In the past few months, the non-fungible token (NFT) space has heated up, and NFT has become a hot topic in the cryptocurrency community. Many supporters believe that NFT will grow and transform everything from the art industry to online games. Others think that NFTs are completely worthless, nothing more than hype during the initial coin offering (ICO) stage in 2017.
Irreplaceable token assets and reliable immutability
The data shows that so far, the market history of nonfungible.com has exceeded 5.3 million non-fungible token (NFT) asset sales. In all these sales, artists, blockchain companies, and NFT dealers sold a total of $414.5 million worth of NFTs. Among the 5.3 million sales recorded on the nonfungible.com list, the average selling price of NFT was $76 per unit.
In addition, NFT has attracted mainstream attention. In March 2021, the famous NFT artist Beeple sold his works at the world-famous Christie’s auction house. The 20447 auctioned by Christie’s online is called “Beep: Every Day-First 5000 Days”, and the auction price of its artworks reached a staggering US$69.3 million.
It seems that a new NFT project is released every day, and new celebrities recognize their own irreplaceable token collections. Many cryptocurrency supporters believe that NFT will be a transformative idea that will shake up many industries such as art, music and online games.
At the same time, NFT is not popular among everyone, and there are more and more online comments about hype recently. For example, when Jack Dorsey endorsed Valuables, an NFT app created by a startup called Cent, it caused a sensation. The Valuables platform allows people to buy digital certificates for tweets and sell Ethereum on the open market.
However, the concept of valuables is accompanied by huge scrutiny and controversy. “What happens if you buy someone’s tweets and then delete them?” Software developer Jameson Lopp said after the company was launched.After being criticized by Lopp and many others, the Twitter account was dubbed @slvtrmndi Prove that this can happen.
“Someone just deleted the tweet they sold Minute,” @ slvtrmndi Tweet March 6.
The next day, Dennison Bertram of withtally.com explained how he created some NFTs stored on the Interplanetary File System (IPFS), which eventually disappeared.
“Interesting fact,” Bertram Say. He explained: “A few years ago, I created NFTs for hybrid metapunks.” “I store them in IPFS. I still have them. Because I also store them on AWS S3. All IPFS versions are gone. ,” he added.
In addition, earlier this week, the recent Banksy burning NFT transformation also caused controversy. Joey Syer, the co-founder of myartbroker.com, said in an email to news.Bitcoin.com that the burned Banksy NFT sale triggered the idea: “The only fools in this transaction are the buyer and the stuntman himself. “
Syer also insisted that Banksy NFT is no different from fetching free copies (jpg or png images) from the open network. “You can right-click the same picture that flooded the Internet and get your own version for free,” Syer severely criticized.
“Pull the carpet”-the creator of the NFT hosted at Opensea changed the image
Following Banksy NFT criticism and the controversial debate about selling NFT tweets, the Twitter account @not sure Explain to his followers that he pulled the NFT carpet trick this week. After the NFT was cast, he simply replaced the image he listed on Opensea with an image of an oriental carpet.
“I just pulled the carpet in Opensea’s NFT series,” he Tweet. “No one gets hurt. It’s very easy to change the jpg, even if it doesn’t belong to me or is in auction. I am an artist, is my decision right? A clue from someone makes him tired of the value of NFT. As long as the token and art The product itself is inseparable, and all discussions about the value of NFT are meaningless.
Twitter account @neverconfirm has been added:
I [have been] Has been working in the Bitcoin field since 2014. My 9-5 years old is engaged in sculpture art creation. For more than ten years, I have worked with a large team to provide services to one of the world’s best-selling artists. Some of the artworks we produce have sold millions of dollars. Every piece of art we sell comes with a certificate of authenticity. Paper without artwork is worthless. Artwork without a certificate remains unchanged, but may not be (re)sellable.
In addition, @ noneconfirm stated that if a person acquires the artwork correctly and can prove it but loses the paper, then a person is likely to get a new artwork. He said: “The blank signature is an autograph, not a certificate.” In addition, he added that each certificate of authenticity includes the title, year of production, artist’s name, materials used, dimensions, number of items produced, and the nature of the item itself. Quantity, date of signature and artist’s signature.
“NFT needs the support of an unchanging and permanent storage provider”
Another Twitter account is called @checkmynft NFT-like issues have also been discussed on social media platforms. “According to the FAQ on the Cent website, NFTweets metadata is stored in Matic (now Polygon),” @checkmynft write. The author of the Twitter topic explains how Cent’s NFT platform works and how to do it better.
“Twitter account details: “When the author, date and tweet content are saved on Matic, the image URL and the tweet URL are stored on the chain on Twitter and Cent, respectively. “The centralized storage of NFT assets and metadata poses a great risk to the potential value and longevity of NFTs. If Twitter or Cent is to be shut down, storing NFTs metadata and assets on a centralized platform will make NFTweet extremely vulnerable to assets. The impact of loss. Tweet’s underlying assets can only survive if provided by the provider.” @checkmynft added.
Twitter account continues:
The storage of assets is an easily overlooked aspect of NFT, but it is the basis of its value. With the person bidding $2.5 million for Jack’s first tweet, you can see why this is bad if the asset is lost due to closure or other reasons. If there is no reliable backup, NFTweet will actually become worthless. Metadata, tweet URLs and image files should be supported by an immutable and permanent storage provider.
The @checkmynft Twitter account further stated that a project called Arweave provides this utility through a “backup mechanism to permanently back up NFT assets, files, applications, and the blockchain.” Ardrive.io or Arweave is a project designed to provide constant and permanent storage.
On May 30, 2020, Arweave wrote about the topic of “NFT permanence” and used Arweave as a solution. “Usually, the actual digital assets, metadata and codes of NFTs are stored off-chain on a central server,” Arweave’s blog post details. “This information is sometimes seeded into IPFS, but if the wrong hard drive fails or the node goes offline, there is still a risk of permanent loss, just like a centralized Web. Without their related data and assets (such as NFT-based art Digital graphics), the NFT itself becomes functionally worthless to the end user.”
According to Arweave, the protocol designed by the team aims to permanently store an almost unlimited amount of data on the chain. The project’s blog post insisted: “Thanks to Arweave’s “one-time payment, permanent storage” data storage model, NFT creators using Arweave can rest assured that their NFT assets will be available for hundreds of years to come.
Another project similar to Arweave is Filecoin, which is an open source digital payment system that aims to provide blockchain-based collaborative digital storage. Usually, in addition to those who wish to strengthen the concept of NFT, many developers also use alternative chains instead of Ethereum. Blockchain competitors that can serve NFTs include projects such as Filecoin, Cardano, EOS, Tron, Komodo, Qtum, Polkadot, Cosmos and Avalanche.
What do you think of the dispute over the immutability of non-fungible token (NFT) assets? Let us know your thoughts on this topic in the comments section below.
Picture Credits: Shutterstock, Pixabay, Wiki Commons, ardrive.io, Twitter,
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