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Non-fungible token: Difference between revisions
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{{a| | {{a|crypto|{{image|Morons|jpg|I mean, it couldn’t really ''be'' any more meta, could it?}}}}{{quote|''New York, 8 March 2021. “[[Morons]],” a “tokenized” artwork by Banksy, has sold for over $394,000 on the Open Sea NFT marketplace. The piece — burned by an unnamed group of cryptocurrency enthusiasts last week — was sold at an auction for 228.69 ethers (CRYPTO: ETH), which at press time traded at $1724.'' | ||
:—''JC NEWSWIRE''}} | :—''JC NEWSWIRE''}} | ||
{{d|Non-fungible token|/nɒn-fʌnʤəbl/ /ˈtəʊkən/|n|}}<br> | {{d|Non-fungible token|/nɒn-fʌnʤəbl/ /ˈtəʊkən/|n|}}<br> | ||
A unique reference to an external thing that has been cryptographically encoded on a [[blockchain]]. Rather like a derivative (!) an [[NFT]] does ''not'' confer ownership on its referent, or even contain a copy of it, but — unlike any other copy of the referent it is a ''unique'' token of one’s, er, ''non''-ownership of the referent. There is no other token of non-ownership quite like it, you see, and given how the [[ | A unique reference to an external thing that has been cryptographically encoded on a [[blockchain]]. Rather like a derivative (!) an [[NFT]] does ''not'' confer ownership on its referent, or even contain a copy of it, but — unlike any other copy of the referent it is a ''unique'' token of one’s, er, ''non''-ownership of the referent. There is no other token of non-ownership quite like it, you see, and given how the [[blockchain]] works, it is quite impossible to create one. That is why it is “[[non-fungible]]”. | ||
Now this would not stop someone else from creating a ''different'' unique token representing the same referent on the [[blockchain]]; the two tokens would just be different representations of it. Not identical: each unique. With me? No? Don’t worry: that’s not your fault. | Now this would not stop someone else from creating a ''different'' unique token representing the same referent on the [[blockchain]]; the two tokens would just be different representations of it. Not identical: each unique. With me? No? Don’t worry: that’s not your fault. | ||
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===Creative destruction?=== | ===Creative destruction?=== | ||
[[File:Madonna and Token.png|350px|thumb|right|''Madonna and Token'' ([[Büchstein]], 2021)]]Let’s just work that logic through by analogy. To the right we have two images. One is ''La Gioconda''. The other is a picture I just drew of it. I accidentally put my coffee mug down on it but I think that makes it look a bit more authentic. Now, ''both'' of these are unique representations: one is hanging in the Louvre, as we all know, the other is on the 20 April page from my desk diary from last year. Wikipedia estimates the 2019 value<ref>Extrapolated from a 1962 valuation of USD100m: ''a suspiciously round number'' if you ask me, but still.</ref> of the ''Mona Lisa'' as USD 850 million. If we take that valuation as fair, I don’t think | [[File:Madonna and Token.png|350px|thumb|right|''Madonna and Token'' ([[Büchstein]], 2021)]]Let’s just work that logic through by analogy. To the right we have two images. One is ''La Gioconda''. The other is a picture I just drew of it. I accidentally put my coffee mug down on it but I think that makes it look a bit more authentic. Now, ''both'' of these are unique representations: one is hanging in the Louvre, as we all know, the other is on the 20 April page from my desk diary from last year. Wikipedia estimates the 2019 value<ref>Extrapolated from a 1962 valuation of USD100m: ''a suspiciously round number'' if you ask me, but still.</ref> of the ''Mona Lisa'' as USD 850 million. If we take that valuation as fair, I don’t think it is stretching things to say that the ''combined'' value of the ''real'' Leonardo original and my “unique token” of it — to be clear, that is the ''real'' thing, in my last year’s desk diary, not the feeble photographic facsimile you see below — is more or less ''exactly USD 850 million''. | ||