Still trying to figure out why anyone would pay thousands of dollars for a digital image that can be freely copied? Here's a primer on NFTs:
NFTs work much like bitcoin and other cryptocurrencies, but with a key difference: Each NFT is unique and indivisible. That allows them to serve as proof of ownership for items that may themselves be easily copied and shared online.
The point of blockchain technology is to maintain records without relying on a central authority, such as a bank or a government. Instead, the information is spread among the thousands of computers that perform the math that maintains and adds to the blockchain. Let’s say I want to sell a digital photo I’ve taken of an amazing sunset. To increase the value, I could promise the buyer that I will make no more copies of the photo. But that won’t stop other people from making copies if the buyer displays the photo on Facebook or Instagram.
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