Topic: Can NFTs last forever? - page 11. (Read 1582 times)

You are correct that NFT-related content is usually stored on centralized servers, which can result in data loss if the hosting service fails or closes. However, there are several approaches that can help keep NFTs forever.
The first approach is to store content directly on the blockchain. This solution has its advantages and disadvantages. On the one hand, storing content in the blockchain guarantees its safety forever, since the blockchain does not have a single point of failure and the content is stored in a distributed network of nodes. However, this can lead to scaling issues and require significant resources to store large amounts of data.
The second approach is the use of decentralized data stores such as IPFS (InterPlanetary File System). IPFS allows content to be distributed across a network of nodes and ensures data integrity through an integrity check mechanism. This solution is also not ideal, as it depends on users continuing to store IPFS files for a long time.

There are countless of stories people buying altcoins and losing money, so are those also worth nothing over time? Everything in this space is speculation so that's not really an argument against nfts, it's an argument against all cryptocurrencies. It has been speculation from the start. No matter the marketcap or the meme lines people draw over the charts as TA. Everything can come down and burn. Just look at the top marketcap coins history

NFT is just hype. All these picture collections won't be worth anything over time. There are already plenty of stories of people spending hundreds of thousands of dollars a few years ago and now having no more than a hundred dollars. So NFT is just speculation. The same story is happening now with meme coins. Someone will just lose money. But it will be something to remember.

Yep trend changes and NFT arts is somehow left behind with the current trend. The explanation you did about NFT just being a picture or a short video that will make people bored and let go of it with nearly zero value is I think wrong. You can treat it as a piece of art that everyone wants like a monaliza painting. Time will tell on how much people will value these NFT's especially those who is collectables such as apes and punks. Though I don't think it will fall to nearly zero as people find it to have a value even on the next generation of crypto.

NFT projects are easily forgotten. After the hyped, there gone and nobody went to the market and buy them. After all, those who invest in this project last year will never gain any cents but just a souvenir from the hype that actually gain the attention of the community. In the coming years, no projects will come out and make another name in the market making previous projects will no longer recognized. In fact, we can make those things easily on the internet and make a copy of it but still wondering why during the hyped time some people got crazy about this.

We have seen the emergence of AI technologies nowadays and quickly becoming the hype right now, that's too long to calculate probably it will gonna be a ton of new things will appear and no one will be interested anymore in the images of monkeys with hats and they might gonna sold for almost nothing when that happens because as we can see right now, it's just merely a picture or a short video. nothing else right there and you cannot monopolize it because you can easily counterfeit it with free software on the internet which can give you your own copy.

NFT will have it's timeframe in the space but we don't know when it is. The hype is still there but the trend will not always be there and that's how crypto market works and cycle of the market as a a whole. There are always be a new trend like the MEME trend we are experiencing right now but MEME seasons will also end that's why hype is always temporary.

Yeah, it's interesting to see if those are going anywhere. I don't think that people are buying the idea of forever when they are buying nft:s, i think that they are buying an experience and feeling of owning. And naturally an ability to sell it forward.

Yep, but tokenizing gold and securities so that they would be real and not just just synthetic assets requires ton of new innovations that don't have a working blockchain yet. Like layer 1 ZK smart contracts with build in kyc and reversable transactions on tokens by issuer for starters. Because AML laws requires that you can't issue real stocks without ability to reverse the transactions, and big players need total confidentiality to prevent front running that's happening eth all the time. I don't even know all the requirements.

Decentralization and automation could save incredebly amount of money but even when such a system is ready, there will more issues, like is the native token (or "coin") that's an incentive to keep the network secure going to stay legal. And if not, how can the network be decentralized and secure enough for the multi billion dollar industry?

But i remain confident that this kind of system, tgat's needed to work with regulations, will happen and is only matter of time. And future of cryptocurrencies is going to be somekind of hybrid of centralization and decentralization.

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.

The lifespan of NFTs relies on multiple aspects, such as how famous the material they depict is, how much people want it, and the accessibility of the blockchain technology that supports it. Similar to other investments, NFTs come with risks, and it's important to carefully research and be careful when investing in them. Moreover, the value of NFTs may vary with market fluctuations, making it challenging to ensure their long-term worth or lastingness and we all know technology changes from time to time so we have to keep this also in mind.

