> something I've been wondering about these kinds of transactions is what the NFT represents?
As far as I understand it, NFTs represent only themselves. They're associated with something else, but that doesn't come with any benefit. If you buy an NFT for a picture you don't get a copy or rights to that picture and it doesn't deny others those rights. You only get "ownership" of the picture's hash, whatever that means to you.
It's just gambling with the hope that purchased NFTs will increase in price before you can get out, instead of plummeting to oblivion as the last people realise they're just paying for a couple numbers.
Maybe I massively misunderstand something, but if that's the case I haven't seen a clear explanation so far.
As far as I understand it, NFTs represent only themselves. They're associated with something else, but that doesn't come with any benefit. If you buy an NFT for a picture you don't get a copy or rights to that picture and it doesn't deny others those rights. You only get "ownership" of the picture's hash, whatever that means to you.
It's just gambling with the hope that purchased NFTs will increase in price before you can get out, instead of plummeting to oblivion as the last people realise they're just paying for a couple numbers.
Maybe I massively misunderstand something, but if that's the case I haven't seen a clear explanation so far.