Despite all the predictions of the crash, the market for non-fungible tokens (NFT) continues to grow. It is reported that in the third quarter alone, trading volume with NFT exceeded $ 10 billion – up from $ 28 million in the same period last year. For some, like a programmer who is only twelve years old, NFT is very good money. Gradually, criticism is also growing – and not only after the multi-million dollar NFT scam.
Marlinspike turns NFTs into emojis
Signal founder Moxie Marlinspike is now gaining attention with an organized campaign targeting NFT auctions. Because the NFT actually promises that owners can call a very specific, unique asset their own due to their blockchain connection. With his own NFT, Marlinspike shows the exact opposite. At first glance, buyers receive a digital image of a work of art with the “At my whim, # 1” token, but after purchase it turns into a bunch of emoticons. Another argument against the concept of uniqueness is that “At my whim, # 1” is offered on both Opensea and Rarible platforms at the same time, but it looks different there than in standard reports. Marlinspike explains how this is possible: the blockchain does not contain an NFT image, but a link to a server. You can find a real work of art on it. If you have access to the server, you can exchange the image on it at any time.
NFT: ISPs Bypass Problem Through IPFS
For example, anyone who has bought a very expensive piece of art must trust that the seller will not simply remove or replace it. Some ISPs work around this problem by relying on a file system (IPFS) instead of separate servers. As a result, the file stored about it can be found if it is available in the system by only one provider.