Non-fungible token: Difference between revisions

Non-fungible token (view source)

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 {{d|Non-fungible token|/nɒn-fʌnʤəbl/ /ˈtəʊkən/|n|}}<br>
-A unique reference to an external thing — in this case, a Banksy artwork, but it could be anything — that has been cryptographically encoded on a [[blockchain]]. Rather like a derivative (!) it does ''not'' confer ownership on its referent, or even contain a copy, but — unlike any other copy of the work — it is a ''unique'' token of non-ownership. There is no other token of non-ownership quite like it, you see, and given its unique status on the [[bollockchain]] it is quite impossible to create one. That is why it is “non-[[fungible]]”. Now this would not to stop someone else creating a ''different'' unique token representing of 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.
+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 [[bollockchain]] 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.
 Somehow this crypto-token magically bootstraps itself to some kind of intrinsic value. This, we sense is not so much because blockchain is ''clever'', but that people who buy non-fungible tokens are ''stupid'', or at any rate (as we shall see) lacking any sense of irony. For all the NFT demonstrates is that blockchain has solved the problem — if it even ''was'' a problem — of “how to make a non-copyable ''thing'' in cyberspace.”