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Wouldn't that be fairly trivial to verify on the blockchain? I'd expect someone willing to spend millions would - or have someone - do some due diligence to con
by system16 5y ago
Wouldn't that be fairly trivial to verify on the blockchain? I'd expect someone willing to spend millions would - or have someone - do some due diligence to confirm that the NFT they are buying is the first, unique NFT for this particular item.
- ashtonkem 5y agoYes. The issue is that the NFT isn’t actual ownership, and in the case of memes there is no actual owner who can sell it. You can verify that the NFT is unique, probably. But it doesn’t get you anything else.
- kortex 5y agoI'm still a bit hazy on all this as well but I think that's the idea? The NFT itself is basically some payload (any collection of bytes), a checksum of that payload, and some metadata. What's to stop someone from perturbing the payload by one byte and minting a second NFT? Nothing, really, other than "it's not the first". So yeah it's down to performing due diligence on the vendor and payload to make sure you aren't being snookered. I think. I get the whole crypto aspect. I don't get the social/contract aspects.