Many are fully on chain, SVGs generated on the fly or JS code that generates the artwork.
NFT misconception: JPEG aren't stored on the Blockchain
141–150 of 264 posts
Re: NFT misconception: JPEG aren't stored on the Blockchain
#142Earlier quoted context omitted.
>NFTs fail on giving any control except on the blockchain That's why you own the NFT, you trade the NFT, you transfer the NFT.
Yes that is not in question. What is in question is what is the utility of the NFT? From your answer it seems like its just to be an NFT. What good is that for? Maybe try to address my baseball card vs purchase receipt analogy to make me understand better.
In practical terms, the main utility is that you can trade it. That's what I've seen from people who buy and sell NFT.
They do have some other rationalisations, which I don't buy(yet). One is, it establishes your identity in the virtual communities. For example, you can buy an NFT for 1 million dollars and be known to be the guy who bought that NFT for 1 million dollars and hangs with other people who also bought expensive NFTs.
I don't know if this works, the person who made that explanation to me doesn't really engage in that kind of communities and could not provide me with an example where that happens(someone else mentioned Mike Tyson being involved with something called cool cats and supposedly, he was hanging out with other owners of that NFT class but I was not able to confirm this). She simply sniffs around, finds NFT's with a lot of hype, buys some and sells for profit.
Re: NFT misconception: JPEG aren't stored on the Blockchain
#143Earlier quoted context omitted.
I mean, as the article mentions, you could store the image on the chain. Or at least a Hash of the image to prevent a bait-and-switch. But it would cost too much of added gas fees and the average user wouldn't understand the difference.
> But it would cost too much of added gas fees and the average user wouldn't understand the difference. Reminder that this a poor line of thinking. The average user of a smartphone has no idea how it works. The average user of software has no idea how their apps work. The average user of a blockchain doesn't know how it works, and they won't need to. This stuff gets abstracted out and developed enough to hide these d…
I might have worded it poorly, but I completely agree with you. I was just trying to offer an explanation on why this isn't implemented more widely although the technical solution exists.
Some time ago I worked on a proof-of-concept service to enable users to mint their NFTs while abstracting away all the complexities. I decided to go the same route (link only, no hash, no nothing), as the cost for NFT minting are already very high as it is (see https://nuftu.com/pricing for current costs on the Ethereum blockchain).
Re: NFT misconception: JPEG aren't stored on the Blockchain
#144Earlier quoted context omitted.
However with a baseball card you do own the card. With an NFT you don't even own the digital item, nor is it intrinsically associated with a blockchain entry that you can prove ownership of. You basically own a link to a url which for some period of time will hopefully point at the jpg (or whatever it is).
With the baseball card you own a particular print of an image. Doesn't grant you any rights over the original image, there are many other copies of it, the image can be reproduced at will by anyone, etc. It's not that different. The card might be signed by the athlete, in wich case it gains value, but that signature might be a forgery, etc. Collectible NFTs is like owning just the autograph bit.
K, taking this analogy further, I guess if you imagine a card with no real value except for the player's signature... except instead of signing the card, the player signs a scrap of paper that you then tape to the card.
Re: NFT misconception: JPEG aren't stored on the Blockchain
#145Earlier quoted context omitted.
I mean, as the article mentions, you could store the image on the chain. Or at least a Hash of the image to prevent a bait-and-switch. But it would cost too much of added gas fees and the average user wouldn't understand the difference.
> But it would cost too much of added gas fees(...) If your goal was honestly to just buy art, why would "gas fees" matter? They only matter in a scenario involving wash trades and high rates of transactions involving small deltas in price.
Look, I'm not trying to defend NFTs here, but let's view this from an artist's perspective that wants to hop on the bandwagon:
you either pay around $70 to mint your NFT without caring about how and where your image is actually stored, or you pay $20,000 to upload your 500kb onto the blockchain (as the article mentions).
Re: NFT misconception: JPEG aren't stored on the Blockchain
#146NFTs are such a sham to claim fake "ownership" of an asset. All the images/files are public anyways. Nothing stops me from creating another blockchain and call it NFTv2. And then I can create an NFT which points to the original asset. Its just as legit as the Etherium one. Or just change the link to the same file and create an NFT on the Etherium blockchain.
NFTs has nothing to do with ownership or uniqueness of the image itself. It's all about bragging rights that you bought something that was minted by X.
Re: NFT misconception: JPEG aren't stored on the Blockchain
#147Earlier quoted context omitted.
The idea of NFT is not scam, but the current scene is more like it. Not exactly like scam but more like a super-hyped balloon.
I'd expect better technical foundation to sell something so expensive. Like guaranteed formats, guarantees for storing hashes, unique guarantees, some kind of image perceptual hash, some kind of P2P distributed storage for data itself. So even non-technical buyer can be sure that goods he bought are protected. Right now you need to ensure that NFT data is stored on IPFS, you need to ensure that IPFS data including th…
None of that matters. What gives NFT its value is that it was minted by X. It's purely a social contract so it doesn't need any technical foundation.
Re: NFT misconception: JPEG aren't stored on the Blockchain
#148Earlier quoted context omitted.
Pull the other one! You can literally see legislation that impact NFTs going into US law this week and confiscations of crypto-currency from criminal cases as well. The crypto crowd doesn’t like it but it’s not because the understanding of ownership of the coins and tokens is different. The art a token points to on the other hand. Put it this way I absolutely think people that own an NFT own the token and owned the c…
Just as Afghanistan recently outlawed foreing currency use and that's Afghans' problem, this is also something US citizens should deal with. Spoiler alert: Most people in the world are not US citizens and don't live in the US. The ownership of the underlying asset depends on what you understand by ownership.
> The ownership of the underlying asset depends on what you understand by ownership.
Only in the sense that equally anyone can claim ownership of anything. It's just noise rather than a substantial point.
Re: NFT misconception: JPEG aren't stored on the Blockchain
#149Earlier quoted context omitted.
Just as Afghanistan recently outlawed foreing currency use and that's Afghans' problem, this is also something US citizens should deal with. Spoiler alert: Most people in the world are not US citizens and don't live in the US. The ownership of the underlying asset depends on what you understand by ownership.
> The ownership of the underlying asset depends on what you understand by ownership. Only in the sense that equally anyone can claim ownership of anything. It's just noise rather than a substantial point.
Anyone can claim ownership of anything, NFT or not. That's why there are lawsuits over ownership of property and wars over disputed territories.
NFT ownership concerns those who engage in the community, just like Bitcoin concerns those who are engaged with it.
What is Bitcoin after all? A transaction record in a distributed ledger. Exactly the same thing as NFT. It exists only because someone said so in a community that use software with the same algorithm to parse transaction records(the ledger distributed as a blockchain).
Re: NFT misconception: JPEG aren't stored on the Blockchain
#150NFTs are such a sham to claim fake "ownership" of an asset. All the images/files are public anyways. Nothing stops me from creating another blockchain and call it NFTv2. And then I can create an NFT which points to the original asset. Its just as legit as the Etherium one. Or just change the link to the same file and create an NFT on the Etherium blockchain.
You can also copy and set up your own land registry and say it's all yours. Yes, it's all a social convention, like all property. If enough people decide it's "real" then it is.