Can NFTs last forever?

[Godday]

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.

Agree! There are no key points for investing in NFTs. I see such NFTs positioning as something as prestigious as Apes NFTs. But in reality NFTs are just ordinary digital data sets like images, videos or sounds that don't even have business value unlike stock photos or paintings. I agree with what @Ratimov has said in his topic ( The bitcoin blockchain is on its knees again )  that NFTs are just trash on crypto networks and certainly one should expect people to stop collecting NFTs.

[1715108158]

1715108158

[woez]

Using the blockchain as cloud storage is not really scalable. NFT protocols don't actually store images directly and instead what you are paying for is proof that you own something that is outside of the blockchain. There's been some instances where people's NFTs disappeared from their wallet because Metamask couldn't connect to a third party API. As long as you are relying on centralized databases then their is no guarantee that your NFT will last forever.

It is true that NFTs may disappear from the wallet due to connection issues with third-party APIs at any time, reflecting potential vulnerabilities in the current infrastructure. If a centralized database or service goes offline or encounters technical difficulties, the associated NFT may be lost or inaccessible. but, I assume there will be a Solution that will emerge to overcome this challenge.

[Abiky]

Using the blockchain as cloud storage is not really scalable. NFT protocols don't actually store images directly and instead what you are paying for is proof that you own something that is outside of the blockchain. There's been some instances where people's NFTs disappeared from their wallet because Metamask couldn't connect to a third party API. As long as you are relying on centralized databases then their is no guarantee that your NFT will last forever.

I believe Ordinals stores the whole content (data) of the NFT on the Bitcoin blockchain. But as far as ERC-721 tokens go, only the proof of ownership is stored on the ETH blockchain. This approach reduces the burden on the Blockchain, but NFTs could be lost as they're stored on a centralized server. One needs to make a balance between both kinds of NFTs' advantages/disadvantages to make a decision.

If we are really pushing for full decentralization, then it'd be best to store the data of the NFT on a sidechain or off-chain scaling solution (L2). The NFT trend is just starting to blossom, so I'd give it more time to see what happens. Who knows which NFTs will be able to last for generations? Just my opinion

[Nazmul012]

Invention of NFTs is another great technology for crypto industry. It'll be helpful in many ways, verifying ownership is the most interesting matter to me. But useless NFTs are making this technology down and hamper its reputation. People are using it to scam people by selling scam things. NFTs data and processes still doesn’t seems secure to me, it Should need improvement, otherwise everyone will stop buying NFTs for being scam or being their assets lost. Although Potential NFTs always matter in crypto industry

[timoshani]

Invention of NFTs is another great technology for crypto industry. It'll be helpful in many ways, verifying ownership is the most interesting matter to me. But useless NFTs are making this technology down and hamper its reputation. People are using it to scam people by selling scam things. NFTs data and processes still doesn’t seems secure to me, it Should need improvement, otherwise everyone will stop buying NFTs for being scam or being their assets lost. Although Potential NFTs always matter in crypto industry

As stated in this topic – NFTs can disappear at any time. And here the problem with risks is more serious than when investing in ordinary cryptocurrency. NFTs are an inherently insecure investment. In addition, they are not supported by anything real. Although the idea is just the opposite, it is possible to digitize something and own it. But this will not happen. Laws and a centralized financial system will not allow this to be done. I see no point in investing in this rubbish at all. Unless for the sake of a quick profit. The idea of ​ ​ a metaverse where all these NFTs will be needed – a bubble in a cube!!!

[eaLiTy]

~
that NFTs are just trash on crypto networks and certainly one should expect people to stop collecting NFTs.

You cannot completely ignore the power of NFT just like that, if the NFT has a use case and if that can be used inside a game like a character and so on then the story changes and it will have its value. For example like the Counter Strike skins and weapons, similar to that if it is an NFT and which can be used inside a game then it will have its value rather than collecting random arts which does not have any feature.

