One can love or hate NFTs, embrace them or despise them, but certainly, nobody can define them or their value, as they can be everything or nothing. It just depends on who is looking. (Via CointelegraphZN)
What NFTs can prove is who made the token, who has held it and who owns it now. Olson explains that isn’t the same as authenticity — but that doesn’t make it worthless. Documenting provenance for fine art is an expensive and valuable service despite its limitations. NFTs can provide the same service with much stronger guarantees.
When users trade NFTs back and forth they pay transaction fees to miners, which somewhat increases the revenue for mining. But, those fees are in proportion to how often/urgently NFTs move, not to how valuable they are. For example, the most expensive NFT collection at the moment, Bored Ape Yacht Club, has generated around 200 transactions a day since its launch. For context, Ethereum processes around 1.2 million transactions per day.
Part of the fear here seems to stem from a technical misunderstanding where Olson claims that NFTs can contain hostile code that will “live in your wallet forever like a landmine” — that is fundamentally not the case at all. NFTs don’t contain code and they don’t exist anywhere. When someone sends you an NFT, what actually happens is that a record is sent to the blockchain that causes the smart contract for that NFT to give your address new permissions.
Olson’s argument is that the Beeple sale shouldn’t count because a buyer of Beeple, MetaKovan, is also the creator of a fractionalized Beeple token called B20. That’s a funny argument for a couple of reasons. First, regardless of how sincere you think the valuation was, Beeple received $69 million of actual money. This sale was undeniably good for the artist.
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