Around block 12: NFT madness

Coinbase Around the Block highlights the most important issues in the crypto space. In this edition, Justin Mart and Ryan Yi take a look at the madness surrounding NFTs (Unchangeable Tokens). Currently, NFTs have embraced the public discourse about crypto in a way reminiscent of ICOs in 2017, including the scope of mainstream and pop culture. Global research interest in NFTs surpassed Ethereum's ICO craze in 2017. What is NFT? The term "NFT" can be quite general, so let's resolve some of the confusion. A "exchangeable" asset is an exchangeable asset. Consider dollar bills, each of which is the same and can be exchanged for another. According to Coinbase Learn, “ NFTs (or 'non-exchangeable tokens') are a special type of crypto asset in which each token is unique. Because each NFT is unique, they can be used to own digital assets such as coins, records and virtual real estate. or pets. ”The distinction here is between the verified property of the article and the entity itself. As Nic Carter said, "NFT should be understood as signature, not as art." Take digital art, for example. The image itself is a simple jpg or gif file that can be shared anywhere and is completely interchangeable with limited internal value. However, the NFT of this same photo is unique and serves as a socially recognized ownership record of the same photo. It lives on the blockchain as a single token (also known as ERC-721), where everyone can see what they belong to. Looking at it this way, if you have an NFT, what do you really have? It's not a legal claim about zeros and those who created digital art. no legal rights have been attached to it. This is not a physical property of photography, NFTs are completely digital. It is a freely transferable digital token that lives on a blockchain, contains metadata referring to the art in question. It is a socially recognized property register. The artist himself (or whoever shoots the NFT),

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