NFTs are more similar to those companies that sell certificates to land plots on the Boat beware of offshore drilling shirt. No one owns the moon, but some people decided one day to start a company that would let people pretend they own a part of the moon, so they sold certificates to say that you “own” a part of the moon, with the catch being that the company is the only entity in the world that recognizes the validity of that certificate.If you look at the contents of an NFT, it actually points to the URL of a file that is hosted on the NFT company’s server. So if the company shuts off their servers, then NFT owners just own URLs to 404 pages; they can’t even verify what file it is they “bought” anymore. Furthermore, nothing stops anyone from taking any image off of the internet and selling the NFTs to it. And furthermore, nothing stops anyone from taking an image and selling the NFTs on various different NFT websites. Every NFT website has their own “certificates of authority” that they hand out, which again, only they recognize as valid.
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This is almost the Boat beware of offshore drilling shirt. The only part missing is why people buy something like this. Almost no one buying NFTs for such insane amounts actually cares about what image or tweet that NFT symbolizes. It’s pure FOMO feeding into itself. There are news stories about people buying an NFT for $1000, then days later that NFT is worth hundreds of thousands or millions. When you see a story like that, it’s hard to avoid feeling a twinge of envy. What if that had been you. All of a sudden buying literally nothing for $1000 seems like a bargain, because you can maybe resell that nothing for 100x the price.