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Non-fungible token: Difference between revisions
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:—''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 — for example, a Banksy artwork — that has been cryptographically encoded on a [[blockchain]]. The | |||
A unique reference to an external thing — for example, a Banksy artwork — that has been cryptographically encoded on a [[blockchain]]. The “[[NFT]]” does ''not'', in itself, confer ownership on thing it represents, but — and unlike any of the millions of other copies and images of the work online — it is a ''unique'' token of your non-actual ownership — there is no other token of non-ownership quite like it (hence, “non-[[fungible]]”) and given its unique status on the [[bollockchain]], no theoretical possibility another one that could be created. So this token somehow magically bootstraps itself to intrinsic value. | |||
Hence some people — clearly possessed of a devastating sense of irony — hatched the idea of taking an already subversively self-referential artwork — one that plays with the idea of its own lack of intrinsic value, being a ''print'' — print 325 of 500 created! — created by a ''graffito'' which is called “[[Morons]]”, and which directly addresses the gullibility of art buyers, and which actually has the words “I CAN’T BELIEVE YOU MORONS ACTUALLY BUY THIS SHIT” written in capital letters on it — and putting a (er, non-representational) representation of it on the [[blockchain]] and selling that. | Hence some people — clearly possessed of a devastating sense of irony — hatched the idea of taking an already subversively self-referential artwork — one that plays with the idea of its own lack of intrinsic value, being a ''print'' — print 325 of 500 created! — created by a ''graffito'' which is called “[[Morons]]”, and which directly addresses the gullibility of art buyers, and which actually has the words “I CAN’T BELIEVE YOU MORONS ACTUALLY BUY THIS SHIT” written in capital letters on it — and putting a (er, non-representational) representation of it on the [[blockchain]] and selling that. | ||