I tried to explain NFTs and crypto to family on Thanksgiving, but I don't think I was able to get it across across. I should have mentioned that many years before NFTs you could buy land on the Moon and get a certificate of ownership. There is no legal framework for owning land on the Moon, but that doesn't have to stop you from setting up a market for Moon land with your friends and trading your Moon acres for goods and services. As long as a group of people decided to use Moon land as money, they can use it as a way of enabling transactions. Like Monopoly money, it's essentially a way of keeping score of who owns what. Like casino chips, you might even be able to exchange them for dollars if the market owner (the casino) finds it profitable to maintain the illusion that they are real money. Just don't try to buy groceries with casino chips.
The operative phrase is "There is no legal framework," so if the Chinese decide to build a moon base on your land you're out of luck because you never really owned any land on the Moon.
Any day now someone will try to sell an NFT of the Brooklyn Bridge. In other words, NFTs are just another vehicle to extract money from suckers.
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