Comments by "" (@sirtra) on "Beeple Explains The Absurdity Of NFTs | So Expensive" video.

  1. The make or break of NFT's will be whether a ruling in court recognizes the posession of one as being legally binding ownership and copyright for whatever the token is for - that is the only reason an NFT would hold value other than bragging rights. It's easy to think this is just an evolution of bitcoin, where instead of coins all being equal value at any given time the NFT system allows coins (or tokens) to be different values. However in doing this it voids the very reason bitcoins have any value at all - they are all equal and thus mimick a currency. For example, if in reality 5 sheep are roughly the value of 1 cow, in the bitcoin ecosystem i could sell 5 sheep for 5 coins and then buy a cow with those 5 coins. In the NFT ecosystem though, i could sell 5 sheep for an NFT (lets say its an artwork of 5 sheep) - but in order to then buy a cow with this NFT i would need to find not only someone willing to sell a cow for an NFT but they would also need to agree that this NFT is worth the value of a cow. The only way i see this working is if there is some form of legally recognized ownership which can be enforced - such as owning the rights to a song, movie, picture etc. Having the NFT for a digital asset (eg the 70 million dollar artwork) is pointless if other people can use whatever it represents freely with no legal recourse. The only other use case i see would be money laundering... unlike bitcoin they arent even suitable for the trading of illegal goods or services due to the aforementioned sheep/cow scenario.
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