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April 07, 2024, 08:11:53 AM |
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I got into a very cheap membership that grants you some NFTs as a benefit, the NFTs most likely than not are not gonna be valuable but by reviewing its smart contract code (that I had to decompile btw) I saw that it had a burning function, I understand how burning works but since I have never got any NFT that I haven't minted myself I never gave it too much thought until now that somebody gave me one but while I think that yes an NFT can proof authenticity I don't know about the ownership that is claimed, am I misunderstanding what "ownership" means? Can't the issuer just burn it arbitrarely even if you brought it? is free market enough to give balance to that behaivior or is an inherit risk of buying them? or maybe they are not meant to be traded? I know there are positive ways in which you can use the burning mechanism but still looks like a double edge sword . . . Also why burning if the blockchain is inmutable? for mere economics of scarcity? what was the intended purpose of NFTs or they still simply because they can exist?
Just throwing out my thoughts for the sake of debate and hopefully educate me more
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