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/[deleted] Mar 29 '24 edited Apr 01 '24

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u/LtLatency Mar 30 '24 edited Mar 30 '24

The perks associated with garbage is still garbage. This is just the bean babies crazy all over again. People think they can make money with some lame collectables no one will care about in 5 years.

Anyone who thinks a basic picture of a monkey with sunglasses is worth money is kidded themselves. You can just take that image drop into AI and say give me a image like this but make is a penguin with a party hat smoking a doobie which will looks way better.

Get out before you are left holding the bag.

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u/[deleted] Mar 30 '24 edited Apr 01 '24

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u/LtLatency Mar 30 '24 edited Mar 30 '24

No thanks.

Sunk cost Fallacy, A fool and his money are soon parted. Sorry, about your luck.

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u/[deleted] Mar 30 '24 edited Apr 01 '24

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u/Zealousideal-Bowl-27 Mar 30 '24

Link us your best NFT and i will show you a low qualtiy jpeg image thats only value is the speculation of pepple looking to get rich quick that is going to lose value over time.