explained it as owning a square on a spreadsheet, the lower the number the more value. So square 1 is more valuable than square 100.
They also said when it comes to things like art you are paying for the right to say something you won, but you don’t.
So for example the Louvre could sell an NFT of the Mona Lisa, you buy that NFT but that doesn’t give you the right to walk in and take the painting off the wall, but it does give you the right to say you own the data on the spreadsheet that the Louvre set up and on that spreadsheet you own the data associated with the Mona Lisa.
Seems like a terrible idea to me, but if people want to piss their money away in this kind of thing, more fool them."
Its a bit like when the shakespere globe theatre in London was raising money for the build. You could buy a brick and your name was on a list as owning brick no. x. But you cannot actually point to a brick in the wall of tge globe theatre and say i own that one because no one knows what brick no was used where but you still own a brick of the wall. |
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"I am still not sure exactly how crypto works and what non fungible tokens are .
Are there terms or words you struggle with ?
Can anyone explain in simple terms ?"
With regards to NFTs think of it as having a PDF of a book with no copyright whereas in the real world you’d have a physical book |
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