You have an incredible amount of patience,I must say.
Not patience. Curiosity.
I don’t engage in these discussions because I want to browbeat the other person into accepting what I’m saying. I genuinely want to know if what I’m saying is wrong.
I don’t understand crypto and NFT’s. I mean, I know how they work. But I don’t understand why people believe the things they believe about them.
Not the price part of them. Look, if people want to believe that a limited edition of anything - Bitcoins, rookie cards, Franklin Mint plates, stamps, whatever - is going to go up in value because it is rare and therefore people will want to buy more of them, that’s fine. I might not agree, but I understand.
What I don’t understand is why people think that when they transfer money to have an NFT moved to their wallet that they’re buying anything. So I engage with Leap, who says they’re going to be getting into the NFT business, hoping he’ll explain how people who give him money are actually getting anything in return.
As I understand it, the blockchain ledger is the equivalent of a huge book. Leap is going to write in that book a description of their art (maybe even write the art into the book itself) next to their wallet name. Other people have wallet names in the book next to ETH balances. If someone writes Leap’s wallet name next to some ETH, then the book will change the wallet name next to the art description from Leap’s to the other person’s wallet.
But that’s it. All Leap is “selling” is the right to have this big blockchain book show someone else’s wallet next to the description of the art. But having your blockchain wallet next to the artwork description doesn’t mean you own it. Or that you own the description. Or anything. It just means that your wallet is the only one in that specific blockchain book that’s written next to the art description.
As long as people pretend that having your wallet name written next to the art description means something, then that’s of some value, I guess. But it doesn’t mean anything in the real world. No one else has to acknowledge that having “purchased” the entry in a big blockchain book means that you’ve actually acquired any ownership in the thing that’s written next to it in the big blockchain book.
So I’m trying to figure out why people seem to think that it does. I’m hoping Leap can explain it, since I can have a conversation with them in a way that I can’t with someone like a Mark Andreesen.