You are always the gentleman, no apologies needed.
I have thought about what an NFT is with several people, MIT class online, etc…etc…
This is very simple.
The Mona Lisa is everywhere. Photo copies, TV shows, movies…magazines…newspapers…
Keep that in mind.
I have a dollar bill printed on cotton. The art on it denotes it is worth one dollar. The cotton bill is what I have. The art gives it value. That same cotton bill with the art of a twenty dollar bill is now worth $20.
So what gives with art? The canvas and oil donates different or non fungible values given by what was actually painted.
You can get all the copies of the Mona Lisa you want, infinite, but you can not get the actual canvas.
With blockchain you buy a single token, a one off, it does not matter how many infinite copies there are.
That of course does not speak to trading houses. There are plenty of business startups that will fail. Like in the equities markets, see the dotcom craze…and many before it.
But does that mean the blockchain or the NFT token fails? No.
Other things like music or manuscriptions can also denote a token.
Digital files are great to denote the value of the token. This includes a digital file of a contract, but the lawyers have to hash that out. I wont vouch for it.
Investment grade art has a CAGR of 25%. What is investment grade art? That is beyond the scope of this conversation. But it wont be in the digital world what you want. I get that. The millennials have very different tastes.
All that is for sale is the token. It is a one off. It only has value if the next guy can be found to make the market liquid. Which is why I am waiting for the market within the next two years to rally.