Quote:
Originally Posted by Fuzz
https://news.slashdot.org/story/21/0...keep-vanishing
So this is kinda funny...apparently when you buy an NFT, it gets registered no the blockchain as a url pointing to the image. So what happens when that image isn't hosted in the exact spot it should be? Well then your reference to all the dollars you spent is gone. You can re-host it, but then the chain of ownership is gone too, because anyone can copy an image on the internet, and the only proof that version is yours is on the blockchain pointing to the url. And you can't update the blockchain location. This seems like a fairly flawed way to blow $69 million.
The chances of any of these sites operating and hosting 20 years from now? Probably near zero.
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The above is not exactly true nor is it what NFT's are all about. All NFT's are used for is to point the 'minting' or ownership of a certain asset. No one really cares about the links, they care about the ownership. The blockchain that these are on still link to a unique wallet and unique user. Sure they link out to an actual weblink but that's not where the value is. The value is that a certain wallet has the rights and ownership to the asset and the respective owner can transfer ownership to the next person on the blockchain.
The article alludes to the fact that "if you saved the image to your phone before it was removed, you could gaze at it while absorbing the aura of a cryptographic signature displayed on a second screen, but that could lessen the already-tenuous connection between NFT and artwork" but its missing the point of this entirely. What you are buying is the right to the art work. Kind of similar while not entirely to how some people have real art work hanging in their homes while others have close to identical reproduction's. At the end of the day its about the original work and who has the right to the 'minted' work.