Can NFTs last forever? - page 10. | Bitcointalksearch.org

Abiky

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Quote from: goldkingcoiner on May 12, 2023, 01:45:05 PM

NFT's would only make sense if the law, specifically the copyright laws included NFT's to be seen as legitimate ownership contracts. But no law in the world is enforcing or admitting the rights of NFT-owners to be owners of the actual artwork behind the NFT. So there is absolutely no point in owning an NFT other than to flaunt the fact that you threw your money away for something which has no value and only an inherent rarity as the standard of speculational value.

For some reason there exist just enough idiots in the world to still buy NFTs. Which may raise the question of if they will last forever. I hope not but maybe yes.

I'm talking about NFT content (data) being preserved for generations by using a decentralized storage solution. Not the trend itself. NFT creators are only focused on making money, instead of what truly matters most. The vast majority of NFTs have their data stored on centralized servers. If the server goes down, you will lose everything in an instant. What will appear on the Blockchain is just proof that you own the NFT. But that's it.

People are wasting their time and money in things that won't last forever. Unless NFT creators host the content on decentralized storage solutions such as IPFS, Sia, or Storj, don't expect NFTs to be taken seriously anytime soon. Who knows what the future holds for this nascent industry? Just my opinion

vv181

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Quote from: Abiky on May 10, 2023, 06:20:00 PM

IPFS, Sia, and Storj would be the only solutions to help preserve the content of NFTs "forever". Most developers/NFT creators are often focused on making money with NFTs, so this would be the least priority for them. I see NFTs as something temporary that are only meant to "test" the Blockchain's capabilities.

And it simply does not sell.

Making a robust system that truly preserves the media or content instead of pointing it out somewhere else is trivial for them. There is no money to extract by adding up those features and maybe people might just don't care about it. Or did not even comprehend such things concerning issues that are worth to be solved on.

In regard to blockchain capability, well I believe there are many. The problem is to find a solution that is worth solving by using blockchain.

darewaller

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Quote from: freedomgo on May 12, 2023, 01:59:37 PM

Quote from: Abiky on May 09, 2023, 11:30:19 AM

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.

NFT's are good and I personally look at it as an investment good for short term holding only until you will meet that buyer who will spend a huge amount just to acquire it but knowing that factor alone, it will be hefty investment and responsibility that has a lot of risks because some investors are wise enough to only invest in projects that has more chances than risks even if their money are overflowing already. Hence why I did not buy any of those NFT's.

Good for you but for the majority, they always hate these nft's as they think it was just another way to grab the people's money. Not only that but nft's are also said to be a vehicle for the criminals to launder money. Nft's are in different types but the most common one is art. Art can also be an investment.

You can buy, hold them, and sell them later for a much higher value. They work great for long term but you must investigate properly if the nft is genuine before you buy them. Of course wealthy people are wise enough and won't just invest carelessly only because they are rich already and this might be the reason on why they became wealthy.

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Quote from: Abiky on May 12, 2023, 11:35:06 AM

Indeed. Ordinals NFTs are completely stored on the BTC blockchain for long-term data preservation. But the biggest downside is that it causes network fees to rise like crazy. Developers should always aim for off-chain scaling solutions or even sidechains if they're really serious about making NFTs last forever without bloating the Blockchain. I see NFTs as a passing trend meant to test the Blockchain's capabilities to its fullest.

What will actually become useful are tokenized assets and Soulbound Tokens (SBT). Just wait until the next bull market for these new trends to take over the crypto world by storm. The NFT hype is slowly fading away, so it should only be a matter of time before they become history. Just my thoughts Grin

True as you say NFTs are causing quite a stir in the crypto world but why not just aim for an off-chain scaling solution? It's like taking the stairs instead of the elevator - one gets there eventually, but with a bit of a huff. I think the NFT hype is fading, think of it like a haircut, it may take a while to fully grow out. But who knows what will happen in the future?

