NFTs

In my opinion: NFTs are a scam. They aren't an example of new technology that has any benefit. Their only success is down to good marketing and the gullibility of the masses. I find it hard to explain to those who ask me about it though. I thought this analogy was good, so I thought I'd keep a note of it here (originally taken from a reddit post, https://www.reddit.com/r/CuratedTumblr/comments/n0rnlf/nfts/) - see also https://knowyourmeme.com/photos/2086888-nft-non-fungible-token-crypto-art.

Jacobgalapagos: I dont know what an NFT is and im too afraid to ask

queersamus: imagine if you went up to the mona lisa and you were like “i'd like to own this” and someone nearby went “give me 65 million dollars and i'll burn down an unspecified amount of the amazon rainforest in order to give you this receipt of purchase” so you paid them and they went “here's your receipt of purchase” and went to an unmarked supply closet in the back of the museum and posted a handmade label inside it behind the brooms that said “mona lisa currently owned by jacobgalapagos” so if anyone wants to know who owns it they'd have to find this specific closet in this specific hallway and look behind the correct brooms. and you went “can i take the mona lisa home now?” and they went “oh god no are you stupid? you only bought the receipt that says you own it, you didn't actually buy the mona lisa itself, you can't take the real mona lisa you idiot. you CAN take this though.” and gave you the replica print in a cardboard tube that's sold in the gift shop. also the person selling you the receipt of purchase has at no point in time ever owned the mona lisa.

unfortunately, if this doesn't really make sense or seem like any logical person would be happy about this exchange, then you've understood it perfectly