Well, I don't know what makes people think that NFT is valuable because not even see it as worth buying. NFT projects have no future, hope I was wrong but as I see it, they got a name because of some influencers, not because of their market potential.
Though I take advantage of the situation during the hypes but never I think I have to hold them as I sell them while it was still tradable because now, nobody is about to buy them - they are just as sort of collections.

I think that today it is worth investing in NFT, since this is a very promising income at this stage in the crypto industry, then there is a risk of losing NFT when servers crash, of course, and not without it, since in any investment there is a point of no return and loss of funds invested by you , so that each person should think for himself what he is going for

Hmm, you make a good point about NFTs and how they might not last forever if they're stored on centralized servers. Yeah, so like, NFTs are stored on the blockchain and stuff, but the actual pics and vids are usually on regular servers. That could be a problem if those servers crash or the content disappears.

But I think, the NFT scene is changing and folks are working on fixing that problem. So, there's this cool thing called IPFS (InterPlanetary File System) that lets you store and share NFT content in a decentralized way. When you use decentralized storage, your stuff is way tougher and less likely to get messed up by one thing going wrong. Also, some projects (like for example Arweave, Filecoin, Storj and Sia) are checking out on-chain storage options where the whole thing is stored right on the blockchain. So basically, this way the content stays put and can't be changed in the decentralized network. Let's see what further development that they can bring in the future.

Funny how in that case it's kind of safer just to save images that you commissioned in your pc instead. Either way I'd say they're still kind of worth-ish, especially if you plan to resell them just as quick. Storage servers wouldn't just die like that all of a sudden, so I reckon said services would probably give some leeway and be able to transfer it to an existing one.

On the assumption that said leeway never happens, I'd still say it's worth it since comparatively speaking, there's much more in terms of risk in handling an artwork physically compared to nfts. On digital, I'd say it depends on how you handle data yourself. This is if it's just in terms of storage, since afaik nfts (or at least the og idea) had some form of returns to the og artists whenever said nft was resold.

Obviously it is some fad that we have seen before, or the hype, ICO->IEO-> etc, I think everyone got the point.

And so when someone was also to create NFT and then investors (if you can call them that way), suddenly jump into it, then it become the buzz of the altcoin market and now it even spill to bitcoin network now with this ordinals and brc-20 token that is clogging the network.

So there is no point of investing in NFT and for me, sooner or later it will be replaced by something new again and the cycle continues for this market.

There are projects that still stores data for their NFTs on-chain or at least that's what they claim. Autoglpyhs is one of them if you plan on checking https://www.larvalabs.com/autoglyphs

Decentralized hosting and storage is probably the best solution at the moment as others have already mentioned IPFS and Arweave.
That could be an inconvenience but the buyer has to make effort to secure his digital property if he really treats it as a valuable investment.

If we want to talk about the trend, maybe the trend will always change like what's the current hype now, we saw before the peak of NFT which always have its peak and low, that's how the trend works.
But if we want to talk about NFT itself that they are intended for permanent, immutable blockchain storage. As long as blockchain lives, NFT will be there also.
The lifespan of an NFT can be affected by a number of variables, including the durability of the blockchain, how the NFT is stored and maintained, and the state of the digital asset it stands for.

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.

I think thats not exactly the point here, if it's in regard of value, there are most certainly so many factors out there influencing it but the thing is, whether the NFT content could be retained forever, it's most likely no, why such NFT content be retained without the fee charged, I think each NFT owner should have the responsibility of taking care their own NFT for long term but then again I don't even think the trend of NFT could even outlives the content of the NFT itself as most of them are quite short living, eventually NFT trend will fades, it's just matter of time, even majority of NFT that was popular already forgotten, i'm sure NFT owner don't even know they formerly have some of their NFT, right now NFT doesn't seem like real investment it's just basically a game. nothing more.

NFTs would exist as long as the investor keeps it on his wallet address. As far as I remember, once an NFT is sold, the owner will no longer have the possession over it. However, if it is its value which is being discussed to last forever, it is more likely not to happen. First thing is that, the market price of an NFT is determined by demand and supply as well. These factors are highly being affected which could trigger sudden changes withthe market prices. But if it is just total appearance to one's wallet, as long as the platform is there, the artwork would be able there.

If it is investing to NFTs, that would depend on your preference . If you are after easy money then think of all the possibilities. Not all NFTs are working fine as it supposed to. So think of whether it is something worthy of risking your money with?