The point behind an NFT is to produce a record of ownership in a blockchain. An NFT is a code associated with an individual’s account. An NFT can only have an individual account associated with it.
For this reason, NFT’s are being hyped as the most secure method of owning something on the internet.
However, in terms of browser-based Media, they are very wrong.
Anything served over the internet needs to be downloaded onto one’s device, be it a PC, Tablet, mobile phone, or other.
As soon as it has been downloaded, if that media is displayable, ie not encrypted for later use, the user can do whatever they like with it. This is not to mention that an NFT does not block people from selling the same product on other platforms and furthermore there are over 150 Crypto Wallets meaning there are over 150 possible NFT unique records for a single user/product.
Because the internet is such a huge place, it is very unlikely that someone will ever know if you use another person’s media unless it is hosted on a system that uses algorithms to audit any media that is uploaded onto a website or public terminal.
If you make any changes to the media that you downloaded, then that NFT becomes yours in any event as it can no longer easily be traced.
An NFT is a step in the right direction, but is it really that new?
Unique entries in massive databases have always existed. We know this because, for example, we can play world of warcraft and have unique items for a character.
Currently, outside of digital currencies, the biggest media databases still exist outside of the blockchain, and many of these items are unique to an individual’s account…on some system’s all items are unique.
One must remember that blockchain is nothing more than a decentralized database.
One must be cautious not to fall into the digital currency trap. The rule of thumb is that mostly those that invested in the early days have made money. Most people that have traded after the big boom, have lost money in their investments.
Furthermore, the scams are real. Digital currency traders are riddled with scammers and unlike normal World Bank Currency, there is a large learning curve associated with digital currency.
Twitter has recently started allowing NFT’s to be used in their system. As an example of how easily an NFT can be stolen, simply right-click any NFT image on their system and click download.
Furthermore, just because an NFT exists on a blockchain does not necessarily mean that the law protects you from other people using it unless you have copyrighted the media in the old classical way and when it comes to physical objects sold as NFTs, well we know how easily that can be stolen.