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Quote from: poodle63 on May 10, 2023, 06:39:46 PM

NFT will be last forever but the hype for the NFT gonna be last for shortterm. As you can see that how many NFT being created in the past during the hype of opensea and these NFT's value have been dropping so hard till now.

NFT will always exist caused by it used token as identification but it will have no value anymore as the hype will be gone.

NFTs have not provided any compelling reason for me to revisit them, as I view them as a failed idea. However, if the claims that they are being used for money laundering are true, then the use of NFTs for this purpose is evidently effective, as it allows for the seamless transfer of funds.

Magic-Money

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NFTs of a thing, I'm not interested to invest on them, because I see it as an ordinary images, which keep increasing day by day in difference platform, and can't be sold out immediately as normal sell alt-coins in cryptocurrency trading, rather than place pending order to sell, which takes a long time before it gets sold out.

Rampagoe004

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To me NFTs are the shit that has littered the blockchain network. I mean what is the essential thing that we have got from NFTs? Apart from the bits and pieces of images, we also don't know what their function is. There may be some good NFTs like Apes but behind that there are thousands if not hundreds of thousands of NFTs that have become trash on blockchain networks like Ethereum and Polygon.

cryptoknightt

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To be honest, I'm not interested in the name NFT because I think NFT is just a picture that doesn't matter and what you need to know is maybe NFT is only there because of the season. I can't guarantee that in the coming season NFT will be like it is today.
Everything is certain that someone has managed it centrally, just waiting for the game date. this is my perception

OgNasty

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There are some public storage options for NFT creators but you’re right that they aren’t stored on the blockchain, only the link to the image is stored. So when you buy an NFT, you aren’t buying an image, you are buying a token with a url. People can even release tokens with the same url, effectively creating a duplicate of the NFT. Make sure you know what you’re buying and that it comes from the original creator.

Teraboy

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that's why I think that the usage of NFT for arts, and many more aren't just good enough, NFT better be taken advantage of for other things, like maybe giving unique identifier for some certain products like sneaker and shoes and many more. it's just better be used that way.

JayTrain

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You bring up a valid concern about the longevity of NFTs, and it's something that the industry is currently working to address. While there may not be a perfect solution yet, I believe that as technology continues to advance, we will see more secure and decentralized options for storing NFT content.

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Quote from: teosanru on May 12, 2023, 02:18:25 PM

Quote from: Abiky on May 09, 2023, 11:30:19 AM

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.

Makes sense but the idea behind NFT wasn't to store the art itself on blockchain it was to determine it's ownership only. I mean NFT isn't the locker where you keep your art, instead it's the certificate which certifies that it's your art. But yes as far as I know there are a few new NFTs which are attached to a decentralised server, which means owning that NFT also gives you access to a specific space in the decentralised server where you can eventually store it as well.

Take for example on some Play to Earn games on which you would be needing to purchase up such NFT for you to be able to have some access or having that a pass or something like that
which it do still ends up that you are really that still investing on a particular game or ever as long it does really involved some purchases or like what. Speaking about NFT could last forever
then we know that there's no such thing about having assurances about things because it would be always falls down into the demand and recognition of the community.
Somewhat NFT is really still that significant in todays but not as really as much compared into those previous years where it is really that the current hype or trend but now
we are really that moving into another which leaves out to those people who do purchased out those expensive NFT's ending up on losing big time in speaking about their value
which does prove out that its never been worth on holding on.

teosanru

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Quote from: Abiky on May 09, 2023, 11:30:19 AM

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.

Makes sense but the idea behind NFT wasn't to store the art itself on blockchain it was to determine it's ownership only. I mean NFT isn't the locker where you keep your art, instead it's the certificate which certifies that it's your art. But yes as far as I know there are a few new NFTs which are attached to a decentralised server, which means owning that NFT also gives you access to a specific space in the decentralised server where you can eventually store it as well.

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Quote from: Abiky on May 09, 2023, 11:30:19 AM

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.

