1 definition by FartMan96
The "token" part of an NFT is simply a digital receipt on part of a blockchain that has an ID and a URL it leads to. Since it relies on the URL of a different site, it is not truly decentralized. This makes the blockchain have no purpose, and do nothing except have a far worse carbon footprint.
Ownership of an NFT does not mean you have the intellectual rights of the image, and that you simply have a token associated with an image. Someone can create a token of an image that isn't theirs, and can create a nearly identical token. This makes the image associated with the token not give it value. The only way to distinguish between these are therefore IDs and creators associated with them.
Saying 2 NFTs associated with the same URL have different monetary values is like saying that 2 1 dollar bills have different monetary values due to their different serial numbers.
To summarize: an NFT is a number and a URL that is non-fungible the same way 2 bank notes with different serial numbers are non-fungible, which have a monetary value only based on a randomly generated number (which is completely ignored by everyone), is bad for the environment, and doesn't lead to any intellectual rights. There is no value to an NFT.
Ownership of an NFT does not mean you have the intellectual rights of the image, and that you simply have a token associated with an image. Someone can create a token of an image that isn't theirs, and can create a nearly identical token. This makes the image associated with the token not give it value. The only way to distinguish between these are therefore IDs and creators associated with them.
Saying 2 NFTs associated with the same URL have different monetary values is like saying that 2 1 dollar bills have different monetary values due to their different serial numbers.
To summarize: an NFT is a number and a URL that is non-fungible the same way 2 bank notes with different serial numbers are non-fungible, which have a monetary value only based on a randomly generated number (which is completely ignored by everyone), is bad for the environment, and doesn't lead to any intellectual rights. There is no value to an NFT.
by FartMan96 January 9, 2022