No property of anyone, but the person who hosts it... And can make it disappear ;)
https://www.vice.com/en/article/pkdj79/peoples-expensive-nft...
Relevant discussion: https://news.ycombinator.com/item?id=26639074
Edit: I'm expecting downvotes. At least explain to me why NFT's aren't worthless with another reason than: "it's worth what people pay for it"
NFTs btw have plenty of uses, just most of the ones out there getting attention IMO don't. Most of the NFTs now are like trading cards, at least the successful ones. Why is there so much hate for digital trading cards?
As for actual productive uses of NFT, personalized tokens that sell time are one. Several prominent people in the space have self tokenized and sell hours as tokens. Linking NFTs to real assets also shows promise. It makes sense for proof of ownership a large, immutable record of ownership.
NFTs could additionally enable individuals to sell many goods and services with the built-in benefit of price discovery. Let's say I'm an instagram influencer, instead of selling posts through a broker who takes a large cut, I tokenize them and sell them online. If my price is too high, no one buys them. If my price is too low, the market gives me information about how much I should actually charge.
From what I heard on artist communities, the huge electric energy demand that doesn't scale well. I like the possibilities NFT creates for fine art creators, but I'm more concerned about the ecological issues here.
> Linking NFTs to real assets also shows promise.
No it doesn't. I wouldn't want my house tradeable on NFT's and it causes more problems for something that's already been solved.
Like crypto coins it lacks a central authority and legal consequences. It's a nice fantasy though.
Additionally, there are plenty of marketplaces to sell products and services. So they aren't solving any problem.
No Amazon that is doing a lot of real world marketing and spending money for that will give much "power to others" that won't help them succeed ...
Ever.
At most, if any would really get popular ( i doubt that), marketplaces will drop their rates and that's it. But this ain't a replacement for eg. The app store either. Since the delivery of a product or service is the easy part. There's a lot of functionality not included in NFT'S, eg. Update of Software or screenshots from a computer screen to proof they spend 10 hours on the service.
All there is now, is a link to an URL...
It's the whole blockchain vs crypto thing. If there idea becomes interesting, it will be developed per country, will not be decentralized or based on top of ethereum.
The NFT market will eventually reach a steady-state no different than the existing art world. But, smaller and more affordable NFT "trading games" (e.g., cryptokitties) might stick around for sometime.
