I literally read an article defining what NFTs is and what NFTs isn't beginning to end... Now can someone explain it to me in plain English? All I got was that it is NFTs it involves badly drawn art work but I still couldn't explain why 1 bad drawing is NFTs and another bad drawing isn't.
I purchased 5 square feet of land in Scotland so I could be given the title of Lord. I'm not allowed to visit my land, but I can put a label on it with google maps to make sure everybody else sees the land is mine. I can't change the land, and I could sell my certificate saying I own that land to someone else at some point, but they can't do anything with the land itself either, just say they own it.
The land I bought is just a small piece of the overall estate that was being sold, much like someone selling 1000 NFTs with fractional ownership of a piece of art. Those 1000 people get certificates saying they own 1/1000th of that piece of art, but legally can't do anything like sell the artwork itself or claim 1/1000th of any profits being made from the original owner selling any copies of the art.
NFTs are practically meaningless in any legal sense and are just a way for someone to say that they "own" something intangible and that "ownership" is just the certificate saying they own it that's encoded into the blockchain of transactions though cryptocurrency exchanges so that that 'token' you purchased in the crypto exchange can be traded and the history of those trades still point back to the original exchange as a form of authenticity for that token/"certificate of ownership"
There is the instance that you agree to buy artwork in NFT form for 100% ownership to all rights of distribution and everything which would be in the form of a contract and agreement same as any other intellectual property purchase except that you involve crypto to have that ownership contract be in a digital form on the blockchain, which acts like a cashier's check because anybody that manages to steal that now owns it entirely because even though you went through all the legal hoops to buy the ownership entirely, you kept it in a form that was only useful to whoever held it at the time instead of having your name on it like an actual trademark or copyright.
I hope that helps, and I hope I'm correct on all that because who the fuck actually knows what they're supposed to be anyways.
