They Are Just Links
a day ago
- NFTs are tokens representing ownership, typically visual art, stored on a blockchain like Ethereum using the EIP-721 standard.
- Many NFTs rely on centralized services (e.g., Google Cloud) for metadata, risking data loss if those services fail or change.
- NFTs don't guarantee uniqueness or authenticity, as anyone can duplicate a contract and create similar tokens, requiring centralized verification (e.g., OpenSea).
- NFTs resemble torrents by linking to content rather than containing it, posing copyright issues but depending on centralized platforms for recognition.
- The NFT space is not truly decentralized, with major platforms like OpenSea able to ban tokens and control value, making it a speculative and hype-driven market.