Quote:
Originally Posted by dcortez
I appreciate that NFTs can conceptually be used as a digital certificate of authenticity in addition to an original artwork, but as I understand, they were initially created to digitally contain the actual art itself.
Logically, there could be a breakdown in the pairing of an NFT and a physical original artwork. If the original artwork were destroyed, a forgery could be created, and possession of the NFT "certificate" would be flawed proof of original physical artwork.
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I think that depends on how you view art.
At the top end it is nothing more than a way to move/store/grow wealth. The only things that gives them value is the certificate of authenticity. Think of the forgeries that have been sold for millions only to be devalued once discovered. The art was the same as it was when bought for millions the only thing that changed was the certificate. Given that it goes that way, would it matter if the art swapped but the certificate stayed the same?
NFT's can never contain "art" they can contain a hash and proof you own the private key. That makes them a great vessel for holding wealth but a poor one for holding art. If you want to buy art then you buy what you like if you want to store wealth you buy whatever the market tells you!