Where are NFTs stored and do you really own them?

[Rosamia2212]

hi guys  Another interesting discuss

https://blog.xp.network/where-are-nfts-stored-and-do-you-really-own-them-4ea7179e2407

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[rozaliacrip22]

That's the neat part.

What you are buying is "digital ownership". Not the item itself. You are the owner of a piece of data that says you are the owner of a piece of art.

The piece of art itself.. well anyone can just right click -> save as. For free.

NFT tech is great for many things. Selling jpegs isn't really one of those things.

[elenmartin11]

Actually NFT is not an official proof of copyright ownership. So if you have only NFT it is unclear do you have any rights to the actual artwork.

[zourazohir2]

Furthermore, what if the exact same nft is minted on another blockchain? Now two people can "own" it!

It's all meaningless hype.

But the tech is good and it does have actual use cases (i.e. concert tickets).

[joniboini]

Furthermore, what if the exact same nft is minted on another blockchain? Now two people can "own" it!

The hash will always be different though. At the end of the day, each digital data can be unique as long as you can find the right algorithm to prove it.

Actually NFT is not an official proof of copyright ownership. So if you have only NFT it is unclear do you have any rights to the actual artwork.

True, maybe things will change if the law accommodate them. I think it is quite simple to build a database for law enforcement. People just need to submit the ID/hash when they mint the art or something similar.

[Bitbtc8]

I've not really own any NFT but don't tell me that it's just an JPEG file where anyone can download and safe, I think there is more to owning an NFT that we don't know, if what all of you are saying is true no one will invest in NFTs already, pls drop your answer if you are a NFT owner and tell us what we don't know about owning an NFT

[Heisenberg_Hunter]

You are absolutely right buddy,  just yesterday I was on twitter page of a project and someone posted an nft he had minted and the it was an image I could easily save to my folder, and this same thought came to me,

Will you be able to sell that image and make money in return?  Just kidding, but the current market of NFTs are equivalent to gambling and there are absolutely no use case for the majority of the projects out there. Cryptopunk was sold for millions whereas BAYC is worth atleast a $100,000+ and these are obviously nothing but fake FOMO which was created among the investors. The same happens with various shitcoins like DOGE/SHIB which has no value and usecase but still being pumped for fake profits.

But through NFTs, we will be opening up a whole new world of metaverse just like what was shown in Ready Player One/Free Guy which can exist in blockchain and should be unique. For instance, consider the role playing game of Aurory which is currently in development where each NFT/avatar in the game is being traded for 20 SOLs. When people like you or me buy the NFT and participate in the game we will be able to win aury coins which can be helpful in buying in-game real estate and many more. If you had been deep inside Decentraland, you should be knowing how NFTs can transform the current world video gaming and this was the one among the core reasons for Facebook renaming its company to Meta! The novel Ready Player One explained the similar concept 10 years ago but without the use of blockchain and just through a simple video game which would be meaningless in future.

[callisto1]

That's the neat part.

What you are buying is "digital ownership". Not the item itself. You are the owner of a piece of data that says you are the owner of a piece of art.

The piece of art itself.. well anyone can just right click -> save as. For free.

NFT tech is great for many things. Selling jpegs isn't really one of those things.

You are absolutely right buddy,  just yesterday I was on twitter page of a project and someone posted an nft he had minted and the it was an image I could easily save to my folder, and this same thought came to me,
Honestly, I don't think nft is worth throwing money on, better to invest that money on utility coins imo, but what do I know,  am not an nft person so perhaps that's the reason I don't see the importance.

agree with you, its right that anyone can copy nft's but you cant do anything with it expect the true owner that he can sell/trade

[makishart]

That's the neat part.

What you are buying is "digital ownership". Not the item itself. You are the owner of a piece of data that says you are the owner of a piece of art.

Agreed, NFT will be tokenized into the token with unique hash to be used as proof of ownership but when it comes to the real ownership in front of regulation and this is not strong enough. I wanna say that someone else can add this NFT and then it was generating new unique code for the NFT that already copy pasted again.

The piece of art itself.. well anyone can just right click -> save as. For free.

I see that some people were using this to copy pasting NFT and then add it into the another platform.

NFT tech is great for many things. Selling jpegs isn't really one of those things.

TBH artwork was not fully worked with NFT. it's quite difficult to know which was the real ownership.

[bitcon]

hi guys  Another interesting discuss

https://blog.xp.network/where-are-nfts-stored-and-do-you-really-own-them-4ea7179e2407

NFTs are stored either on your wallet or in a market-place where you have bought it, for example on Open Sea. Personally I don’t invest in NFTs as I don’t see real value in digital pieces of art. Nevertheless, I invest in multifunctional NFT-projects.

NFTs can be a good thing for new projects to attract investors. Because of hype many investors are willing to invest and get NFTs for this as they hope that they will sell them for a better price.

[caffinated]

That's the neat part.

What you are buying is "digital ownership". Not the item itself. You are the owner of a piece of data that says you are the owner of a piece of art.

The piece of art itself.. well anyone can just right click -> save as. For free.

NFT tech is great for many things. Selling jpegs isn't really one of those things.

exactly, yet the hype is huge for buying these jpegs at inflated values... NFT's have great potential if linked with IRL but as pure jpeg only, whats the point?
So you own that NFT, forget a second chain, you can save the same jpeg on the same chain and name it something else, viola!
NFT for games ok.... sure... maybe....
NFT for irl stuff, definately a good case but has failed on many occasions
NFT for digital art... 

[Findingnemo]

hi guys  Another interesting discuss

https://blog.xp.network/where-are-nfts-stored-and-do-you-really-own-them-4ea7179e2407

NFTs are stored either on your wallet or in a market-place where you have bought it, for example on Open Sea.

Nah, they were just stored in the blockchain as other cryptos buts its not interchangeable since it has unique identity for each token and these marketplace or wallets are just the interaction platform for the blockchain.

And OP with the reference of wikipedia

NFTs do not necessarily involve a transfer of any intellectual property rights of a work.

You don't actually own the art work but you own the block where it is stored and only you own it since no one can counterfeit it.

[JeWay]

Actually NFT is not an official proof of copyright ownership. So if you have only NFT it is unclear do you have any rights to the actual artwork.

The artwork created by someone will clearly have a copyright through its name which will be visible in the NFT, because any artwork that will be created will always have a special mark for it, as well as the games in the NFT which also have the copyright also

[Kavelj22]

Actually NFT is not an official proof of copyright ownership. So if you have only NFT it is unclear do you have any rights to the actual artwork.

The artwork created by someone will clearly have a copyright through its name which will be visible in the NFT, because any artwork that will be created will always have a special mark for it, as well as the games in the NFT which also have the copyright also

Copyrights for artworks can be obtained by the possession of the artwork itself, do we really need a digital form of that copyright? From another side, we also have standards to determine copyrights for digital arts, what should be the use case to mint an NFT for each digital art?

NFTs have many use cases in the gaming industry, as well as few other businesses. But for art works, it has no sense imo.