The only difference is the pyramid scheme your bank account is embedded into has been going on a lot longer.
I own my house because I have a piece of paper that says I own it, but really it's because my neighbors choose to acknowledge the "legitimacy" of that paper. If someone else moves into my house while I'm on vacation I can oust them (probably) simply because I have more people "on my side". If enough people choose to acknowledge the legitimacy of NFTs then the scheme will not collapse. You are just making a prediction that people wont choose this, but I think you might be surprised. People attribute value to all sorts of nonsense, especially once they've invested in it themselves.
One day all this will be dust, but today, for a brief moment, some guy can trade his collection of digital monkey pictures for a real life piece of paper saying he owns a house, or a whole bunch of database entries at a crusty old bank. Or, I guess, even "cold hard cash" if he prefers.
I own my house because I have a piece of paper that says I own it, but really it's because my neighbors choose to acknowledge the "legitimacy" of that paper. If someone else moves into my house while I'm on vacation I can oust them (probably) simply because I have more people "on my side". If enough people choose to acknowledge the legitimacy of NFTs then the scheme will not collapse. You are just making a prediction that people wont choose this, but I think you might be surprised. People attribute value to all sorts of nonsense, especially once they've invested in it themselves.
One day all this will be dust, but today, for a brief moment, some guy can trade his collection of digital monkey pictures for a real life piece of paper saying he owns a house, or a whole bunch of database entries at a crusty old bank. Or, I guess, even "cold hard cash" if he prefers.