People’s Expensive NFTs Keep Vanishing. This Is Why
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Last month, Tom Kuennen, a property manager from Ontario, coughed up $500 worth of cryptocurrency for a JPEG of an Elon Musk-themed “Moon Ticket” from DarpaLabs, an anonymous digital art collective. He purchased it through the marketplace OpenSea, one of the largest vendors of so-called non-fungible tokens, or NFTs, in the hopes of reselling it for a profit.
“It’s like a casino,” he said in an interview. “If it goes up 100 times you resell it, if it doesn’t, well, you don’t tell anyone.” He never got the chance to find out. A week later, he opened up his digital “wallet,” where the artwork would supposedly be available, and was faced with an ominous banner reading, “This page has gone off grid. We’ve got a 404 error and explored deep and wide, but we can’t find the page you’re looking for.”
Ed Clements is a community manager for OpenSea who fields these kinds of problems daily. In an interview, he explained that digital artworks themselves are not immutably registered “on the blockchain” when a purchase is made. When you buy an artwork, rather, you’re “minting” a new cryptographic signature that, when decoded, points to an image hosted elsewhere. This could be a regular website, or it might be the InterPlanetary File System, a large peer-to-peer file storage system. The artwork, which he expected to be on the page, had disappeared entirely. “There was no history of my ever purchasing it, or ever owning it,” he said. “Now there’s nothing. My money’s gone.”
Ed Clements is a community manager for OpenSea who fields these kinds of problems daily. In an interview, he explained that digital artworks themselves are not immutably registered “on the blockchain” when a purchase is made. When you buy an artwork, rather, you’re “minting” a new cryptographic signature that, when decoded, points to an image hosted elsewhere. This could be a regular website, or it might be the InterPlanetary File System, a large peer-to-peer file storage system.
Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction
April 1, 2021 at 9:15 AM #414274Hobbit709Participant
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Buying things that only exist in the cloud is like buying a bridge with a couple of monuments thrown in.
I don't waste my time teaching pigs to sing.
April 1, 2021 at 5:59 PM #414334GryneosParticipant
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that’s how the stock photography trade works, and it works quite well (same for digital music, video-streaming, and so on). If it didn’t work the way it does (‘on the cloud’), we wouldn’t see nearly as many stock photos used in news reports, magazines, newsletters, etc. And yes, it does really exist. What happened with this guy is not buying through someone who has been certified in some way. Best method would have been to buy through an established auction house.
Who are you? | What do you want? | Why are you here? | Where are you going? | Do you have anything worth living for? | Who do you serve and who do you trust?
April 1, 2021 at 12:41 PM #414288KenTankerousParticipant
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To which I say: “Tsk, tsk”.
"If we define an American fascist as one who in case of conflict puts money and power ahead of human beings, then there are undoubtedly several million fascists in the United States."
- Henry A. Wallace
(FDR's Vice President until he was forced out by the corrupt forces of obscene wealth.)
April 1, 2021 at 2:22 PM #414303
April 1, 2021 at 2:25 PM #414305
April 1, 2021 at 7:16 PM #414352xyzseParticipant
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Especially during VR Games, in buying specialized items within it. It might actually be a whole new economy. This is especially the case in Asia.
Many of their stories involve making money from Game items and selling them off. I see NFTs as another step towards that type of reality.
In any case, you know what’s funny? As soon as I clicked on the OP link it shows 404 Not Found.
LMAO, that is so typical.
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