In recent months, the non-interruptible token (NFT) space has heated up, and NFTs have become a hot topic of conversation in the cryptocurrency community. Many proponents believe NFTs will become huge and change everything from the art industry to online gaming. Others believe that NFTs are completely unnecessary and are nothing more than the hype seen during the Initial Coin Offering (ICO) phase in 2017.
Irreplaceable token assets and reliable immutability
The data shows that more than 5.3 million token sales (NFT) have been registered so far on the nonfungible.com marketplace. Of these sales, artists, blockchain companies and NMT merchants sold $414.5 million to NMT. Of the total 5.3 million sales on the nonfungible.com list, NMTs sell for an average of $76 per unit.
In addition, NFTs have received more attention, and at 11. March 2021: Popular artist NFT Bipple sold his work to the famous auction house Christie’s. Christie’s online auction 20447 was called Beeple: Every day… The first 5,000 days. The sale of the artwork raised a whopping $69.3 million in total.
It seems like every day a new NFT project comes out and a new celebrity supports their own unreadable chip collections. Many crypto currency advocates believe that NFT will be a transformative idea that will disrupt a number of industries, including art, music and online gaming.
Meanwhile, not everyone likes NFTs, and the hype has been widely criticized on the internet lately. For example, when Jack Dorsey supported an NFT app called Valuables, developed by a startup called Cent, it caused a stir. The Valuables platform allows people to buy a digital tweet certificate and sell it on the open market for distribution.
But the concept of value has given rise to enormous questions and controversies. What happens when you buy someone’s tweet and then delete it, said software developer Jameson Lopp after the launch. After this criticism from the Lopp and many others, a Twitter account named @slvtrmndi proved it was possible.
Someone just deleted the tweet he sold to Cent, tweeted @slvtrmndi on the 6th. March.
The next day, Dennison Bertram of withtally.com explained how he created NFTs that were stored in the interplanetary file system (IPFS) and eventually disappeared.
Fun fact, Bertram said. I coined the term NFT a few years ago for my hybrid metapacks, he explains. I stored them in IPFS. I still got it. Because I also have them stored on AWS S3. All versions of IPFS are gone, he added.
Bitcoin solved the problem of dual use, NFT reinvented it.
– Paul McKellar (@pm) March 9, 2021
Moreover, the recent bank transformation of the NFT earlier this week has also created controversy. In an email to co-founder Joey Sayer of myartbroker.com, it is said that the Banksy NFT fire sale makes it seem like the only idiots in this business are the buyers and stuntmen themselves.
Syer also maintained that Banksy’s NFT is no different than removing a free copy (jpg or png image) on the open web. You can right-click on the same image flooding the Internet and get your own version for free, Sayer replied.
Trickery – NFT Hosting Creator on Opensea modifies images
Following the criticism of Banksy NFT and the controversial debate over the sale of NFT tweets, the Twitter account @neitherconfirm let its followers know that it had done an NFT tapestry trick this week. He simply replaced the images he made in Opensea with images of oriental carpets after the NFTs were hit.
Just pulled a rug from my NFT collection on Opensea, he tweeted. No one was hurt. It’s pretty easy to change a jpg, even if I don’t own it or if it’s at auction. I’m an artist. It’s my choice, right? A thread from someone who makes his living with Art-Irle about the value of NFT. All the talk about the value of NFT is meaningless until the token is inextricably linked to the artwork itself, wrote NFT artist @neitherconfirm.
Twitter account @neitherconfirm added:
I have been in the bitcoin business since 2014. My profession is sculpture. For over a decade, I worked with a great team for one of the world’s best-selling artists. Some of the art we produce sells for tens of millions. You will receive a certificate of authenticity with every work of art that we sell. The paper without the drawing is worthless. A work of art without a certificate remains, but cannot be sold or resold.
Also, @neitherconfirm said that someone who received the artwork legitimately and can prove it, but lost the documents, will likely get a new one. A clean signature is a signature, not a certificate, he said. In addition, he added that each certificate of authenticity lists the title, year of production, name of the artist, materials used, dimensions, number of pieces produced, number of the piece itself, date of signature and signature of the artist.
NFTs must have a permanent and unchangeable storage place
Another Twitter account, @checkmynft, also deals with NFT issues on social media. According to frequently asked questions on Cent’s site, the metadata from NFTweets is stored in Matic (now Polygon) – writes @checkmynft. The author of the Twitter feed explained how Cent’s NFT platform works and how it can be improved.
While the author, date and content of the tweet are stored in Matic, the URL of the image and the URL of the tweet are stored off-chain in Twitter and Cent, the Twitter account data, respectively. Centralized storage of NFE assets and metadata presents extreme risk to the underlying value and life of NFEs. Storing NFT’s metadata and assets on centralized platforms makes NFTweet highly vulnerable to asset loss in the event that Twitter or Cent ceases to operate. The underlying values of Tweet will only survive as long as ISPs do, @checkmynft added.
The Twitter account continued:
Asset storage is an aspect of NMT that is easily overlooked, but is fundamental to its value. In the case of the person who offered $2.5 million for Jack’s first tweet, it’s understandable that it would be terrible if the assets were lost due to a shutdown or other reasons. Without a reliable backup, NFTweet is essentially useless. The metadata, Twitter URL and image file must be stored by an immutable and persistent storage provider.
The @checkmynft Twitter account further points out that a project called Arweave offers exactly that benefit by securing NFT’s assets, files, applications and blockchain forever through a donation mechanism. Ardrive.io or Arweave is a project that aims to provide permanent and unlimited data storage.
The 30th. May 2020 Arweave wrote about the issue of NFT permanence and the use of Arweave as a solution. Often the actual digital assets, metadata and NFT code are stored off-chain on central servers, as explained in an Arweave blog post. This information is sometimes transferred to IPFS, but can be lost forever if the wrong disk fails or a node fails – just like a centralized network. Without the associated data and assets, such as. B. digital images for NFT-based artwork, the NFT itself becomes functionally unusable by the end user.
According to Arweave, the protocol developed by the team is designed to permanently store an almost unlimited amount of data on the chain. Thanks to Arweave’s pay once, keep forever storage model, NMT creators who use Arweave can be sure that their NMT assets will still be available hundreds of years from now, according to a blog post about the project.
Another project similar to Arweave is Filecoin, an open-source digital payment system that aims to enable blockchain-based cooperative digital storage. In addition to those trying to reinforce the NFT concept, many developers use alternative strings instead of ether. Competitors that could serve the NFT space include projects like Filecoin, Cardano, EOS, Tron, Komodo, Qtum, Polkadot, Cosmos and Avalanche.
What do you think about the controversy over the undifferentiated nature of token assets (NFT)? Let us know what you think in the comments below.
Tags in this story
@checkmynft, @neitherconfirm, @slvtrmndi, Artwork, Arweave, Beeple, Cent, Christie’s Auction, Dennison Bertram, Filecoin, Image Change, Immutability, Immutability Debate, Interplanetary File System, IPFS, IPFS.io, Jameson Lopp, Joey Syer, Metadata, myartbroker.com, nft, NFTs, Non-Fungible Token, Rug Pull, Valuables
Photo credit: Shutterstock, Pixabay, Wiki Commons, ardrive.io, Twitter,
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