Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.::NFTs had a huge bull run two years ago, with billions of dollars per month in trading volume, but now most have crashed to zero, a study found.
Essentially, the NFT is “proof of ownership” only insofar as what is put into the blockchain is correct and accurately reflects reality.
If you don’t vet what goes on the blockchain for accuracy, the blockchain is useless, and if you do validate, you don’t need a blockchain because the validator can just use a traditional database.
It is a solution in search of a problem.
So it’s a matter of being relatively easy to scam people with it? Is it an issue only when the NFT is “made” for the first time or for every transaction too?
I personally thought the appeal was that you can sell them as regular items, whereas if they were in a traditional database you still would’ve needed the transaction to be approved by the database itself.
At least that’s what I figured, I know nothing of how selling an NFT works so I could be just talking out of my ass.