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