I've been reading/studying up on NFT's to see if they could ever hit our area of collecting. Sports cards, hot wheels, etc... already there. Now, the collector car world and automobilia jumping in.https://motoclub.io/about/
Well I would think it would go the way of that other non-tangible asset, the Bitcoin. Initially I thought who would pay for an asset with no tangible reason for existence. And boy was I wrong there! So now who knows. Too much money out there looking for a place to go?
I like to have a physical object that has a history to it versus looking at a digital version of something. Most collectors I've met seem to have a genuine passion for the hobby and at the end of the day if their collection goes up in value over the years great, if not well they get to be surrounded by it and experience the journey of building the collection. NFT's really just seem that you're banking on the value to go up so that you can sell it for a profit down the road. It doesn't seem that fun to flip through a NFT collection on my computer and get the same feeling as looking at a sign or pump I picked up and remember how it came to be in my collection.
Then again ask the question in another 5 years and I might say these NFT's are great they take up no space!
For what it’s worth - nothing as far as I’m concerned!
That doesn’t make it any clearer.
Right, sorry. “Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different. You gave up a Squirtle, and got a 1909 T206 Honus Wagner, which StadiumTalk calls “the Mona Lisa of baseball cards.” (I’ll take their word for it.)
How do NFTs work?
At a very high level, most NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also supports these NFTs, which store extra information that makes them work differently from, say, an ETH coin. It is worth noting that other blockchains can implement their own versions of NFTs.
Say what??? I can say for sure I am never buying any fake money or imaginary gas and oil stuff!!