LogFAQs > #961811250

I don't know all that much about NFTs but about a week ago I read what seemed like a good piece on how NFTs (and Web 3 in general really) just seemed fundamentally broken.

The long and short of it was that while it purports to support transparency and decentralization a la Web 1 it all breaks down because it runs into the same issues that led to Web 2 - people don't really want to run their own servers so there's a tendency to centralize around a handful of platforms who end up essentially in control (i.e. ...Web 2).

The author (IIRC the person behind Signal) mentioned that NFTs don't store the data on-chain but a URL that points to the data and so whoever owns that domain can just do whatever at any time. As an experiment they made their own NFT that was different depending on who looked at it since they could just have the web server serve a different image based on the IP of the viewer and advertised it as such. In a few days though it got removed for apparently violating the ToS of an NFT marketplace despite no apparent rule against it (and they were open about it.)

But the bigger thing in their opinion was that when OpenSea removed his NFT it disappeared from any crypto wallet on his device. He notes that while it might be true his NFT is in the chain somewhere, the wallet uses the OpenSea API which would now return "Content Not Found."

which idk feels like a problem that was supposed to never be able to happen so it's kind of alarming that it can