[cjmoles]

Using the blockchain as cloud storage is not really scalable. NFT protocols don't actually store images directly and instead what you are paying for is proof that you own something that is outside of the blockchain. There's been some instances where people's NFTs disappeared from their wallet because Metamask couldn't connect to a third party API. As long as you are relying on centralized databases then their is no guarantee that your NFT will last forever.

I believe Ordinals stores the whole content (data) of the NFT on the Bitcoin blockchain. But as far as ERC-721 tokens go, only the proof of ownership is stored on the ETH blockchain. This approach reduces the burden on the Blockchain, but NFTs could be lost as they're stored on a centralized server. One needs to make a balance between both kinds of NFTs' advantages/disadvantages to make a decision.

If we are really pushing for full decentralization, then it'd be best to store the data of the NFT on a sidechain or off-chain scaling solution (L2). The NFT trend is just starting to blossom, so I'd give it more time to see what happens. Who knows which NFTs will be able to last for generations? Just my opinion

I agree....there's several Layer 2 solutions with their own layers of tech. I can envision some crazy utility with the nonfungible assets in the near future.

I play a TCG game called "Gods Unchained" that utilizes NFTs.  The cards are NFTs on IMX using the Starkware, Starknet tech.  The game's been thru several transitions since its launch in 2018 as blockchain tech advanced, but our cards (NFTs) have managed to transition well thru the different scaling layers. I have a little experience with NFTs, and I'm optimistic about their future.

These are some exciting times for sure.  

[o48o]

Using the blockchain as cloud storage is not really scalable. NFT protocols don't actually store images directly and instead what you are paying for is proof that you own something that is outside of the blockchain. There's been some instances where people's NFTs disappeared from their wallet because Metamask couldn't connect to a third party API. As long as you are relying on centralized databases then their is no guarantee that your NFT will last forever.

Well technically you can store 8-bit-style low res portraits as a data in blockchain but storing high res images into blokchain is quite pointless.
And blockchains aren't build for that. They are just complex decentralized legders, preferably their L1 should be kept minimalistic as possible.

I believe Ordinals stores the whole content (data) of the NFT on the Bitcoin blockchain.
-cut-

I gave you merit for that information because i didn't have a clue. I guess i now understand better why bitcoiners were so angry that someone was clogging their blockchain. I need to read up more about this to form my own opinion. Thanks.

I agree....there's several Layer 2 solutions with their own layers of tech. I can envision some crazy utility with the nonfungible assets in the near future.

I play a TCG game called "Gods Unchained" that utilizes NFTs.  The cards are NFTs on IMX using the Starkware, Starknet tech.  The game's been thru several transitions since its launch in 2018 as blockchain tech advanced, but our cards (NFTs) have managed to transition well thru the different scaling layers. I have a little experience with NFTs, and I'm optimistic about their future.
These are some exciting times for sure.  

I was part of Gods unchained sale and even got few early bird bonuses for it. While it was highly profitable for me including all the airdrops i got from it, i really hated how the team seemed to be unresponsive and opaque about their issues and actions.

Game was developed so long and gaming experience far from the hearthstone it was fully plagiarized from. Something in my guts told me that they weren't telling everything, there were so many bugs that at one point i just sold everything and left. Their L2 solution was clever but it's nothing compared to matic for example. Their funding method is quite clever as they most likely don't ran out of money as long there are buyers, but how long is there going to be buyers for a game worse then hearthstone?

[zasad@]

This is a tweet from the Former Chief, SEC Office of Internet Enforcement
https://twitter.com/JohnReedStark/status/1682003068022292481
"The NFT Emperor Has No Clothes.

Hence, it is not at all surprising that an NFT of Jack Dorsey’s first Tweet is now essentially worthless.

A fractionalized link to a JPEG of a "bored ape" with funny glasses and a colorful hat is not a sound investment, sensible means of commerce or prudent pathway to live out the financial dream — and neither is the NFT of a Tweet, no matter who the author is. ..."

