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Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless. (markets.businessinsider.com)

submitted 1 year ago by L4s@lemmy.world to c/technology@lemmy.world

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Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.::NFTs had a huge bull run two years ago, with billions of dollars per month in trading volume, but now most have crashed to zero, a study found.

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[–] wmassingham@lemmy.world 8 points 1 year ago (1 children)

All title information on the house would be recorded and attached in the blockchain so when you go to sell your home, you can prove there aren’t any liens against the home

Don't we already have state or local databases for stuff like houses and cars? How does the blockchain stuff add anything?

[–] peopleproblems@lemmy.world -1 points 1 year ago* (last edited 1 year ago) (1 children)

The difference is that you can't retroactively edit the block chain, and the block chain contains all the data in it.

Databases can be edited, deleted, corrupted, poorly maintained, etc.

Think of the block chain like a permanent audit log of all transactions with it.

Edit: the NFT exists as a value in the block chain as the "point of origin". As this value is carried forward, the blockchain will always point back to the original.

That's why the whole pictures thing fucked it all up and we missed out on powerful tech. It could have essentially saved lives in critical machines and made PII tracking easier.

[–] Honytawk@lemmy.zip -1 points 1 year ago (1 children)

Block chains can also be edited, deleted, corrupted.

They aren't as secure as tech bros claim. Nothing possibly can be.

Blockchains already have been hacked multiple times.

This is the Web3 you are simping for: https://web3isgoinggreat.com/

[–] peopleproblems@lemmy.world 1 points 1 year ago

No, they can't. The article you point to mentioned stolen crypto. Crypto can be stolen if someone has the private keys to a wallet.

A block chain is algorithmically verified by members of the network.