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The centralised marketplaces themselves (like OpenSea) are able to and might try to police duplicate NFTs, or other counterfeit near-matches. I'm not actually s
by phire 5y ago
The centralised marketplaces themselves (like OpenSea) are able to and might try to police duplicate NFTs, or other counterfeit near-matches. I'm not actually sure if they actually do.
But on the blockchain itself, the NFT is just a smart contract (bit of code, bit of data) that knows it's current owner, it's name and a URI pointing at the image. There zero mechanism preventing duplicates.
Hell, it's such an unregulated market that the NFT might be based on a custom smart contract with a backdoor that allows the creator to steal it back at any time.
- miracle2k 5y agoThis is was enables art to happen: https://smart-contracts.host/ https://smart-contracts.host/
- solarmist 5y agoOk, yeah, that's what I thought. So someone could sell a multimillion-dollar NFT, then someone else could duplicate it manually and "re-sell" it, and if they didn't do proper due diligence...