DFINITYs IC Blockchain Brings True Ownership, Decentralization to NFTs
Summary
Why Many NFTs Are Just Overpriced Links to Google Drives — And How the Internet Computer Finally Fixes This Problem In the blockchain world, which includes DFINITY as a major player, history will easily remember 2021 as the “Year of the NFT.” Barely known toward the end of 2020, non-fungible tokens (NFTs) exploded in popularity at 2021’s start, driven initially by NBA Top Shot, before quickly being surpassed by the likes of Beeple, CryptoPunks, the Bored Ape Yacht Club, and many more. In an instant, these Web 2.0 behemoths could decide to shut down the servers where this digital artwork resides, creating issues for the underlying NFT by having it point to a link that no longer exists. With such low costs, NFT creators are more likely to store data files directly on the Internet Computer blockchain, as they’ll be incentivized to do so from a financial, operational, and marketing standpoint. With investors like Paris Hilton, Bill Ackman, and Polychain Capital onboard, NFT audiences are about to see a completely new model take shape in this digital asset world. Further, as more and more individuals enter the NFT space and begin truly learning about how NFTs work and where the underlying data is stored, increasing demand toward a full end-to-end decentralized solution is likely to take place.