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I don't quite understand, what was sold here exactly? This question applies to all NFTs! All you 'own' is a smart contract on a blockchain. That contract might
by joosters 6y ago
I don't quite understand, what was sold here exactly?
This question applies to all NFTs! All you 'own' is a smart contract on a blockchain. That contract might contain a URL, and that URL might have some content on it. Or it could be a broken link. But you definitely do not own the thing that the URL points to. Nor do you have any guarantee that there are no other NFTs on the blockchain using that same URL.
Luckily enough for the scammers/sellers, the buyers don't seem to care about these details!
- simias 6y agoOh, so normally NFTs don't actually contain the digital artwork, just a reference to it? I assumed that the art itself would be stored into the blockchain, which would give it some form of permanence.
- WJW 6y agoThat only works for digital things, for obvious reasons.
- PavleMiha 6y agoThe vast majority of NFT's sell art that is not on the blockchain, is hosted somewhere else. There are some pixel art-y small things that people have put on the actual blockchain but it's rare.
- another_sock 6y agoYeah, most NFTs are just references to a database hosting a file somewhere. There are exceptions, but this is the case with sites like Rarible as far as I know. The exceptions are less popular and less well known because they aren't scams and are actually interesting technology-wise, and thus aren't doing a ton of marketing or promotion or being used for money laundering or tax scams like most NFTs currently are.