💾 Archived View for warmedal.se › ~bjorn › posts › nfts-pay-millions-for-volatile-assets.gmi captured on 2022-06-11 at 22:26:06. Gemini links have been rewritten to link to archived content

-=-=-=-=-=-=-

NFTs: Pay Millions For Volatile Assets

I’ve mentioned what a total catastrophy Bitcoin is before.

NFT, which stands for Non-Fungible Tokens, is even worse. Basically you buy digital assets that are often available for anyone to find on the internet for free or cheap. Your purchase is recorded in the Ethereum blockchain, which so far works on the same eco disaster proof-of-work principle as Bitcoin.

So rich people destroy the environment to play collect-them-all with artificially scarce items. Because it’s ”a way to support creators”. Another way to support creators would of course be to just give them money, but I digress.

You know the tragically funniest part of this?

”While NFTs use the magic of blockchain to establish your ownership, that doesn't necessarily store the NFT, but only the URL where it is hosted.”

Basically you pay to have proof of ownership of an asset at a specific URL, and we all know how pervasive link rot is on the internet. I assume that most of these links will be broken within a couple of years, due to changes in CMS, expiring domains, failing servers, reorganization of websites... you name it.

-- CC0 ew0k, 2021-03-31