To explain why NFTs are worthless I first have to explain what NFTs are. NFTs, also called non fungible tokens, are bits of data stored on the Etherium blockchain (web3) as tokens. NFTs are usually bought using ether (the crypto currency primarily used on the Etherium blockchain) and are often but not always unique.
When I say NFTs are worthless I’m not referring to all NFTs. I’m referring to NFT art which is traded on sites like OpenSea. Many people say that even though NFT art can be right clicked and downloaded by anyone the proof of ownership is immortalized on the blockchain. Although this is true something that many people don’t know is that what is actually stored on the block chain itself is not actually the image you bought but a link to that image and therefore it could go down at anytime and all that you would have left of your million dollar art piece is a link that leads no where.
A couple weeks before writing this article someone created a website (thenftbay.org) that lets you download over 10 terabytes of NFTs just to show how worthless they really are. Although I’ve said all of this stuff against NFTs I don’t actually believe the technology itself is useless. NFTs may not be a good way to buy internet art but it can be used to give worth to rare in game items in video games or used as a reward on websites.
To conclude NFT art doesn’t really have a worth but the technology does. I personally believe that the use of NFTs is just at the beginning and the technology just needs time to grow and for people and companies to realize its full potential.