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NFTs, that are based on the ERC-721 standard, are not really transferrable to another blockchain. This is because NFTs have internal state variables that are ma
by chrisco255 6y ago
NFTs, that are based on the ERC-721 standard, are not really transferrable to another blockchain. This is because NFTs have internal state variables that are managed in the Ethereum VM and you cannot trust the execution environment of external blockchains. This makes them stickier to the native chain they are minted on than even ERC-20 tokens.
Of course, in an open source world, there's nothing stopping anyone from forking your work at any time. How many Bitcoin forks have been spawned off? You can copy the BTC source code but you can't make a community follow you. Likewise, if someone were to mint a Nyan cat on another chain, nothing is stopping them, but the Ethereum chain will be given more weight by the community at large because it's the community that spawned the concept in the first place. And the Nyan cat creator publicly announced his NFT sale on Ethereum, so there is provenance.
- jobigoud 6y agoBut multiple people can create separate NFTs for the same underlying object. So the verifier still has to decide which one is the true one.
- chrisco255 6y agoThey can't do it with the same Ethereum address. NFTs are minted by a transaction associated with a unique address. Each ETH address develops a reputation over time. Couple this with a listing on a public marketplace and public confirmation of your ETH address (could be artist's Twitter profile, a decentralized ID, a personal website confirmation, a NYTimes ad, etc, whatever works). Not all NFTs need the same level of provenance guarantees. These are very broad abstractions.