I don’t really care about fad stuff so I never bought any but also I never really understood how they worked practically. Like if I bought a famous tweet or jpg or what ever, how would I use the token to verify owner ship of the thing or sell it?
I don’t really care about fad stuff so I never bought any but also I never really understood how they worked practically. Like if I bought a famous tweet or jpg or what ever, how would I use the token to verify owner ship of the thing or sell it?
At best, they were a money laundering/ponzi scheme. The value cratered, and now we don’t hear about them anymore.
The blockchain (think notepad, with non erasable sharpie) had an entry that would link that item to you. You could sell it to someone by writing their name below yours. It didnt tangibly transfer anything though, and the items were all very easy to duplicate, so ownership meant nothing.
And the ownership was more often than not a url. So whoever owned that domain decided what was at that url. But yeah it was a number of people who made money off
https://en.wikipedia.org/wiki/Greater_fool_theory
And then a number of people who lost money thinking they weren’t the greater fools