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.
I completely agree with your perspective that NFT markets are not so lucrative as it was perceived. I personally purchased many NFTs and received some as reward. But unfortunately there were no buyers and the investment ended up in loss. The fundametal purpose of creating NFTs, centered around digital art and in developing countries where people work all the day to provide basic needs to their families, hence buying digital art is not their priority.
The promoters of NFT sector have been making efforts to link some kind of use case with NFTs but so fat there is not any notable success and trading vomues of major NFT platform such as opensea.io are showing gradual decline, indicating challenging situation for this sector.