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Liquid Communism
Mar 9, 2004


Out here, everything hurts.




This is evergreen:




https://www.vice.com/en/article/pkdj79/peoples-expensive-nfts-keep-vanishing-this-is-why

quote:

When you buy an NFT for potentially as much as an actual house, in most cases you're not purchasing an artwork or even an image file. Instead, you are buying a little bit of code that references a piece of media located somewhere else on the internet. This is where the problems begin.

Ed Clements is a community manager for OpenSea who fields these kinds of problems daily. In an interview, he explained that digital artworks themselves are not immutably registered “on the blockchain” when a purchase is made. When you buy an artwork, rather, you’re “minting” a new cryptographic signature that, when decoded, points to an image hosted elsewhere. This could be a regular website, or it might be the InterPlanetary File System, a large peer-to-peer file storage system.

Clements distinguished between the NFT artwork (the image) and the NFT, which is the little cryptographic signature that actually gets logged.

"I use the analogy of OpenSea and similar platforms acting like windows into a gallery where your NFT is hanging,” he said. “The platform can close the window whenever they want, but the NFT still exists and it is up to each platform to decide whether or not they want to close their window.”

An nft is basically a TinyURL referrer to an image hosted somewhere. If the host takes the image down, you're SOL.

Liquid Communism fucked around with this message at 06:18 on Apr 3, 2021

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Liquid Communism
Mar 9, 2004


Out here, everything hurts.




There are good uses for a distributed ledger.

That's why banks figured that poo poo out decades ago. The blockchain implementation of a distributed ledger is useless for any practical purpose as it lacks basic features such as being able to error correct.

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