Can NFTs last forever?

[Bitstar_coin]

If important data of the nft are not directly stored in the blockchain then why do people think they have ownership of their nft when it can all be easily lost? People spend so much money buying expensive nft like cryptopunk and face the possibility of losing it so quickly if what you said is true.
Am not an nft fan but i would not spend so much money to own an art that i can easily lose.

[Xal0lex]

Probably because many people associate NFTs with images. I've rarely seen NFTs containing chunks of text or audio files. Probably because many people prefer to see what they buy rather than read or listen to it. I remember there was even a little hype around NFT with famous tweets, but that hype quickly subsided and didn't get the proper exposure. Even the NFT, containing the very first tweet in history, has fallen in price many times over, as few people are interested.

Making NFTs out of tweets is ridiculous. After all, those same tweets are stored on centralized servers managed by Twitter. If the company goes down, so will the data stored on those servers. The Blockchain will only prove you had ownership of the NFT, but without the data/content, what's the use?

NFT creators aren't even thinking of storing the content on decentralized cloud storage networks such as Arweave or IPFS. They're only thinking about making money in the fastest way possible. If this keeps up, don't expect NFTs to be taken seriously anytime soon. Who knows what the future holds for the industry? Just my opinion

Was it ever taken seriously? In my opinion, this industry was just a way to get rich from the beginning. The year 2021 solidified the purpose of the NFT industry, and NFT has also become synonymous with scam for many, as these pictures depreciate very quickly. Nothing good awaits any industry in cryptocurrencies until regulatory rules are in place there. Although it is all out of the concept of freedom and decentralization, but without regulation, industries like NFT will always be drowning in scams and manipulation.

[anoesisx]

As soon as I found out that the images for NFTS are stored on a centralized server and not Baked in / Programed into the NFT. I was out.

[terciduk123]

NFTs will not last forever because it can be said that every trend will have its own time, after the trend ends we usually realize that the trend is really useful or not.
In addition to the storage of data on the NFT that is still centralized, not entirely in the Blockchain, in terms of usability and investment value NFT also seems to be inappropriate, as most NFT values decline over time, as well as with its usefulness even more now the Metaverse trend seems to have ended, so NFT fans are declining.

[deepblue01]

All of the NFTs you know and love today, have their data stored their on centralized servers (images, video, etc). What is only stored on the Blockchain is just the properties of the NFT itself. While you're basically the "owner" of the NFT, you could lose technically lose it if the centralized server hosting the content of the NFT goes down.

So, what's the point of investing in NFTs if they can disappear in an instant? Unless all of the content is stored on the Blockchain itself, I don't see how NFTs will be able to last forever. Are there already solutions in the works that I'm not aware of? Please enlighten me on this.

It's an "idea" that you are buying right now, that's the trouble, we should be using it like a piece of paper. When you buy a house, what do you really buy? I mean they do not give you a house, house stays exactly what it has been before, the house isn't transferred to where you are, you go to it. So what do you really buy?

You buy a piece of paper that say it's yours, and you can show that piece of paper to anyone who questions it to prove that it is indeed your house. Same logic with NFT, it provides proof that it's your NFT and nobody can own it. What this means is that we could end up using NFT for stuff like that and suddenly it will go up in value, it could become an official contract between two parties and it would make a lot of sense for sure.

the idea is
1. do we need that house?
2. should we own that house? oh yeah, but if the house is not interesting to buy what we gonna do about it.
3. oh nooo, the server is down. it's not a house anymore. it's just some code

[Inspiron14]

NFTs will last as long as blockchain and internet technology still exists in this world,
because NFTs are part of the latest technology, we just know that NFTs are only in the crypto world,
but NFTs will also be applied in government or our daily lives, and that's will do in the future.

[Abiky]

Like i already said, you don't own the picture but you own the link.

