Home Altcoins News Vitalik Buterin Ethereum (ETH) on Why the heck NFTs have value?

Vitalik Buterin Ethereum (ETH) on Why the heck NFTs have value?

NFT value

Lex Fridman discussing one of the exciting aspects of Ethereum, it is non-technical, it is societal and social which is NFTs. So, what do you think about the explosion of NFTs in the recent months?

Especially in the art world and beyond.  And, what does the future look like.  So, this may be the social impact on the world on the individual creators of all kinds – like is this something like you have expected to have this kind of impact, and beyond what do you think will happen in the digital space of NFTs in virtual reality gaming and all those kinds of things.

I was definitely surprised by NFTs in particular.  I even actually think might be on record somewhere in some tech conference panel they are asking. You know, it was one of their over-rated or under-rated section and they ask you about NFTs and I think NFTs are over-rated and you know investors felt that has to be quite wrong.

No, I think I just personally can’t really to this concept like spending a lot of money on a thing like there is no clear kind of understanding as to why that thing would maintain its value.  Uniqueness of a thing having value.

Right, I definitely cannot really understand the psychology behind paying $2000 for a digital art painting and be like.  If I have a mansion, just give me like the photocopies of everything.

We can have the photocopies of the Monalisa. Why are we going to have the Monalisa? We can have something else?

That is one thing where Mathematics or computer science cannot formulate why the heck NFTs have value?

But the thing that has made me very happy about the space and it has happened is that I am interested in this concept of decentralized public earth spotting. I want things that are good and valuable. However, in as much as possible it will also be a thing that are not able to economically sustain the people who produce them.  Because if you don’t have the funding then either it does not get produced at all or either they produce centralized versions of the property and try to be substitutes, butactually constitute control on a very small group.

Both of those things are very nice. So, the nice thing about NFTs would be if you are an artist and you just mint NFTs and this is the source of revenue – great – that is another stream of revenue for the more creative work that often don’t get funded or are often underfunded.

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James

James T, a passionate crypto journalist from South Africa, explores Litecoin, Dash, & Bitcoin intricacies. Loves sharing insights. Enjoy his work? Donate to support! Dash: XrD3ZdZAebm988BfHr1vqZZu6amSGuKR5F

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