How Are People So Wrong About NFTs?

Unpacking the Arguments Against NFTs

Here are my counterpoints to their arguments:

Reddit: The non-fungible (un-reproduceable) part of NFTs is usually just a receipt pointing to art hosted elsewhere, meaning it’s possible for the art to disappear and the NFT becomes functionally useless, pointing to a 404 — Page Not Found

Me: The NFT doesn’t become functionally useless. The receipt on the blockchain is the important part, not the art. Plus, like anyone else, the owner can save the art thus backing it up to wherever else you can put a digital file. Just like this article, if Medium went down would it be lost? No. I’m smart enough to back up my content. I can repost it somewhere else.

Reddit: Someone could just right click and save a piece of generated art, making the ‘non-fungible’ part questionable. Remember, the NFT is only a receipt, even if the art it links to is generated off an ID in the receipt.

Me: Again, the receipt that lives on the blockchain is the important part. When I buy an NFT, I can save the art myself to back it up. Then if it gets taken down, who cares? I have the image saved and the receipt for it.

Reddit: NFTs are marketed as if they’re selling you the art itself, which they’re not. This is rightly called out by just about everybody. You can decentralize receipts because those are small and plain-text (inexpensive to log in the blockchain), but that art needs to be hosted somewhere. If the server where art is hosted goes down, your art is gone.

Me: This is practically the same point as the first couple, and it is mostly wrong. Some NFT collections explicitly state you own the rights to the Art. The most well known example of…

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