Concept of owning nfts is debatable becayse it all comes to definition of digital "owning". You don't own the files in a classical sense, and that wouldn't even make sense. You however own the rights to trade it for example. And if we are talking about current usecases, there are now over 10 million reddit nft avatar holders.

There are non-nft avatars in reddit too that you can use to build your avatar. But if you are using NFTs to build your avatar, you can get some rare ones that are very much wanted.

If you are wearing nft avatar you can choose what parts you are wearing from it, and you can combine different nfts. NFT avatars shows up differently and you can't fake wearing them. Those are freely traded in opensea and i think it's one of the first actually cool adopted usecases for nfts. You "own" those NFTs as long reddit is alive and i am thinking it will definitely last for several generations.

And NFTs are just starting, now there is ERC-6551 coming and that's unlocking ton of new possibilities. But i'll wait for it to be tested before i'll get too ecxited

The concept is cool. But we're yet to see the government becoming part of this trend. So far, the vast majority of NFTs being traded on the market are nothing more than a scam. Nowadays, anyone can make an NFT using a picture/image found on the web. This bloats underlying blockchain networks with many unecessary junk. Things are only getting started, so I have high hopes the NFT industry will improve in the long run.

May I ask if the ERC-6551 is what Vitalik calls "Soulbound Tokens (SBT)"? These might become the next big thing in crypto land, as Universities/Colleges and other institutions use them for their own benefit. SBTs might prove to have better use cases than NFTs over time. Who knows when the SBT hype will begin?

[milewilda]

Like i already said, you don't own the picture but you own the link.

Concept of owning nfts is debatable becayse it all comes to definition of digital "owning". You don't own the files in a classical sense, and that wouldn't even make sense. You however own the rights to trade it for example. And if we are talking about current usecases, there are now over 10 million reddit nft avatar holders.

There are non-nft avatars in reddit too that you can use to build your avatar. But if you are using NFTs to build your avatar, you can get some rare ones that are very much wanted.

If you are wearing nft avatar you can choose what parts you are wearing from it, and you can combine different nfts. NFT avatars shows up differently and you can't fake wearing them. Those are freely traded in opensea and i think it's one of the first actually cool adopted usecases for nfts. You "own" those NFTs as long reddit is alive and i am thinking it will definitely last for several generations.

And NFTs are just starting, now there is ERC-6551 coming and that's unlocking ton of new possibilities. But i'll wait for it to be tested before i'll get too ecxited

The concept is cool. But we're yet to see the government becoming part of this trend. So far, the vast majority of NFTs being traded on the market are nothing more than a scam. Nowadays, anyone can make an NFT using a picture/image found on the web. This bloats underlying blockchain networks with many unecessary junk. Things are only getting started, so I have high hopes the NFT industry will improve in the long run.

May I ask if the ERC-6551 is what Vitalik calls "Soulbound Tokens (SBT)"? These might become the next big thing in crypto land, as Universities/Colleges and other institutions use them for their own benefit. SBTs might prove to have better use cases than NFTs over time. Who knows when the SBT hype will begin?

Thanks for the mention about that SBT and i might considering on looking further on what it is because im really that finding on some new crypto projects on which i might consider on investing on but due to the fact that there are lots of things that we do have today specially on number of shit projects exist in the market then it would really be that hard to point out which one is legit and which one is really that a scam.
Speaking about NFT then if we do look on Opensea on how it did end up then we could really say that this market turns out to be shit. Lots of those buyers on peak or having bought up with those millions of
dollars when it comes to NFT's are surely in almost 100% loss of their investment because most of the value is kissing into the floor now. Its true that we might be seeing some another adjustments
or enhancement about NFT but im not really that expecting that much. We wont know on what would be the next current trend.

[o48o]

The concept is cool. But we're yet to see the government becoming part of this trend. So far, the vast majority of NFTs being traded on the market are nothing more than a scam. Nowadays, anyone can make an NFT using a picture/image found on the web. This bloats underlying blockchain networks with many unecessary junk. Things are only getting started, so I have high hopes the NFT industry will improve in the long run.

