I’m not sure I understand how they create scarcity. This isn’t the Wu Tang album… everything put into an NFT has, as far as I know, had another copy out there that anyone could get ahold of. Am I wrong?
Indeed they don’t. NFTs are a bit like an immutable record of the intention of the original artist to transfer the copyright of a work, but since this isn’t legally recognized anywhere all it really proves is that someone claiming to be the original artist made a hash of a file and a hyperlink to it and uploaded that to a block chain.
I’m not sure I understand how they create scarcity. This isn’t the Wu Tang album… everything put into an NFT has, as far as I know, had another copy out there that anyone could get ahold of. Am I wrong?
Indeed they don’t. NFTs are a bit like an immutable record of the intention of the original artist to transfer the copyright of a work, but since this isn’t legally recognized anywhere all it really proves is that someone claiming to be the original artist made a hash of a file and a hyperlink to it and uploaded that to a block chain.