• Sibshops@lemm.ee
    link
    fedilink
    English
    arrow-up
    0
    ·
    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
      link
      fedilink
      arrow-up
      0
      ·
      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
        link
        fedilink
        English
        arrow-up
        0
        ·
        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
          link
          fedilink
          arrow-up
          0
          ·
          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
            link
            fedilink
            English
            arrow-up
            0
            ·
            edit-2
            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