Bitcoin, NFTs and Property Rights. Bitcoin Tech Talk #232
NFTs are bribes for the Ethereum ecosystem and they are doomed economically. Even the most enthusiastic backers of NFTs are already conceding that it’s a bubble and that the prices being paid for NFTs are crazy and unsustainable. While the market dynamics of the tokens are interesting to examine, in this article I’ll look at what you get for these tokens and contrasting that with what you get with Bitcoin.
NFTs are really odd beasts. By definition they are tokens on some network, meaning that there’s some entry in some ledger that someone owns a token. That token is, again, by definition, non-fungible, meaning that someone has something that isn’t supposed to be equivalent to something else. Other than these attributes, it’s not clear what rights NFTs give.