re: The average price of a CryptoPunk NFT is $188,767.12

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Explain this to me like I'm skillet.

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La Quinta vv fancy

Um k

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Explain this to me like I'm skillet.

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Have you ever heard the old Thomas Tusser quote about "a fool and his money"? That's our subject in a nutshell: NFT, the Non-Fungible Token.

A person holding an NFT for a piece of work is named in a digital record that confers ownership. This record (the NFT) is stored in a shared global database. This database is decentralized using blockchain, so that no single individual or company controls the database. As long as the specific blockchain survives in the world, anyone can read or access it, and no one can change it.

By getting a Non-Fungible Token for a specific work you are thereby the "owner" of it. The problem is this “ownership” of crypto art confers no actual rights, other than being able to say that you own the work. You don’t own the copyright (unless specifically stated in the purchase), you don’t get a physical print, and anyone can look at the image on the web[/u]. There is merely a record in a public database saying that you own the work – really, it says you own the work at a specific URL.

Getting an NFT is far more akin to getting a limited-edition poster or an autographed copy of a book. It is special and (more) unique to you but doesn’t mean that the original work is now yours. It confers to you no rights that others have, you just have a slightly more unique connection to it.