NFT's are good and I personally look at it as an investment good for short term holding only until you will meet that buyer who will spend a huge amount just to acquire it but knowing that factor alone, it will be hefty investment and responsibility that has a lot of risks because some investors are wise enough to only invest in projects that has more chances than risks even if their money are overflowing already. Hence why I did not buy any of those NFT's.

goldkingcoiner

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Quote from: Abiky on May 09, 2023, 11:30:19 AM

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.

NFT's would only make sense if the law, specifically the copyright laws included NFT's to be seen as legitimate ownership contracts. But no law in the world is enforcing or admitting the rights of NFT-owners to be owners of the actual artwork behind the NFT. So there is absolutely no point in owning an NFT other than to flaunt the fact that you threw your money away for something which has no value and only an inherent rarity as the standard of speculational value.

For some reason there exist just enough idiots in the world to still buy NFTs. Which may raise the question of if they will last forever. I hope not but maybe yes.

AakZaki

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A good feature for the gambler not to become an addict. But is this feature applied to several popular gambling platforms. Gambling platforms want a lot of profit from everyone, if they use the anti-addiction feature, they will earn a little.
But despite all that, each gambling platform has their own rules and there will be a warning that gambling will carry high risks.

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Quote from: Abiky on May 09, 2023, 11:30:19 AM

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.

The storage algorithm may be revised. After all, the NFT code is unique and it is assigned to each unique token. For me, of course, such information causes some shock. What about the differences between erc1155 and erc715?

Abiky

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Quote from: nutildah on May 11, 2023, 02:49:45 AM

In addition to Arweave, which is my go-to blockchain storage solution, it appears as if you've missed out on the whole "ordinals" thing which started on Bitcoin and has also moved to Litecoin. Image (or other) data can be uploaded into the witness space of a transaction (known as an "inscription") and assigned to an individual satoshi (known as an "ordinal"). The ordinals can then be transferred around from wallet to wallet, granted you know how to practice coin control.

Some Ethereum NFT image data is indeed stored on that chain, I don't know a whole lot about it.

Additionally you have the Stamps protocol which is much more limited in size but allow for image uploading to Bitcoin and Dogecoin.

On-chain data seems like it would solve the problems caused by a centralized hosting service but its still a sticky wicket. Lots of things to consider still about their permanence.

Indeed. Ordinals NFTs are completely stored on the BTC blockchain for long-term data preservation. But the biggest downside is that it causes network fees to rise like crazy. Developers should always aim for off-chain scaling solutions or even sidechains if they're really serious about making NFTs last forever without bloating the Blockchain. I see NFTs as a passing trend meant to test the Blockchain's capabilities to its fullest.

What will actually become useful are tokenized assets and Soulbound Tokens (SBT). Just wait until the next bull market for these new trends to take over the crypto world by storm. The NFT hype is slowly fading away, so it should only be a matter of time before they become history. Just my thoughts Grin

FanEagle

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Not really the issue with NFT's. I mean if you are buying an ape image for thousands of dollars, I am sure that the centralized part of the image itself is not the thing you should be really worried about. Even one sale of that is enough to cover the server costs beyond your life span, it shouldn't really be a problem and you could even do backup plans as well, these companies made so much money from people buying silly NFT's that I can't believe this would even ever be a priority for them.

The real trouble is that NFT as a logic is great but how it is used is beyond bonkers, nobody should use it the way it is used right now and we should try to avoid something like this and not invest into any NFT just because it looked cute or cool or whatever, it needs to have a utility.

Furious 7

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Quote from: Abiky on May 09, 2023, 11:30:19 AM

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

It's difficult when talking about NFTs because basically it just goes back to the collection and nothing more.
They're just hype that can't be done with anything anymore and when their hype ends it's clear things like that are useless unless you really are happy with the collection you have because in the end it's just an image that is seen Cheesy

Current conditions I even doubt they will have the same hype in the future because as we all know about a hype system like this in the end this is just like any other hype hype that will be left behind when they have finished making a profit.

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