What are NFTs?

Reflections and drafts

NFTs are not a thing, not an idea, and not rights to a thing. It is a financial instrument.

For example, there are object: book with text.

  • is the author, who holds the copyright;
  • is the publishing house that holds the authorisation rights;
  • is the buyer, who has the rights to own a copy of the book;
  • There is a friend who borrowed the book and has no rights.

And there are NFTwho says he has:

  • NOT the object;
  • NOT copyright;
  • NOT publishing law;
  • NOT a right of possession;
  • But, you have a whole new object!

That new object has almost NOTHING to do with the book. Except that it might be similar in some way - in appearance, in name, in some other physical or spiritual way.

You can buy out and own the property rights to that new object, which is unrelated to the original product, but related, but not really.

T The abbreviation refers to the new object: the token, a financial instrument, an essentially meaningless legal concept that allows money to be transported between individuals.

Euro banknote is also a financial instrument that has no objective or spiritual value. Or rather, in an ideal world, it should not. But since you can't do much with a €5 note - that is, it has little collector's value, you won't be able to wallpaper the walls, you won't be able to use it as a notebook... The euro note is essentially an NFT, which also has a physical form. A financial instrument with a little bit of object value as well.

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