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This is an extract from today’s edition of Morning Memo, TheJournal.ie’s daily business newsletter, which puts the biggest business and economics stories of the day into context for readers. We also include a reading list of some of the more interesting business and economics-tinged stories from around the internet. Find out more and sign up here or at the bottom of the page.
IT’S DIFFICULT FOR most people to comprehend how or why an investor would want to buy Jack Dorsey’s first-ever tweet for €2.4 million. But then again, the entire concept of NFTs seems frankly alien, even when you go looking for simple explanations.
NFT stands for ‘non-fungible token’.
When a commodity is fungible, it means it can be exchanged for an equivalent amount of the same commodity without changing its value. If that’s a bit abstract, take the example of money. A €100 note is interchangeable with €100 no matter what way you slice up the second sum — whether it’s five €20 notes, 10 €10 notes or two €50 notes.
When something is non-fungible, it means it can’t be exchanged in a like-for-like fashion without altering its value, effectively making it unique or one-of-a-kind. Houses and used cars are classic examples of non-fungible goods because of their uniqueness.
Ok, that’s fairly straightforward. But what makes NFTs a particularly dense concept for explanation is their relation to blockchain technology and, in particular, the cryptocurrency Ethereum.
Suffice it to say that NFTs are supported by Ethereum — an alternative to BitCoin — and their value is held in that cryptocurrency. Transaction information is stored within the Ethereum blockchain, which makes it impossible to forge copies of the token.
Over the past few months, NFTs have really taken off in the art world as a way for artists to sell unique pieces of work to wealthy collectors. But the key thing to understand is that the ‘token’ in the phrase ‘non-fungible token’ isn’t the piece of art itself but rather, a line or two of code attached to the artwork that certifies its authenticity and its ownership.
So you don’t own the artwork itself even after forking out for it. But although the artist can retain the copyright to the artwork itself, the token can’t be duplicated. That’s why investors are spending millions on what are effectively digital collectable assets like Dorsey’s first tweet or videos made by pop star Grimes.
If it all sounds a bit ridiculous, it’s probably because it is a bit ridiculous. Critics of the concept think it’s a prime example of ‘frothiness’ in the market. Usually a sign of a looming bubble, a frothy market happens when lots of extra money is sloshing around and asset prices seem to become more and more untethered from reality. But defenders of the phenomenon see a bright future in NFTs, particularly for artists.
Because all NFT transactions are stored in the blockchain, it means that artists get paid a certain amount every time an NFT is bought or sold. Some believe NFTs could be the solution to the well-worn problem of piracy in the digital era. Other legal observers are less convinced.
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The protections offered by our institutions to the citizen really seem to be viewed as little more than an inconvenience by FG and their supporters
FFG can not be trusted that’s the bottom line here they need to be put out of government once and for all..
@Robert Phelan: People laughing at Borris Jonston saying the judges got it wrong and he was right. Here in Irrland, an independent body set up to ensure citizens information is protected, find the government are breaking the law and our government refuse to acc ere put the findings. FF, FG and BOJO are all of the same ilk. How soundly built are their ivory towers. No one is above the law.
@DaMoons: a short non exhaustive list of people who do seem to be above the law as i understand it.
Maria
Alan
Dennis
Michael
Regina
@DaMoons: when a government can’t admit when it’s wrong that’s very dangerous indeed.. Ireland is badly in need of change..
Should sacked Regina Doherty for waste money taxpayer €59M
@Brian Flavin: she is a waste of space.
@Brian Flavin: if somebody knowingly pushes something illegal they should be jailed
@Gus Sheridan: yeah true
She’s a neck like a jockies… that wan
This woman has some arrogance about her,between this mess up and sneakily extending in jobspath for another 12 months,shame on her
Doherty’s contempt for the public is disgusting.
@@mdmak33: Doherty’s contempt for the taxpayer is even more disgusting.
1)So it was clearly stated that the Government ‘s legal advice which is it disputes DPC Report Findings came from outside not the AG!
2)Was the AG advice in agreement with DPC Report Findings?On what legal advice did other Departments act by saying that people no longer NEEDED to produce a PSC?
Couldn’t believe what I heard in the Dail, shocking response to that such an important DPC Report about matters affecting processing, retention etc of the public’s personal data!
3)Where is the extensive business case regarding all aspects of the PSC including extending it to other Departments and 120 State bodies.
4)The Data Controller re PSC changed from DG of DEASP to Department itself during the 2 years of PSC investigation.
How can the Data Controller in the Department over the PSC have oversight of personal data that is transferred to other Departments including State bodies including its processing and retention and under what legal basis?
5) DPC, Digital rights Ireland and Data Compliance Europe have the expertise re all aspects of Data Protection Laws and very serious indeed to have these Findings and concerns dismissed outrageously!
Could you run a competition to see if anyone can find a photo of her not sneering? There could be a small prize.
Regina is the Latin name for Queen maybe that is were she gets her confidence from.
She has to exhaust the process to reach the final answer, otherwise the issue is just parked until the next time. That said, Willie O’Dea was a brilliant barrister before he went into politics full time, he wouldn’t be disputing this unless he had thought if fully through.
So this government do not know what each department is doing. Ie , transport and social..
Typical answer as to why FFG continue to stagger from one expensive disaster to another and care less for using tax payers money for protecting their fat posteriors …
If there is any justice she’ll loose the seat next time out
I listened to some of this “debate” in the Dail today. I was shocked at the performance of so called opposition deputies in calling this government, this minister to account. They let her away with the illegality she and FG are engaged in. No wonder FG get away with what they are doing to the country. Not one I heard could put this minister on the spot. All danced around the issue. I’ve seen better comments from all sides here on the issue than I heard in the Dail today.
Do t forget your 3 million customers as you say regina,calling citizens of this country customers that are in need is disgraceful,pity you didn’t care about your staff from your own company you bankrupted,are they customers now to you.
Surprised from an Arrogant Minister
Lock her up
https://no2psc.digitalrights.ie
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Can we please find out if the mu isters and TDs have a psc or is it onlt applicable to the minions.. After all I’m sure some of them had to renew driving licence or passport at some stage so if its good for the goose it’s good for the gander
As for this dispicable women it would answer her better to pay back her debts and pay her employees prsi so they can claim with their psc
16 weeks of a wait if your unlucky enough to have a child with a disability to get carers .She should be sacked on the spot
16 weeks of a wait if your unlucky enough to have a child with a disability to get carers .She should resign on the spot
OMG.. .she needs to get over herself …climate change need urgent attention…do your job
Regina. Accept the decision. U were wrong. U knew this from the get go now u want to waste more money on bullying people.
Horrible woman
If the governments legal advice is different to the DPC’s advice then instead of fighting through the courts the legislation should be changed ti remove the ambiguity. That doesn’t cost anything. And if they can’t get the votes to change it they should take the conservative approach and follow the DPC’s position.
It’s astonishing how any decent and moral person could actually vote for FG or any of the parties really. White Collar Gangsters.
Arrogant cow
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