But same applies to erc20 and bep20 etc tokens as well. It's because the permissionless nature of blockchain, even trolls can fill it with their junk.

May I ask if the ERC-6551 is what Vitalik calls "Soulbound Tokens (SBT)"? These might become the next big thing in crypto land, as Universities/Colleges and other institutions use them for their own benefit. SBTs might prove to have better use cases than NFTs over time. Who knows when the SBT hype will begin?

It's inspired by SBT but it's a new concept. Like SBTs but trasferrable and more.

Currently erc-721 NFTs are bound to wallets, just like cryptos are in general. You can think ERC-6551 other way around, wallets bound to NFTs. "Those are called Token Bound Accounts" (TBAs).
From what i understand, for example when you normally link wallets to sites, this could make it it possible to link your nfts. As those become smart contracts themselves.

This post explains it way better than i could:

https://blog.alphapanda.one/token-bound-accounts-erc-6551-the-future-of-nft-wallets/

I am still wrapping my mind around it. It took a while for me to even get erc721 when they came, so i guess i need to see this in action before i truly get the possibilities.

[deepblue01]

Speaking about NFT then if we do look on Opensea on how it did end up then we could really say that this market turns out to be shit. Lots of those buyers on peak or having bought up with those millions of
dollars when it comes to NFT's are surely in almost 100% loss of their investment because most of the value is kissing into the floor now. Its true that we might be seeing some another adjustments
or enhancement about NFT but im not really that expecting that much. We wont know on what would be the next current trend.

i heard that some friends of mine told that NFT is worthless because they bought many NFT at opensea. they knew it after that they saw a very different price, they felt they had lost a lot after they tried to resell.
most of them are selling at the current price they have bought or have 20-50% off but no buyers come to them. i think they just mad right now

[marcous]

Speaking about NFT then if we do look on Opensea on how it did end up then we could really say that this market turns out to be shit. Lots of those buyers on peak or having bought up with those millions of
dollars when it comes to NFT's are surely in almost 100% loss of their investment because most of the value is kissing into the floor now. Its true that we might be seeing some another adjustments
or enhancement about NFT but im not really that expecting that much. We wont know on what would be the next current trend.

i heard that some friends of mine told that NFT is worthless because they bought many NFT at opensea. they knew it after that they saw a very different price, they felt they had lost a lot after they tried to resell.
most of them are selling at the current price they have bought or have 20-50% off but no buyers come to them. i think they just mad right now

I predicted the loss that he had today from investment NFT, I told someone that NFT is a very bad investment and anyone will experience big loss when the NFT hype is no longer getting any interaction from the crypto community. The beginning of the NFT hype was because many traders published high profits from NFT trading but whoever maintains the NFT will result in heavy losses, even the NFT market will have the opportunity to lose if the daily trading volume does not reach the target.

[AmoreJaz]

Speaking about NFT then if we do look on Opensea on how it did end up then we could really say that this market turns out to be shit. Lots of those buyers on peak or having bought up with those millions of
dollars when it comes to NFT's are surely in almost 100% loss of their investment because most of the value is kissing into the floor now. Its true that we might be seeing some another adjustments
or enhancement about NFT but im not really that expecting that much. We wont know on what would be the next current trend.

i heard that some friends of mine told that NFT is worthless because they bought many NFT at opensea. they knew it after that they saw a very different price, they felt they had lost a lot after they tried to resell.
most of them are selling at the current price they have bought or have 20-50% off but no buyers come to them. i think they just mad right now

I predicted the loss that he had today from investment NFT, I told someone that NFT is a very bad investment and anyone will experience big loss when the NFT hype is no longer getting any interaction from the crypto community. The beginning of the NFT hype was because many traders published high profits from NFT trading but whoever maintains the NFT will result in heavy losses, even the NFT market will have the opportunity to lose if the daily trading volume does not reach the target.

right now, i believe a lot have been regretting their NFTs because of such losses. very few NFT projects are worth holding long-term. most of them will die down fast and won't be discussed anymore in this market. opensea though got a lot of profits but those who bought for sure are in a bad position right now.
well, that's the dilemma of buying the hype, you can never be sure of their longevity in the market.

