NFT uses blockchain to irrefutably "prove" that you own a JPG

>NFT uses blockchain to irrefutably "prove" that you own a JPG
Okay, you own it. Nobody disputes that now that it's on the blockchain.

Now tell me, why is ownership of that JPG valuable to anyone?

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A thing is worth what people are willing to pay for it

You have special access to things that would otherwise be inaccessible.

It’s like buying Star Wars merch and only people who bought the merch are allowed to watch their new movies/shows

it proves that you're the only 'verified' owner..
so if someone wanted to release a provably scarce object/art they can..
the value is derived from the market participants who collectively agree on the market price

the art world of nft's is similar to the traditional art market in some ways in that it promotes this "exclusivity" like dynamic.

of course the real value of NFT's extends much beyond shitty digital jpegs, and into tracking real estate and important non fungible shit

we need communism

>getting access to a centralized service that can change the rules any time

It's kind of like real life art. Some asshole paints two rectangles and it's sold for millions.
Why is it so valuable to someone?

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>why is ownership of that JPG valuable to anyone?
the provenience IS the value

licencing fees I think. It may not be a thing now but there's a lot of potential for monetizing nfts. [spoiler]that bored ape shit is gay as hell though[/spoiler]

You’re right, you’re so right... HAVE FUN BEING BROKE, FOREVER!

Oh my god, I'm gonna crazy now. We can't still be discussing jpegs. I don't want to tell the whole nft history one by one here. While even real-world assets are being tokenized, you still think nfts are just jpegs. There are nft protocols with advanced technology such as Vivid Labs. Thanks to their nft platforms, you can add media items in many different formats in a single nft. Different formats. Not just a jpeg. This way, you can mint a full-length movie nft, or a music album nft with lyrics, concert footage, the album cover bla bla.

For example, the last use case I wrote for nfts will allow artists to liberate themselves from the traditional music market. You still think nfts are just about having pixel guys.

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>Different formats. Not just a jpeg. This way, you can mint a full-length movie nft, or a music album nft with lyrics, concert footage, the album cover bla bla.
Jesus, I already heard this nonsense in 2017.

Actually it doesn't even prove that you own the jpeg, it proves that you own what the metadata in the NFT is pointing to. The thing is that the metadata is not immutable, OpenSea and other NFT marketplaces can change them however they want. One day your monki jpeg might be just a link to lemonparty.

nice, so you can not just own a jpg, but an mp3 or an avi too

>Why is it so valuable to someone?
money laundering you stooge

Its not even ownership of a jpg, its ownership of a link, to a domain and server that you dont own

>Pay 1 million dollars for a potato
>Potato is worth 1 million dollars

>link to lemonparty
>doesn't appreciate high stakes bingo gone horribly wrong
Arguably more valuable than monkey.

I never actually thought about that
Why am I such a stooge bros?

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Yes? Someone valued it 1mil and spent that money on it.

That depends, can I put my penis in the blockchain?