Just validates that the entire NFT concept is as ridiculous as it sounds.
If NFTs were useful, they'd be securities, and would be regulated by the SEC.
The entire point of NFTs is that they are naked, useless, purely speculative instruments. It's a big blackjack table, except unlike in Vegas, the house has an edge.
Do people promise there is? NFTs essentially seem like digital collectible cards. It seems stupid to me, but so does collecting little pieces of cardboard with pictures printed on them.
Either the actual art exists off-chain somewhere and there’s just a hash of it onchain, which the “owner” controls with the private key of the transaction or contract the hash is in. But the art can still be copy-pasted all over the Internet and the only way to prevent rando’s from using it for free is with traditional copyright law, so it’s not actually decentralized.
Or the art itself is onchain but it’s just some avatar manually drawn in Microsoft Paint (cryptopunks I’m looking at you) and not pseudo-randomly procedurally generated in the smart contract or anything technologically novel and notable like that.
The concept of NFTs is interesting and may lead to something truly cool someday, but most of the implementations right now are trash.
Disclaimer - I haven't reviewed all the NFT implementations, there are too many. But if there are any that are fully on-chain, decentralized, have zero off-chain dependencies, and are artistically and/or technologically novel, then please let me know!