Re:Ask HN: Do NFTs require crypto – fiat only model
by miracle2k on Tuesday January 30, 2024 @04:32PM
(#39196153)
> If you hold ETH according to the chain, it’s yours.
So is my NFT! No one can take it away from me. There are a couple things that could happen:
- The artist can mint an additional copy; this could mean my own copy loses value, or it could mean the community doesn't care, and continues to value the original one. Similarly, the folks that issue some ERC-20 token can decide to issue a new one and abandon their old token. In fact, vitalik et al could advocate for a fork for ETH. This is just how the social layer works.
- The media file associated with the NFT could be lost or changed. This can be a problem, but can also be addressed (IPFS), and can also be art: https://publico.pob.studio/piano
Larva Labs, the pioneers behind Cryptopunks, didn't even bother to put a link into their NFT at the time: it literally is a item/owner table. They didn't forget the link, they correctly understood that what the token represents is defined at the social layer.
So is my NFT! No one can take it away from me. There are a couple things that could happen:
- The artist can mint an additional copy; this could mean my own copy loses value, or it could mean the community doesn't care, and continues to value the original one. Similarly, the folks that issue some ERC-20 token can decide to issue a new one and abandon their old token. In fact, vitalik et al could advocate for a fork for ETH. This is just how the social layer works.
- The media file associated with the NFT could be lost or changed. This can be a problem, but can also be addressed (IPFS), and can also be art: https://publico.pob.studio/piano
Larva Labs, the pioneers behind Cryptopunks, didn't even bother to put a link into their NFT at the time: it literally is a item/owner table. They didn't forget the link, they correctly understood that what the token represents is defined at the social layer.