People have spent more than $230 million buying and trading NFTs of NBA highlights
View Reddit by Solebusta – View Source
in Bitcoin
People have spent more than $230 million buying and trading NFTs of NBA highlights
epeakin
1.6k Views
8 Comments
I still don’t get it (it being NFTs of a video/music).
Is there only one copy (or a limited number of copies) of the video? How is it enforced (the copy protection)? Where lies the inherent value (apart from enjoying in the video) in it?
Does anyone else think this NFT thing is grossly overvalued ?
Im still not sure how can you buy / sell these?
It’s a hard concept to understand the value but remember, people still buy/sell trading cards to this day.
Video is a bit different because well, YouTube. I guess people just want to own ‘the moment’ . It’s no different from buying items in video games
This blows my mind
tldr; NBA Top Shot is a crypto-collectible consumers can purchase as a non-fungible token (NFT). Each NFT is tied to a blockchain, a digital ledger similar to the blockchains used for digital currencies like bitcoin. The NBA licenses the reels to Dapper Laps, which digitizes the footage to create scarcity.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
And the energy usage to create NFT’s are enormous.
But NFT’s are coming to IOTA after chrysalis 💎🦋💎
https://twitter.com/DomSchiener/status/1366050962662699014?s=20