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Text: The One Major Flaw of NFT

The One Glaring Flaw of NFT

By JohnSickBoy | Inside_my_mind | 20 Mar 2021

NFT (Non-fungible tokens) has greatly risen in popularity in the past week and there has been a rush from many content creators and artists to create an NFT of their art, song or collection cards. NFT provided a new way for fans to hold exclusive artwork and paved way to a new marketplace.

However, there is one issue with NFTs. NFT’s actual content (the image, music, etc.) is hosted externally, away from the blockchain. This means that you are relying on the service provider which is hosting the NFT to stay afloat and not have any technical difficulties.

Another way to put this is that when you purchase or mint and NFT, the service that you use stores the content. The service then assigns the NFT a Token ID which is the ONLY pice of the NFT that lives on the blockchain.

Whenever you transfers the ownership of the NFT, only the Token ID gets transferred to the new owner. The new owner would then use the third party service to view the NFT as the third party hosts the content.

What does this ultimately mean?
As of right now, if your favourite NFT marketplace disappears tomorrow, so will all of your content. All you are left with is the Token ID from the minting or purchase of your NFT.

NFT may sound great as a content. However, unless if this issue is addressed, NFT may not be as appealing as it initially set out to be.

What are you thoughts?

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