People who buy NFTs are being duped. As far as I can tell the #NFT concept is like this:

There's a piece of art in some room. Everybody can visit that room and see that piece of art. You buy your exclusive NFT for that art because you like it and the technology makes sure only you can use that NFT. Everybody can still visit that room and see the piece of art.

You could sell the NFT to the art to someone else for money. You would still be able to see the art in the room. They can already see the art in the room. Everybody can.

But the NFT is not for the art, it's for the location of the art. So you bought an exclusive copy of the room number the art is in. But everybody can still see the art, because they also know what room the art is in.

But the NFT is not really the room number, it's the piece of paper the room number is written on. It's your piece of paper, you will not let anyone copy your piece of paper. Everybody can write down the same room number on their piece of paper and go see the art in that room. They can make copies of their pieces of paper and give them to others. They can make guide books of all the art in all the rooms and give these to others so everybody can go see all the art.

But the NFT is encrypted and you bought the exclusive rights the decrypt it. So you have a coded text on a piece of paper, which only you can decode and see what room the art is in. Everybody else just has the real room number on their piece of paper and they can go to see the art in that room.

But you need an external service to decode the number on your piece of paper. You didn't buy any guarantee this service will remain in operation. So the service stops working and you no longer can decode your number on your piece of paper. So you can no longer see the art. No hang on, you can, because everybody can see the art in that room. It's right there.

Then the art gets moved to another room. Everybody writes the new room number on their piece of paper. You can't. Your laminated piece of paper is immutable. You paid for that since you thought immutability was a good thing. Luckily you can still see the piece of art, since everybody can.

Hi, this me from my Friendica instance. I also post from @Gidi Kroon, @Gidi and @Gidi Kroon but I'll be trying out my own Friendica for a bit. Even though I have been on the fediverse for a few years, I've never done an #Introduction post, so let's do one for this channel.

I tend to post about actresses and singers I'm a fan of, sharing news about their new projects as well as my thoughts about films and tv I watch. In between I give my take on political things as well as about the fediverse. When I learn new things hosting a fediverse server or other technical things, I try to share them here too. Longer posts may end up on my blog @Gidi Kroon.

In real life I work as a software developer, but I keep work separate from a private account like this. I play (beach) volleyball when I can, at a very low level. I live in the Netherlands and occasionally cycle and take photographs. I read and watch sci-fi and fantasy, and am interested in ways to achieve social justice, gender and race equality, sustainable energy use and climate justice.

Feel free to follow, as I will also follow other accounts I find interesting without expectation of them following back. Feel free to share (boost, repeat) my posts if you want using whatever share function comes with your platform. I tend to close DMs to only allow people I follow. I check my fediverse accounts only one or a few times a day, typically on my phone or tablet, so I tend to not be able to participate in discussions.