• Kecessa@sh.itjust.works
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    2 months ago

    Copying the info on another contract doesn’t mean it’s fungible, to verify ownership you would need the NFT and to check that it’s associated to the right contract.

    Let’s say digital game ownership was confirmed via NFT, the launcher wouldn’t recognize the “same” NFT if it wasn’t linked to the right contract.

    • Sibshops@lemm.ee
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      2 months ago

      But you would need a centralized authority to say which one is the “right contract”. If a centralized authority is necessary in this case, then there is less benefit of using NFTs. It’s no longer a decentralized.

      • Kecessa@sh.itjust.works
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        2 months ago

        Yes and no, with the whole blockchain being public it’s pretty easy to figure out which contract is the original one.

        • Sibshops@lemm.ee
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          2 months ago

          Lets say you don’t have a central authority declaring one is official. How would you search the entire blockchain to verify you have the original NFT?

          • Kecessa@sh.itjust.works
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            2 months ago

            The NFT is useful with a central authority though, it’s used to confirm the ownership of digital goods ex: if it’s associated to digital games then the distributor knows which contract is the original since they created it in the first place

            • Sibshops@lemm.ee
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              2 months ago

              Exactly, and that’s the key issue. If we need a central authority, whether it’s a game distributor, marketplace, or platform to recognize and validate the “official” contract, then we’re back to a trust model similar to traditional databases.

              Take your example of game ownership. If the launcher only accepts NFTs from a specific contract, that launcher is acting as the central authority. At that point, the launcher can just manage ownership records in its own database. NFTs only add complexity without eliminating the need for trust in a central entity.

              And as we’ve seen with Magic Eden, even trusted platforms can make mistakes, leading to confusion or scams. So centralization is still required to resolve identity/authenticity, I don’t believe NFTs offer any meaningful advantage over a traditional database.

              https://cointelegraph.com/news/magic-eden-to-refund-users-after-25-fake-nfts-sold-due-to-exploit