If the idea of claiming ownership to a tweet, a GIF, a piece of property in an online game or a virtual cat seems odd, you’re not alone in thinking so. NFTs have been controversial, and it’s just as easy to find support for them online as it is to find people who think they don’t make any sense.
Daniel Van Boom, editor at TechRepublic sister site CNET, said people who don’t understand NFTs are in good company. He wrote: “It’s incomprehensible that clips, memes and gifs are selling for six, seven and even eight figures.”
Even more confusing is what owning an NFT means: If you purchase the NFT of a unique piece of art, you have sole ownership over it and can do with that art what you want, right? Not exactly.
Take, for example, Nyan Cat, an animated GIF of a cat with a body made out of a toaster pastry, flying through space with a rainbow in its wake. An NFT of Nyan Cat recently sold for $590,000, but as CNET points out, the owner of the Nyan Cat NFT is only that: the owner of the Nyan Cat NFT. The intellectual and creative rights to the work are still owned by the artist who created it.
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1. #NFT
2. #GST
3. #FYP
4. #JL
5. #BorderWars
6. #Floods
7. #Feb5Debacleconsequences
8. #WOY
9. #Bushfires
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