As soon as you hear about NFTs, you think they'll make you rich overnight.

At least the fact that NFTs were sold in 2021 was crazy.

Why do people have NFTs?

There are a lot of reasons, but these four stand out:

if you want to get special benefits

• to make money

• to hold on to the value

• to make sure digital rights and ownership are safe

• But it doesn't say what I had before I bought the NFTs.

You're right, and that's one of the best things about having an NFT! The line between owning and having is not very clear.

So, what do you own, really?

A JPEGs

https://twitter.com/giggukaz/status/1491744614856151043

- giggukaz

People think that Non-fungible Tokens (NFTs) can't be copied with code, but the artwork that the code carries on can be copied.

Even though a digital signature can't be changed, you own a string of code.

Even though that is true, the art can still be copied on the internet.

A Ponzi scheme using smart contracts

To be a smart contract Ponzi scheme, you must meet the following four requirements:

1. The contract tells the investors how much money they will get.

2. The only people who give money to the contract are investors.

3. If enough investors put in enough money, each one makes money.

4. The more investors who join the contract, the more likely it is that investors will lose money.

Conditions 1 and 2 are easy to meet because the NFTs run through a smart contract on the blockchain that only people with their own wallets can access.

When rug pulls happen, conditions 3 and 4 will happen.

Having the rights to art

https://twitter.com/Web3zy/status/1553143569723994112

- Web3zy

No, it does not automatically give buyers the right to own the art.

There are two different rights that need to be set apart here:

• Proof of ownership in digital form

• The right to own intellectual property

When you buy NFTs, you get digital proof that you own them. But it doesn't come with IP rights by default.

It means you will have problems with trademarks and lawsuits, no matter what IPs you have.

That means that under your unique wallet address, you only have the right to own, but not the right to make copies.

So, back to the first question: why buy NFTs?

You can:

👉 support artists

enjoy putting together art

👉 bragging about it

The most important thing is to talk about it.