Just like crates and lootboxes from your favorite game, NFTs can be boiled down to just another form of gambling. Whether your NFT is good or bad is entirely determined by factors outside of your control, which is exciting for those interested in a game of chance, but something to still take note of for the purposes of comparison to traditional art.
Category: Art
In the real world, there are ways you can have art authenticated, usually by just hiring a professional art historian or someone of art authority to clarify if your piece is the real deal. But for NFTs, instead of one person, the verification process is undergone by a mass of computers and servers performing digital authentication on the NFTs that is similar in size to the energy consumption of a small country.
So, you know how when you buy a piece of art, that piece of art is exclusively yours, but at the same time, you don’t own the copyright or anything to that art, and anybody can take pictures and make copies of it?
That’s Art NFTs in a nutshell. You basically own one of many often randomly produced pieces of online pixels, that you do in fact own, but really have no control over anything about it. Aside from the ability to sell it, of course.