They are like picking up a grain of sand and trying to claim its rare. Yes, there is only one of that grain of sand you are holding but that doesn't mean a whole lot.
We don't have any realistic way to identify the grain of sand from others so the others may as well be the same thing except you have specifically blessed this one grain.
It means the same as any other valuable thing in our society caused by artificial scarcity - limited printings, trading cards, dollar bills, stamps, Bitcoin, software, music, books, etc.
With most of these things, its all about using the item as a status symbol. Having a rare painting on your wall shows status. NFTs don't and likely never will have the same impact.
A great many people are starting to look down on NFT buyers and sellers. I'm not sure what status they provide since either someone has to maintain the chain somehow forever which is impossible, but also there isn't anything stopping someone from creating alternative timelines of sales.
Almost every status symbol is looked down upon by many people. That doesn’t mean there isn’t a group who admires it.
The same thing could be said about other collectibles. There isn’t anything stopping people from printing their own baseball cards, but that doesn’t change the market.
Many people say the same thing about Bitcoin. They aren't wrong, either, but they also miss the point that it doesn't matter if enough people decide to value it.
Right no for sure. For instance people forked Bitcoin and suddenly everyone that held Bitcoin also held Bitcoin Cash. I can see the not too distant future where a dispute arises as to who owns a particular NFT though because of such kind of forks, possibly.
Except NFTs aren't artificially scarce, I'm not sure why people claim this. You can fork these chains just like how Bitcoin Cash was forked from Bitcoin.
But Bitcoin Cash has much lower unit value than Bitcoin, indicating people see them as different things. That seems to weigh heavily against your argument, rather than supporting it.
So if I sell an NFT how many third party sales forked off of how many subsequent sales should I consider official or not? Also, during the split, they were worth about the same, and you could sell one for the other on many exchanges. Is this what NFTs are supposed to be?
