Web3 and NFTs

The concepts behind Web3 and NFTs are grand and worthwhile but Moxie points out many flaws in the current implementations — some of which are eerily close to the web as we know it today.

Instead of storing the data on-chain, NFTs instead contain a URL that points to the data.

For example, it looked one way on OpenSea, another way on Rarible, but when you buy it and view it from your crypto wallet, it will always display as a large 💩 emoji.

It seems the current implementation of NFTs heavily relies on centralized servers, owned and controlled by corporations. The blockchain’s immutability is used for the transaction and grants the purchaser not the advertised content of the NFT but instead the link. So, in the current implementation, NFTs are not images or content but in-fact URLs to content — which could be redirected to less-valuable content at anytime.

After a few days, without warning or explanation, the NFT I made was removed from OpenSea (an NFT marketplace).

…after OpenSea removed my NFT, it also no longer appeared in any crypto wallet on my device.

This is exactly where the blockchain’s promise of immutability and trustlessness should thrive.