NFT misconception: JPEG aren't stored on the Blockchain

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Ethereum Name Service

#Crypto #Productivity #Cryptocurrencies 188 social mentions

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NBA Top Shot

Think about collectables in the real world, and imagine how they could possibly work in the digital world. For example, people collect trading cards for various sports, and there is 1 owner per card who can trade/sell the card to others. How would you facilitate this idea in the digital world? Well you can't use a regular database, because it's easy for it to be copied/hacked/shutdown, and if it's run by a third-party then even if you have entry in that database you don't technically "own" it. Turns out the blockchain is a good solution for facilitating the idea of digital ownership, it can't be easily copied/hacked/shutdown, and if you own the keys to the NFT token that represents your ownership, technically you own that "database entry". Want to see a real example of the trading card world gone digital with NFTs? https://nbatopshot.com/.

#Crypto #Art #Spaced Repetition 55 social mentions

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OpenSea

Ironically, in the meantime, the most famous centralised selling (decentralised) NFTs platform is down: https://opensea.io/.

#Crypto Marketplace #Crypto #Art 586 social mentions