855
Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.
(markets.businessinsider.com)
this post was submitted on 21 Sep 2023
855 points (96.3% liked)
Technology
59707 readers
5432 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
You mean to tell me that purchasing what is essentially a URL hosted on someone else's server is a poor investment?
Shocked Pikachu Face
I like how the url could also have the picture changed if someone wanted to lol. You don't even own the picture that the url points to, you just have a receipt that says "this url is my url, no I don't own the url, because someone can change what's on that. No I also don't own whatever is hosted on that url either"
And the receipt isn't necessarily unique. The centralized world of Web 3 decided mostly to use Opensea(?) for NFTs, but it isn't the authority on who owns URLs. It's just the biggest, most commonly used "star registry" that let people claim that they owned certain stars. But, the same "stars" could be sold by other people on other platforms too.
Some had ipfs links. In that case they couldn't be changed.
Everything we create can be changed. Just because it may be difficult doesn't mean it is impossible, no matter what those tech bros tell you.
Same with any blockchain. Nothing is secure, everything can be hacked.
In a matter of fact, it already has happened.
You do know the hash of the file part of the address, right? Any different file would by definition be a different address.
There could be an undiscovered bug in ipfs, but then that bug would be highlighted and fixed, and you could find a way to break the hashing algorithms, but then we'd have far bigger problems than an NFT being changed.
Also, the article you linked to lists no attacks on the blockchain, only theft of bitcoins using normal blockchain operations. That's like saying someone hacked the US dollar when doing a bank robbery.