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Comment by lsalvatore | Hacker News Reader

Thanks for the explanation, this makes me profoundly sad and is completely absurd. They call it "minting" which I actually thought was a neat way of putting the image itself on chain which can't be deleted and is permanent, so people spending crazy amounts of money can at least have the piece of mind that what they've bought is immutable. This shouldn't be considered an NFT at all.. imagine if bitcoin was just linking to a bank transaction. In fact- a definition of NFTs: "unique digital asset that is not directly replaceable with another digital asset" - swapping the results of the URL would invalidate this. What is the actual point?

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It's not as bad as you think. If the frontend and database is open source, the assets will be mirrored, and therefore end up in a giant archive. This is what happened to Hic Et Nunc last month - founder decided to pull the plug, community resumed within a few hours with other sites. The power is in the technology mix: Blockchains and smart contracts secure the transactions, everything else can be secured with existing methods. It's an incentive structure shift that's still being explored - you always want a 100% archival because it protects the represented value on-chain. It pushes the business model away from platform control as well. They will most likely have to differentiate with curation and discovery services.

Currently, a lot of the frontends are not open. They pose the same degree of rugpull risk as any ordinary web site. That is unlikely to remain the status quo since both collectors and artists will ultimately demand a proof of redundancy. But as it stands, it's a bubble, and the rules aren't set.

Hmm, that's interesting. Does each NTF has a hash of the file linked, to confirm the mirrored asset is the same as the original?

That’s a smart question

The actual point is to scam people. With the support of true-believers that this is a thing to give it hype.

Crypto in general feels like MMM scams but for men.

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