___
This person writes very literate thoughts, do not hesitate to read his entire tweet.

[gurunanakji777]

I haven't invested a single penny in NFTs so far. I still don't understand its use case. Sometimes, I've seen XYZ Art pieces' NFTs being sold for a high price, but we don't know if they will hold any value in the next 2 years. I don't have a positive opinion about NFTs. If someone owns their NFT, they will have control over it; it's not like anyone else can sell it as their own. However, I can't say much about this matter as I don't possess extensive technical knowledge about NFTs, but it remains uncertain whether their NFTs will retain any value in the long run.

[QueenVera]

Invention of NFTs is another great technology for crypto industry. It'll be helpful in many ways, verifying ownership is the most interesting matter to me. But useless NFTs are making this technology down and hamper its reputation. People are using it to scam people by selling scam things. NFTs data and processes still doesn’t seems secure to me, it Should need improvement, otherwise everyone will stop buying NFTs for being scam or being their assets lost. Although Potential NFTs always matter in crypto industry

Just like with every other trends that I have witnessed in my time in the cryptocurrency market, NFT will keep improving as the market gets more maturity. When defi started it wasn't as good as it's now, then we started with poor project and protocols but things has improved and that's how the NFT market will also improve, we'll grow pass just pictures.
NFT will be used for valuable things in the future.I believe NFT has a future because soon we'll be having real estate become a big deal in the metaverse and not just a hyped trend. Many things will be done in the metaverse and we might need NFT to get access to the metaverse. In the future one NFT can hold the pass to enter multiple metaverse and not just one.
NFT is going to be a part of the market from now on, developers will work on giving NFT more utility and it'll be accepted by the community when that's done. NFT was just hyped without any real utility and that's why  the hype die so soon but when the utility comes we'll see interest rates in NFT starts picking up again as people will want to be a part of it.

[cjmoles]

I agree....there's several Layer 2 solutions with their own layers of tech. I can envision some crazy utility with the nonfungible assets in the near future.

I play a TCG game called "Gods Unchained" that utilizes NFTs.  The cards are NFTs on IMX using the Starkware, Starknet tech.  The game's been thru several transitions since its launch in 2018 as blockchain tech advanced, but our cards (NFTs) have managed to transition well thru the different scaling layers. I have a little experience with NFTs, and I'm optimistic about their future.
These are some exciting times for sure.  

I was part of Gods unchained sale and even got few early bird bonuses for it. While it was highly profitable for me including all the airdrops i got from it, i really hated how the team seemed to be unresponsive and opaque about their issues and actions.

Game was developed so long and gaming experience far from the hearthstone it was fully plagiarized from. Something in my guts told me that they weren't telling everything, there were so many bugs that at one point i just sold everything and left. Their L2 solution was clever but it's nothing compared to matic for example. Their funding method is quite clever as they most likely don't ran out of money as long there are buyers, but how long is there going to be buyers for a game worse then hearthstone?

Yeah...in the beginning the development was sketchy.  They certainly took advantage of NFT hype and got out ahead of their skies.  They have several years worth of development under their belt now and have a whole new team, including Chris Clay, former Game Director for MTG: Arena. The difference between a game like Hearthstone and a game like Gods Unchained is the NFT, true ownership of game assets secured by a blockchain. In Hearthstone, the platform controls the cards....In Gods Unchained, the user owns the cards, and they can trade them on the decentralized markets, permissionlessly.

I'm not trying to endorse Gods Unchained, it's just an example of a usecase for NFTs other than goofy ape jpegs and pfps.  It's also a good example of how the various layers of abstraction add utility to the NFTs, while maintaining the same level of security, without bloating the main blockchain. Anyway, I'm just saying....I don't think NFTs are going away --> they're just becoming more utilitarian.  It's exciting stuff.

