Altcoins News
By Steven Anderson
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Early this month, Litecoin creator Charlie Lee has clarified on how most popular non-fungible tokens (NFTs) currently for sale are not really as valuable like many people assume.
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Charlie Lee stated in his own words: An NFT is a digital certificate to a collectable that can be easily, cheaply, and perfectly duplicated.
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Imagine if we have technology that can perfectly clone a piece of artwork to the last detail where it’s indistinguishable to the original even by experts.
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Then we can duplicate, for example, the Mona Lisa. And every person can hang a perfect replica of the Mona Lisa on a wall at home.
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But what if there’s a certificate of authenticity, let’s say signed by Leonardo da Vinci himself.
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It’s definitely worth something. But is the full value of the Mona Lisa transferred to this certificate? I argue definitely not.
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Part of the value of owning a collectible is the prestige to be able to say only I own it and can display the collectible. And no one else in the world can do that.
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The majority of the value of owning a collectible is lost by switching the ownership from the actual collectible to its certificate of authenticity.
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It's true that with NBA TopShot, you can point to an nbatopshot URL and be proud to say look it says I own this Moment. This wears off pretty quickly though.
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Without the NBA's continued backing of TopShot, the NFTs themselves are not worth anything. For example, what happens to the value of the TopShot NFTs if the website nbatopshot…
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This is different from traditional baseball cards. The manufacturer or even the league can cease to exist, but the physical card can still retain value.
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He concluded stating, I will end this thread with this image I found on Reddit. It's funny because it's true.
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