Will NFTs bring huge transformations, or are they just worthless?

Few shortfalls of NFTs are observed as the tokenized tweets got deleted and images replaced
  • NFTs have gained mainstream attention globally, with many supporters and critics
  • In the controversy, supporters claim that these tokens will bring transformation in several industries, whereas critics claim these tokens are meaningless and worthless
  • An immutable and permanent storage service is what required for solving the issues of NFT

NFTs or the Non-Fungible tokens were observed attracting many individuals around the world since the beginning of this year. Many supporters of such tokens expect that these tokens will bring huge transformations in everything from the art industry to online gaming. On the other side, there are critics claiming that these tokens are entirely worthless. And just nothing more than the hype observed during the initial coin offering phase in 2017.

NFTs have acquired mainstream attention globally

According to data from NonFungible, it is observed that to date, more than 5.3 million NFT asset sales have been recorded. Among the sales, several users of such tokens have already sold $414.5 million worth of NFTs. Following the stats, it seems like these tokens have already gained mainstream attention globally. Every day a project is being released, and a new celebrity endorses its own NFT collectables. Indeed, observing the aforementioned facts, many supporters claim that these tokens are about to shake up numerous industries.

Non-Fungible Tokens are gaining criticism too

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As the tokens are getting mainstream attention the hype of NFTs is also observed gaining online criticism. The criticism began after a tokenized tweet got deleted after the sale. After the incident, Dennison Bertram from Withally revealed that some tokens he stored on the Interplanetary File System (IPFS) eventually vanished.

Following all the news, a Twitter user @neitherconfirm pulled out a rug trick. The user simply swapped the art he had listed on OpenSea with oriental rugs after those NFTs were minted. Interestingly, he did change the JPG easily and explained that the value of NFTs are meaningless until the tokens are not inseparable from the asset itself.

How would the NFT issues be solved?

After all such events that happened with NFTs, many on social platforms are discussing the issues. According to a few, the storage of assets is an easily overlooked aspect of such tokens. However, following the tweet deleting incident, it seems like what’s required is a reliable backup like a project entitled Arweave offers. Arweave offers the very utility by backing up NFT assets, blockchains, etc., permanently through an endowment mechanism. Creators and artists using such service backing up NFTs by immutable and permanent storage could rest assured.

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Ahtesham Anishttp://www.thecoinrepublic.com
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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