According to Google Trends (GT), during the week of March 7-13, the term “NFT” hit a record high for popular search queries. The highest score is 100 points. This week, GT showed that interest has been reduced to 97 points. At the same time, although the NFT hype has affected the cryptocurrency and blockchain communities, not everyone is excited about this technology. Some critics believe that NFT technology needs to be more powerful in order for the collection to last for more than a decade without disappearing.
The rift between NFT hype and NFT criticism
In the past few weeks, as people sell art for millions of dollars, unique audio recordings of farting have been tokenized, and even supported by blockchain, the NFT craze has jumped to a new level. Signature dance moves It’s NFT. Of course, so far, everyone has heard of the digital artist Beeple, who sold NFT through Christie’s auction house for up to $69 million. This auction pushed the enthusiasm of NFT to new heights. Christie’s auction house invited Sotheby’s to collaborate with an artist named Pak.
The mysterious digital artist Pak is selling an NFT called “Metarift” on Makersplace. On March 19, an NFT art collector named “888” bid for Metarift at a price of US$888,888. The next day, a bidder named “Danny” raised his bid to $904,413. The auction ended at Pak’s latest NFT art auction at 12:30 (PST) on Saturday, and Danny won the bid.
Although all major auction events and all celebrities participated in entertainment activities, non-fungible token (NFT) assets have received a lot of criticism. The news desk of Bitcoin.com discussed the topic of NFT immutability, which is by far the biggest weakness of the industry. In that editorial, the tokenized NFT tweets were deleted and the artwork was replaced with other images.
On March 17, Twitter user Jonty Wareing tell How his 6,932 followers use irreplaceable tokens to refer to the media that people buy today. His first tweet was all the rage with more than 27,000 likes and nearly 10,000 retweets.
Out of curiosity, I studied how NFT can really refer to the media you are “buying”, and my eyebrows are now flying around the moon
The file disappeared from the host “Your token is now worthless”
he Discussed The sale of the original Beeple sold on Nifty Gateway, and details how the Beeple JSON file is hosted on Nifty Gateway’s servers. Then, Wareing explained how to host NFT on Cloudinary. Wareing said: “So if Nifty goes bankrupt, your tokens will now be worthless.” “It says nothing. It cannot be changed,” he added. Then, Wareing also discussed files that are also using the Interplanetary File System (IPFS).at this tweet, He specifically discussed the IPFS-related Beeple sold by Christie’s.
“So, it did a good job referencing IPFS-it was referencing specific files rather than URLs that might break.” Wareing continued, showing the metadata link to the IPFS gateway running by Makersplace. However, if something goes wrong with Makersplace, the link may become useless over time. “You might say’only IPFS hashes are quoted in both places'”, Wareing added. However, further ridicule “As long as the nodes in the IPFS network intend to maintain their hosting status, IPFS only provides file services.”
Wareing also said:
When does it mean to start [that] If NFT goes bankrupt, your files may also disappear from IPFS.
The Twitter account called “Check My NFT” found current NFT flaws in the wild
In addition, he posted a tweet introducing The problem Today, he said: “NFT is built in an absolute house of cards built by people who sell cards.” He claims that this technology will be “broken” within ten years. The Twitter account is called “Check My NFT” (@checkmynft) Has been tweeting and talking about Missing art, with Inaccessible NFT assets.
In our last report, “Check My NFT” explained that metadata, URLs, and image files “should be supported by an unchanging permanent storage provider”. One way to do this is to use IPFS2Arweave.com, which uses a project called Arweave.
The IPFS + Arweave solution claims to be able to solve the permanent problem by using Arweave for storage and fixing NFT data to the interplanetary file system.
“IPFS is a popular P2P network for sharing data in a decentralized manner, but it lacks one function: permanence. The content on the IPFS network may disappear. If no one is hosting the data, the data will be lost forever.” Arweave website details. “The Arweave Blockchain can now store and pin files to IPFS and make them permanently available. This simple API accepts IPFS hashes, stores data in Arweave, and pins it to IPFS.”
It is interesting to see if the NFT project takes the recent review seriously and uses immutable permanent storage as recommended by Check My NFT and Arweave. Ongoing projects may strive to build a stronger persistence model. Projects that have minted millions of dollars in NFT projects may want to ensure that irreplaceable token assets are truly considered immutable.
At the same time, other blockchain NFT solutions believe that their distributed ledger protocol alone is sufficient to preserve NFTs for centuries. Much of the content in the NFT debate still requires testing time or exposure to vulnerabilities.
What do you think of the permanent issue of NFT? Let us know your thoughts on this topic in the comments section below.
Picture Credits: Shutterstock, Pixabay, Wiki Commons, Twitter, @checkmynft, Arweave, IPFS + Arweave, Pak, Metarift, Makersplace,
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