[lalabotax]

right now, i believe a lot have been regretting their NFTs because of such losses. very few NFT projects are worth holding long-term. most of them will die down fast and won't be discussed anymore in this market. opensea though got a lot of profits but those who bought for sure are in a bad position right now.

Many people were caught up in the hype and FOMO NFT at that time. In fact, many influential people, artists, and various famous people have finally joined the world of NFTs, both as investors and as NFT makers themselves. At that time I thought, NFT is not much different from the emergence of various altcoins with a certain hype. When the era is over then this will end too. And it's true, there are very few NFTs that are truly worthy and may still be promising. Meanwhile, we still don't know whether they will rise again or not. At present, the era of NFTs is over and indeed it may be difficult for some NFTs to become popular again. I was thinking how much money will eventually just run aground on Opensea and other NFT platforms.

[valeneu]

The existence of NFT itself is based on smart contracts on the blockchain, and it cannot be guaranteed to exist forever.

So, what's the point of investing in NFTs if they can disappear in an instant?

The investment significance of NFT lies in its uniqueness and creative potential as a digital asset.

[Freddie Boyer]

If important data of the nft are not directly stored in the blockchain then why do people think they have ownership of their nft when it can all be easily lost? People spend so much money buying expensive nft like cryptopunk and face the possibility of losing it so quickly if what you said is true.
Am not an nft fan but i would not spend so much money to own an art that i can easily lose.

Of course! If we look at it from another perspective, for example, in the storage and risks involved where When we buy an NFT, the proprietary information is stored on the blockchain, which proves that you own it. However, the actual images or data associated with NFTs are often stored separately, not on the blockchain itself. This means that if data is lost or inaccessible, you may not be able to view or use the NFT properly.

While we still technically own the NFT, it's important to note that there is a risk of losing access to the artwork or associated data. This is something to consider before spending a lot of money on NFTs. although Several platforms are working on solutions to ensure the data is kept more secure it is still a good idea to research and understand the risks involved.

[Xal0lex]

NFTs will not last forever because it can be said that every trend will have its own time, after the trend ends we usually realize that the trend is really useful or not.
In addition to the storage of data on the NFT that is still centralized, not entirely in the Blockchain, in terms of usability and investment value NFT also seems to be inappropriate, as most NFT values decline over time, as well as with its usefulness even more now the Metaverse trend seems to have ended, so NFT fans are declining.

The technology has not yet revealed its potential and real utilitarian properties. The hype was speculative, where everyone was trying to make money on NFT. 99% of NFTs did not use their technical features and utility, but served as speculation for traders and creators of these NFT collections. If in the future the community will see NFT as a real technology and not as a way to make money, NFT will be with us for a long time and without any hype.

[Abiky]

But same applies to erc20 and bep20 etc tokens as well. It's because the permissionless nature of blockchain, even trolls can fill it with their junk.

Exactly. That's the real issue here. But there's nothing we can do about it, especially if we want to encourage openess on the Blockchain. Otherwise, we'd be going back to the era of censorship. Given the fact that most Blockchains have scaling issues, all of these worthless ERC-20, BRC-20, and NFTs will ultimately clog the network with high fees and slow confirmation times. The market will ultimately decide the ideal fee rates for the benefit of all. If we feel fees are too high, then we can simply move to another chain or use an off-chain (L2) scaling solution. Hype doesn't last forever, so I'm hopeful this will be all over soon.

It's inspired by SBT but it's a new concept. Like SBTs but trasferrable and more.