[Abiky]

Yeah...in the beginning the development was sketchy.  They certainly took advantage of NFT hype and got out ahead of their skies.  They have several years worth of development under their belt now and have a whole new team, including Chris Clay, former Game Director for MTG: Arena. The difference between a game like Hearthstone and a game like Gods Unchained is the NFT, true ownership of game assets secured by a blockchain. In Hearthstone, the platform controls the cards....In Gods Unchained, the user owns the cards, and they can trade them on the decentralized markets, permissionlessly.

I'm not trying to endorse Gods Unchained, it's just an example of a usecase for NFTs other than goofy ape jpegs and pfps.  It's also a good example of how the various layers of abstraction add utility to the NFTs, while maintaining the same level of security, without bloating the main blockchain. Anyway, I'm just saying....I don't think NFTs are going away --> they're just becoming more utilitarian.  It's exciting stuff.

Yes. NFTs are becoming more useful than speculative lately. I guess the industry is maturing faster than I've thought. The hype still isn't over yet, so we should expect some speculation in the time-being. With improvements being made in the ETH ecosystem, I don't think NFTs will disappear anytime soon. What needs to be dealt with is the long-term data preservation of an NFT. Centralized servers are not ideal for this kind of new trend. It's the anti-thesis of crypto/Blockchain tech's decentralization and censorship-resistance.

I hope developers make good use of decentralized CDNs like Arweave and IPFS for the good of the industry. Luckily, data from Bitcoin's Ordinals inscriptions are all stored on-chain. ETH, and other similar smart contract platforms need to do this without sacrificing scalability. The sky is the limit to how far NFTs will go. Who knows if buying prominent NFTs now will make you rich in the future? Just my thoughts

[Justin999]

Quite Interest thread. I have less knowledge about NFTs but i think this technology will be last forever. There are many more exciting things that can be done by the help of NFTs. Rather staking programme, using it in game to earn money and many more options are available. Although NFTs are full of shit and scammers now but real NFTs will be always in demand and will increase in time. So some real Product NFTs should buy if its  availvale cheap

[Wakate]

Quite Interest thread. I have less knowledge about NFTs but i think this technology will be last forever. There are many more exciting things that can be done by the help of NFTs. Rather staking programme, using it in game to earn money and many more options are available. Although NFTs are full of shit and scammers now but real NFTs will be always in demand and will increase in time. So some real Product NFTs should buy if its  availvale cheap

If cryptocurrency can last forever then I think NFT too will accompany that since it is based on the structure of cryptocurrency.
There are people that still think that there was no need to invest in cryptocurrency but till now there are still good NFT projects that are doing well in the market and now launching there own crypto coin built on different Blockchains. NFT is part of the cryptocurrency market and there is still hope for everyone that are in it to make money from it.
 I hope some good NFTs that I know that by the time the crypto market commence the bull run, it is going to be profitable for me and other people that are NFT freak.

[o48o]

Yeah...in the beginning the development was sketchy.  They certainly took advantage of NFT hype and got out ahead of their skies.  They have several years worth of development under their belt now and have a whole new team, including Chris Clay, former Game Director for MTG: Arena. The difference between a game like Hearthstone and a game like Gods Unchained is the NFT, true ownership of game assets secured by a blockchain. In Hearthstone, the platform controls the cards....In Gods Unchained, the user owns the cards, and they can trade them on the decentralized markets, permissionlessly.

I'm not trying to endorse Gods Unchained, it's just an example of a usecase for NFTs other than goofy ape jpegs and pfps.  It's also a good example of how the various layers of abstraction add utility to the NFTs, while maintaining the same level of security, without bloating the main blockchain. Anyway, I'm just saying....I don't think NFTs are going away --> they're just becoming more utilitarian.  It's exciting stuff.

