Re:The NFT market bubble has popped?
by gomox on Thursday June 03, 2021 @08:02AM
(#27380000)
The NFT is a token for the story behind it, just like the artwork. It is issued by the artist. It has even better provenance tracing than the artwork, which could be a fake.
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What's to stop an artist from selling you a print as an original through an NFT?
You can see that the artist made NFTs on chain. That's actually how you can verify uniqueness as anyone can see this NFT is authentic and not a random copycat.
What is an artist sells a a print verified by an NFT. The person who buys that print wants to sell it again. They make a copy of the print and sell the copy with the NFT. They keep the original print. The NFT doesn't seem like it did anything there other than be used as deception for the second buyer. Is there a way to actually link the NFT to the thing the NFT is supposedly tied to?
That original print will probably be worthless as people will regard it as a copy. You'd also be up against life ruining fraud charges.
But yes there are ways to link NFTs to products. Louis Vuitton and Nike are linking NFTs to their products with things like built-in NFC tags and QR codes plus other probably more secretive things.