Currently erc-721 NFTs are bound to wallets, just like cryptos are in general. You can think ERC-6551 other way around, wallets bound to NFTs. "Those are called Token Bound Accounts" (TBAs).
From what i understand, for example when you normally link wallets to sites, this could make it it possible to link your nfts. As those become smart contracts themselves.

This post explains it way better than i could:

https://blog.alphapanda.one/token-bound-accounts-erc-6551-the-future-of-nft-wallets/

I am still wrapping my mind around it. It took a while for me to even get erc721 when they came, so i guess i need to see this in action before i truly get the possibilities.

That's completely mind-blowing. I couldn't imagine TBAs taking the NFTs spotlight real soon. It will be up to creators to make something serious that would last a lifetime. Not something out of pure speculation. The vast majority of NFTs are only quick cash grabs, so they will ultimately die in the long run.

I hope that won't be the case with SBTs and TBAs. I'm still trying to understand all of the technical jargon linked to these new kinds of tokens. With all that's been happening behind the scenes, it seems to me that ETH will remain as the #1 platform for NFTs and other kinds of tokens forever.

[disconnectme]

Yes, it can last forever. The thing is just that NFT need to be more advance than the current level it is currently in. If we compare the growth of NFT with that of Blockchain, I can see it being transformative and have real impact than the DEFI. DEFI seems saturated but there is still a lot to be done, AR, VR space has not been fully explored when it comes to NFT and Music NFT is just starting, it won't be the JPeg we have now. we just need all these developers to stop acting greedy and start developing and giving solutions this is what crypto is all about.

[blackened515]

right now, i believe a lot have been regretting their NFTs because of such losses. very few NFT projects are worth holding long-term. most of them will die down fast and won't be discussed anymore in this market. opensea though got a lot of profits but those who bought for sure are in a bad position right now.
well, that's the dilemma of buying the hype, you can never be sure of their longevity in the market.

No project is guaranteed to remain in the space indefinitely; old ones fold up, allowing young ones more chances to grow into solid projects. We have what we call the NFT season in cryptocurrency, but it is not yet that period, which is why there have been failed NFTs initiatives in the market. Long-term projects are obviously required in order to profit from NFTs. Trust me when I tell that these great ventures are scarce in the market; any moderator would desire the best for his or her team while also generating gratification for selfish goals, dumping investors' portfolios.

[o48o]

Exactly. That's the real issue here. But there's nothing we can do about it, especially if we want to encourage openess on the Blockchain. Otherwise, we'd be going back to the era of censorship. Given the fact that most Blockchains have scaling issues, all of these worthless ERC-20, BRC-20, and NFTs will ultimately clog the network with high fees and slow confirmation times. The market will ultimately decide the ideal fee rates for the benefit of all. If we feel fees are too high, then we can simply move to another chain or use an off-chain (L2) scaling solution. Hype doesn't last forever, so I'm hopeful this will be all over soon.

I don't think that hype needs to end, eth just needs to scale more for handling anything people are hyped about. Meanwhile i'll stick to sending eth via L2.

That's completely mind-blowing. I couldn't imagine TBAs taking the NFTs spotlight real soon. It will be up to creators to make something serious that would last a lifetime. Not something out of pure speculation. The vast majority of NFTs are only quick cash grabs, so they will ultimately die in the long run.

I hope that won't be the case with SBTs and TBAs. I'm still trying to understand all of the technical jargon linked to these new kinds of tokens. With all that's been happening behind the scenes, it seems to me that ETH will remain as the #1 platform for NFTs and other kinds of tokens forever.

I really wish i understood more about it. For now i am shilling it because some cool devs i know are constantly telling me how cool it is. There might be hype because of it but i see it similar to erc721, it's not over by a long shot even though it got way more hype so quickly it wasn't going to be sustainable. People were buying anything NFT related and only few seemed to know what they were doing.

I guess i need to take a day to study it as much as i can and hope i understand more of it.