Topic: Question about NFT (Read 122 times)

I've been into various NFTs since early March and they have been quite a fascinating world to explore. Similar to an altcoin, they are just smart contract tokens on the specific blockchain like Ethereum or Solana in general. For instance, there are USDC and USDT tokens both on Ethereum and on Solana along with other coins. How are we able to distinguish them apart? It's determined based on the contract address of the specific token. Similarly the original artist/creator shares the contract address through which we will be able to verify if we have purchased authentic NFT or not.

For instance this is the authentic contract address of cryptopunk : 0xb47e3cd837ddf8e4c57f05d70ab865de6e193bbb and the assets available only from this contract are worth a few millions. But there are various fake punks roaming around in opensea which is obviously trying to steal your ETH.

NFTs are at an infant stage and the perfect use case of NFTs can work in the case of gaming as shown in the movie Ready Player One and Free Guy. Apart from this, the recent announcement from Facebook sheds light on the likeliness of Decentraland kind of space where we will be able to own Digital Land and Avatar through the use of Blockchain technology.

Surprisingly in the case of Decentraland, any land/parcel near to the main area costs near to a million and recently a few months back, Boson - a blockchain based project which is building a virtual mall in Decentraland bought a land for $700k. Virtual land rates are rising at an enormous rate!

It is a fact that there are many impostors in the NFT market and you need to be careful about having the authentic one. You need to check with the team once they drop the NFT and make sure you know the contract address and then there are other projects that provide you authentication certificate for your NFT.

May be a dedicated thread for authentic NFT would be great, so that it will be easier to track everything.

Your NFT will be stored in your wallet or in the platform where you bought it (Open sea), but actually, everybody can watch and even download your picture, but you will know that it is your own picture. This sphere hasn't been controlled by law yet. It will be put in Blockchain that you are an owner of this NFT, but still you will not be protected from copyright.

The authentication would be coming from the token that owned in your wallet. that will represent your proof of ownership for your NFT. Some people are thinking this is not strong enough to proof if you are owning your NFT.


There should be at least a regulation that will give the owner proof of ownership that can't be copy and pasted. I know what what you meant above and you're looking for the thing like copyright, right? This to make sure as a real owner and such NFT will be owner by you and it will never be copy pasted by others but it's sad to say that we are being so far from it to happen. The code that already labelled in your token will become the only proof of ownership. This is not strong enough for art work NFT. The different case with land ownership or something like this but artwork was so weak in term of proof of ownership.

Yes they can. I think you can even do it in the same chain again. I think I understand you now. Well still I have not give my focus in it like I have interest in Bitcoin. It's trending, may be I will do some day LOL

I have a picture and for example someone minted it on Matic chain. Are you saying no one else can mint the image in Matic chain not even any other chain? I think anyone can. But when you will check the time by going back to the history then may be the one who minted it before everyone else will get the credit for the image. This is how I am understanding it now.

NFT's are not specifically recognized by any country in the world, so enforcing your right might be impossible in most cases. For example someone post an image on their site and you say that you own its NFT and go to court, the court most likely won't bother judging this case.

Blockchain also doesn't not and will never be able to automatically enforce your rights on anything that isn't a part of the blockchain. This is why many people call NFT a scam, you don't own the thing that supposedly backs the NFT, you just own a token on blockchain.

Sorry if my question sounds stupid, I mean can't someone download the image and mint it on other smart chain or whatever? I don't understand much about this NFT but I do invest in few NFT projects lol, 🤣 I'm in for the gains since that's what trending right now

I own many NFTs on Binance NFT trading platform and frequently trade them. The NFTs are minted on Ethereum, Matic, Solana and Wax Bloack chain and they are unique and can not be copied. The NFTs are treanding on crypto space and its trading is growing at a fast pace.

NFT stands for non-fungible token. These digital tokens exist on a blockchain and are unique and cannot be replicated. In other words, if you own a particular NFT, it cannot be interchanged with something else.

“It is a technology which enables true ownership of any type of digital asset or good.

https://coinofferings.net/all-your-questions-about-nfts-answered/

May be the forum need a new board for NFT LOL

Anyway, when you mint the image or whatever digital asset it stores in blockchain. When you buy-sell the NFT you transfer though blockchain it has a transaction similar to transaction reference when you transfer a token from address B to address B. Tracing back to the transaction history you will know who minted it means who owns the NFT. The creator always can get a royalty fees for every buy and sell that's what makes NFT great. This is my understanding about NFT 😉

The minting address will tell you who was the creator of the NFT if I am not too confused LOL

I need information about NFT, if you are holding an NFT pls comment here, the question is if you buy an NFT will there be any form or prove of ownership/authentication after buying them? Cos I'm confused as many NFTs are just jpeg file in my eye, will there be any stamp on them as the real deal from the company? I hope you understand what I meant