All of the NFTs you know and love today, have their data stored their on centralized servers (images, video, etc). What is only stored on the Blockchain is just the properties of the NFT itself. While you're basically the "owner" of the NFT, you could lose technically lose it if the centralized server hosting the content of the NFT goes down.
So, what's the point of investing in NFTs if they can disappear in an instant? Unless all of the content is stored on the Blockchain itself, I don't see how NFTs will be able to last forever. Are there already solutions in the works that I'm not aware of? Please enlighten me on this. Your input will be greatly appreciated. Thank you.
So, what's the point of investing in NFTs if they can disappear in an instant? Unless all of the content is stored on the Blockchain itself, I don't see how NFTs will be able to last forever. Are there already solutions in the works that I'm not aware of? Please enlighten me on this. Your input will be greatly appreciated. Thank you.
Ha ha. Good point, proving once again the absolute impracticality and ineffectiveness of buying NFTs as some form of digital art, and with an exorbitantly high price tag. Investing in NFT is suitable only for speculation, but not for collecting or anything else. Art is eternal, but these chitcoins are fleeting. As the recent situation has shown, NFTs can only effectively destroy entire ecosystems, and they will never be attractive for investment.
Physical art is eternal but when it comes to NFT as Abiky stated, they are stored somewhere, and that is likely in centralized servers.
And these servers don't last forever. And certainly, the owners can't guarantee that they can secure it in eternity.
NFTs is just one facet of today's technology, it can very well disappear in the years to come and replace by a new one.
Remember, it is a hype for now and its future is face with uncertainty. So it is your own prerogative if you want to own one or not.
If you have the capability to buy an expensive artwork, I would prefer the physical artwork rather than the digital one.
That for sure, you can own in your lifetime as you have the full control on how you will handle and secure it.
I wonder how many NFTs, of all those created at the moment, have any value at all, not only to their owner, but to the rest of the community or even to world culture? How many? 0.001% of the total? Less? More? I think the figure is extremely negligible and makes it clear that this technology is extremely crude and not used for its intended purpose at all. How many announcements in the last year have we heard from big and well-known artists that they are releasing their NFTs? It seems that everybody understood that this sector is full of speculators and wash traders and something tells me that the theme of art is the least of their worries.