LogFAQs > #951617643

I've been reading a bit about them in the last few weeks as a lot of musicians have recently been trying to capitalize on the trend.

Mead posted...

Basically it is stupid but the things are actually valuable because enough people have seemingly agreed that Yes, this is somehow valuable. and are paying hundreds or thousands of dollars for these things.

So it's basically just digitalized modern art. Modern art doesn't fetch a ridiculous price tag because it's actually worth that. It's a way for rich people to invest and transport their money (this was a major plot point in Tenet, if you've seen that). This is coming from someone who actually likes and appreciates a lot of modern art that the average person can be dismissive of. If the NFT idea takes off how they seem to want it to then this is just the next step. It functions almost the same exact way as modern art down to being publicly exhibited while still being "owned" by a private party. Digitalization just means it's more fluid and more immune to physical damage.