I got excited of the Chris Clay as well. But i didn't see any impact, that could radically change anything. Maybe he managed to balance some things i didn't see.
And i agree that idea behing Gods Unchained was juicy. I spend so much money on those packs that at some point those cards were all the crypto i had. I just had to hope that i got to sell them in profit. At the day when they landed to market i managed to get some eth and i got myself a list of good cards in the game that i would buy if they were cheap enough, and i indeed got to flip some seriously good cards. That was a good day.

And after they introduced the new L2, i managed to sell even my cheap ones. It was a slow process but sort of fun.

And yeah, i definitely see an exciting future with NFTs

[SharonC]

one could always backup their NFT locally, i don't see any reason why they don't if the NFT worth some money but I generally always consider NFT not as investing, it doesn't even have that much liquidity for investing.

Totally agree! I Always saw NFT as a way to artists prove the ownership, nothing more. Cannot understand the hype around

[aseprebel]

one could always backup their NFT locally, i don't see any reason why they don't if the NFT worth some money but I generally always consider NFT not as investing, it doesn't even have that much liquidity for investing.

Totally agree! I Always saw NFT as a way to artists prove the ownership, nothing more. Cannot understand the hype around

Backing up NFTs locally is a sensible step to safeguard valuable digital assets, especially if the NFT holds significant financial value. By keeping backup copies in a secure location, you can mitigate the risk of losing access to the NFT due to technical issues or problematic platforms.

[tsaroz]

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. Your input will be greatly appreciated. Thank you.

NFT as of known currently as some random picture that may or maynot have any value assigned to them and their price determined by the demand and supply won't last long. I don't even see much of its use as game assets or game freely traded game accessories. But they might exist on more business centric operation like proof of origin or supply chain involved. Non-fungible tokens could have a variety of uses as planned and demonstrated by many projects. Or something better we still are not aware of.

[Blitzboy]

Yeah...in the beginning the development was sketchy.  They certainly took advantage of NFT hype and got out ahead of their skies.  They have several years worth of development under their belt now and have a whole new team, including Chris Clay, former Game Director for MTG: Arena. The difference between a game like Hearthstone and a game like Gods Unchained is the NFT, true ownership of game assets secured by a blockchain. In Hearthstone, the platform controls the cards....In Gods Unchained, the user owns the cards, and they can trade them on the decentralized markets, permissionlessly.

I'm not trying to endorse Gods Unchained, it's just an example of a usecase for NFTs other than goofy ape jpegs and pfps.  It's also a good example of how the various layers of abstraction add utility to the NFTs, while maintaining the same level of security, without bloating the main blockchain. Anyway, I'm just saying....I don't think NFTs are going away --> they're just becoming more utilitarian.  It's exciting stuff.

Yes. NFTs are becoming more useful than speculative lately. I guess the industry is maturing faster than I've thought. The hype still isn't over yet, so we should expect some speculation in the time-being. With improvements being made in the ETH ecosystem, I don't think NFTs will disappear anytime soon. What needs to be dealt with is the long-term data preservation of an NFT. Centralized servers are not ideal for this kind of new trend. It's the anti-thesis of crypto/Blockchain tech's decentralization and censorship-resistance.

I hope developers make good use of decentralized CDNs like Arweave and IPFS for the good of the industry. Luckily, data from Bitcoin's Ordinals inscriptions are all stored on-chain. ETH, and other similar smart contract platforms need to do this without sacrificing scalability. The sky is the limit to how far NFTs will go. Who knows if buying prominent NFTs now will make you rich in the future? Just my thoughts

About the long-term data preservation of an NFT, which has to be ensured for the security of future potentialities in the growing landscape of crypto possibilities. Decentralized CDNs like Arweave and IPFS will, of course, play a vital role. Bitcoin's Ordinals inscriptions, being stored on-chain, are like a lighthouse guiding a ship that doesn't really exist but signifies a path.

ETH, and the like, need to do this without sacrificing... something, probably scalability. NFTs wont disappear. They will continue to be there, somewhere. Buying prominent NFTs now might indeed make one rich in the future, but one must also consider buying non-prominent ones as they might turn prominent later.