NFTs Are a Pyramid Scheme and People Are Already Losing Money

Re:NFTs Are a Pyramid Scheme and People Are Already Losing M... by PragmaticPulp on Sunday March 21, 2021 @10:24AM (#26530680)

NFTs don't transfer real-world rights. They only transfer the NFT itself.

You could potentially create a real-world contract that ties ownership of the real-world asset to whoever holds the NFT, but that would introduce real-world legal issues like voiding the NFT in the event that it was transferred fraudulently and so on.

It seems a lot of people have been misled into believing that NFTs are something they're not. NFTs are like a special URL that points to some other content. You can trade that URL, but the content being pointed to still exists separately.

[ Parent | on HN ]

Re:NFTs Are a Pyramid Scheme and People Are Already Losing M... by ddeyar on Sunday March 21, 2021 @11:14AM (#26531058)

Thanks for this conversation. It is truly very misleading. There is no implicit copyright. There are mentions about ownership and also contradictions. This generalization I made, was wrong.

[ Parent | on HN ]

Re:NFTs Are a Pyramid Scheme and People Are Already Losing M... by TomSwirly on Monday March 22, 2021 @03:12AM (#26537692)

I want to comment you on your very good attitude here.

(And yes, it's just baffling that people pay for these NFTs when they really get nothing out of them.)

[ Parent | on HN ]