> minting a new beanie-baby-NFT takes less effort than making an actual beanie baby.
I'll add onto this that the core technology has no way of verifying which beanie baby NFT is "valid" outside of traditional centralized mechanisms like IP law and large validators. You can duplicate NFTs that point to the same beanie-baby-NFT link, are totally indistinguishable, that don't have any artwork that you own, and nobody can stop you outside of centralized mechanisms. As soon as you try to build a market on top of NFTs, you're right back inside the current system of ownership enforced by legal contracts and centralized validators.
At least with Bitcoin, you don't have to tie your wallet to a Twitter verification system to figure out whether or not your funds are real or just a low-effort scam.
People can disagree with whether Bitcoin has value (I think it's a bad system), but at least it doesn't completely fall apart as soon as you leave Coinbase. NFTs really don't work at all unless they're tied to centralized services, because anybody can make an NFT for anything, regardless of whether they have any real relationship to the asset they're issuing. Even official accounts that are validated: you can mint 5,000 NFTs of the same beanie baby, nobody can stop that from happening. Any scarcity in the system is only self-imposed by the actors within that system.
I'll add onto this that the core technology has no way of verifying which beanie baby NFT is "valid" outside of traditional centralized mechanisms like IP law and large validators. You can duplicate NFTs that point to the same beanie-baby-NFT link, are totally indistinguishable, that don't have any artwork that you own, and nobody can stop you outside of centralized mechanisms. As soon as you try to build a market on top of NFTs, you're right back inside the current system of ownership enforced by legal contracts and centralized validators.
At least with Bitcoin, you don't have to tie your wallet to a Twitter verification system to figure out whether or not your funds are real or just a low-effort scam.
People can disagree with whether Bitcoin has value (I think it's a bad system), but at least it doesn't completely fall apart as soon as you leave Coinbase. NFTs really don't work at all unless they're tied to centralized services, because anybody can make an NFT for anything, regardless of whether they have any real relationship to the asset they're issuing. Even official accounts that are validated: you can mint 5,000 NFTs of the same beanie baby, nobody can stop that from happening. Any scarcity in the system is only self-imposed by the actors within that system.