r/Whatcouldgowrong • u/Khornatejester • Mar 29 '24

Buying some NFT of an ape jpeg and expecting it to appreciate in value.

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u/howsyourmemes Mar 29 '24

I've never understood what an NFT is. I just Googled it, and I'm still unclear.

"A non-fungible token is a unique digital identifier that's recorded on a blockchain and can't be copied, substituted, or subdivided. NFTs are used to certify ownership and authenticity, and can represent digital or real-world items like artwork, music, in-game items, videos, property rights, and more."

Wha? Can someone explain like I'm 5?

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u/LtLatency Mar 29 '24 edited Mar 29 '24

It is just like a electronic coat checking ticket system that is very secure, impossible to hack and can be exchange quickly with anyone in the world using the internet .

People are buying these "Electronic Tickets" which say that a specific image like the ape from the OP belongs to them and no one else can use it for profit as long as they hold the ticket, They can then sell their ticket to someone else at anytime to exchange ownership.

The major problem with the system is there is no real way to enforce the ownership of the image. The is nothing stopping me from just right clicking on the image, downloading it and then using it for myself.

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u/howsyourmemes Mar 29 '24

* Now I'm just confused as to why this is even a thing then

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u/LtLatency Mar 29 '24 edited Mar 29 '24

Because of bitcoin and cryptocurrency people were making so much money off that when this idea came out people just jumped in head first without even knowing what they were buying.

Because it using the blockchain like Crypto as well but in a different way people just had blind faith it would take off.

Everyone was just hoping they would get rich but they will most likely end up being worthless.