Unlike traditional physical art, the economic value of an NFT is not driven by scarcity of access to the media that it represents (such as a JPG or GIF), as the token remains provably scarce despite the abundance of its associated digital media file. This is a rather interesting, albeit polarizing, new paradigm.
its not really, its basically the same as fake paper shares from the late 17th century. Sure everyone knows they are fake, but they still have a value because they can talk a good game.
"I've just sold 15 shares in the south sea company to Jacob, I have a few left, I can do you a good price."
but how do I know they are real?
"look they have the seal, and they are numbered. plus shares only give you a tiny part of the company anyway, its totally new and valuable. The prices keep going up, you can sell them to your friends"
Obviously, a signed inkjet print can be forged more easily than a NFT, as it is just ink and graphite on paper.
In fact, it's pretty much daily that I see fellow artists warning people that fake NFTs are being sold in their name.
A signed inkjet print is harder to forge than an NFT. A hand-written signature is possible to forge, but it's substantially harder to forge than a copy-pasted digital file.
I mean, there are documented cases of it happening as well[1]. Faking an NFT is an incredibly easy way to get rich and there's no liability. It's wonderful for scammers.
Compare this to physical prints, which can and often are forged in such a way that the original becomes very difficult if not impossible to detect.[2]
[1] - https://etherscan.io/token/0xb47e3cd837ddf8e4c57f05d70ab865d...
[2] - https://www.smithsonianmag.com/smart-news/art-pranksters-sel...
EDIT: The Banksy example you gave is one of impersonating the artist, rather than forging an artwork, and depends on the artist's accounts or website becoming compromised. It's not something NFT as a technology prevents; and, of course, the same problem could have occurred had it been a physical print sale distributed via the website.
you don't, that's partly why they are cheaper, that and there are more of them.
> If the provenance of that artefact can be reliably tracked over the years, then you can also be fairly certain.
This is why auction houses are a thing, its also why eBay are spending loads of cash with their verification services. They have provenance tracers, and "experts" who try to assert that something is "real"
> Obviously, a signed inkjet print can be forged more easily than a NFT,
Apart from looking at the specs, you can only embed the URL in the NFT: https://eips.ethereum.org/EIPS/eip-721 so the only thing thats really guaranteed is the URL and metadata. as soon as you download the NFT, it ceases to be the NFT anymore.
One of the great things with provenance on the blockchain is that it is not solely dependent on private for-profit auction houses like Christie's and Sotheby's to track provenance of the art we are creating.
By the way, NFT is programmable: it can define whatever you are willing to upload & embed onto the blockchain.
I'd recommend [2] if you are curious to understand this topic a little deeper.
[1] - https://www.dpreview.com/news/4925755857/iconic-ansel-adams-...
[2] - https://jackrusher.com/journal/what-does-it-mean-to-buy-a-gi...