Skeptic Calls Tech a ‘House of Cards,’ Claims NFTs Will be ‘Broken in a Decade’

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During the week of the 7th to the 13th. In March, the term NMT reached an all-time high in search popularity, according to Google Trends (GT). The highest score is 100, and this week GT shows that interest has dropped to 97. Meanwhile, while the NFT hype is affecting the cryptocurrency and blockchain community, not everyone is excited about the technology. Some critics believe that NFT technology should be more robust so that collectibles last more than a decade and do not disappear.

Gap between media hype and criticism of the NFT

In recent weeks, the NFT craze has reached a new level: People have sold millions of dollars worth of art, unique audio recordings of farts have been tagged, and even the blockchain’s signature dance moves are NFT. And of course, by now everyone has heard of Beeple, the digital artist who sold NFT for a whopping $69 million at Christie’s auction house. With this sale, the NFT mania reached a new high, and Christie’s auction invited Sotheby’s to collaborate with an artist named Pak.

The mysterious digital artist Puck has been selling NFT at Makersplace under the name Metarift. The art collector NFT 888 has the 19. March made an offer for Metarift of $888,888. The next day the bid was increased to $904,413 by a bidder named Danny. The auction ended Saturday at 12:30 p.m., with Danny Puck winning the bid.

At 3:30 p.m. EST, the highest bid for Pakistani metameter NFT was $904,413 from a bidder named Danny, who now owns NFT.

Despite all the mega-bidding and all the celebrities who participated in the event, there was a lot of criticism of the non-distorting chips (NFTs). The Bitcoin.com Newsroom discussed the issue of the immutability of NFTs, which has been the industry’s biggest weakness to date. This revision removed panelized NFT tweets and replaced images with other images.

The 17th. In March, Twitter user Jonty Waring explained to his 6932 followers how the indecipherable tokens indicate what media people are buying today. His first tweet went viral with over 27,000 likes and nearly 10,000 retweets.

Out of curiosity, I did some research on the connection between NFT and the media you buy, and my eyebrows are now circling the moon.

– Jonty Waring (@jonty) March 17, 2021

The file disappears from the host Your token is now unusable.

He discussed the sale of the original Beeple to Nifty Gateway and described in detail how the Beeple JSON file was hosted on Nifty Gateway’s servers. It was also explained that NFT is also hosted on Cloudinary. So if Nifty goes bankrupt, your chip is worthless, Waring said. It doesn’t mean anything. You can’t change that, he added. In addition, Wareing also talked about files using the interplanetary file system (IPFS). In that tweet, he specifically addressed the Bipple sold by Christie’s, which is related to the IPFS.

So, kudos for the IPFS link – it points to a specific file, not a URL that can break, Storage continued, with a link from the metadata to the IPFS gateway maintained by Makersplace. But if something happens to Makersplace, the connection may become useless over time. You can say it: Just refer to the IPFS hash in both places. Added to reading. But it is further despised because IPFS only makes files available as long as the IPFS network node continues to intentionally host them.

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And it also says something about the bed:

This means that if you [they] sold the NFT, the files will probably disappear from the IPFS as well.

TheTwitter account Check my NFT shows current NFT deficiencies at Wild.

He also tweeted an example of the current problem, saying NMTs are built on an absolute house of cards by the people selling them. He says the technology will be broken within ten years. A Twitter account called Check My NFT (@checkmynft) also tweets about missing art stacks and unavailable NFT assets.

A Twitter account called Check My NFT examines the persistence of non-interruptible tokens (NFT).

In our last report, Check My NFT explained that metadata, URLs, and image files should be backed up by a durable and consistent storage provider. One way to do this is to use IPFS2Arweave.com, which uses a project called Arweave.

IPFS2Arweave.com uses the Arweave network to store files and also adds NFT data to the interplanetary file system.

The IPFS + Arweave solution claims to solve the persistence problem by using Arweave to store and append NFT data to an interplanetary file system.

IPFS is a popular P2P network for decentralized data exchange, but it lacks one feature: Consistency. The contents of the IPFS network may disappear. If no one keeps the data, it could be lost forever, according to Arweave’s website. Blockchain Arweave can now store and add files on IPFS and keep them permanently available. This simple API takes an IPFS hash, stores the data on Arweave, and connects it to IPFS.

It will be interesting to see if current NFT projects are taken seriously and if they use permanent, immutable storage, as recommended by Check My NFT and Arweave. Future projects could contribute to the development of more robust sustainability models. Projects that have already minted millions of NMT should ensure that indecipherable token assets are indeed considered immutable.

At the same time, other NFT solutions believe that only their distributed ledger protocol is robust enough to keep NFT alive for centuries to come. Most of these NFT discussions still require time or a vulnerability assessment.

What do you think of the NFT hiring issue? Let us know what you think in the comments below.

Tags in this story

Arweave, Beeple, Check My NFT, Missing NFTs, Interplanetary File System, IPFS Gateway, IPFS Hash, IPFS Hosting, Jonty Wareing, JSON file, Makersplace, NFT art, NFT criticism, NFT sales, NFTs, Nifty Gateway, Non-Fungible Token (NFT), Non-Fungible Token, Pak

Photo credit: Shutterstock, Pixabay, Wiki Commons, Twitter, @checkmynft, Arweave, IPFS+Arweave, Pak, Metarift, Makersplace,

Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of a product, service or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.

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