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The Bridge May 2021 3. NFTs are deeds or proof-of-ownership and authenticity Figure 1: NFT is the proof of ownership of an asset even if it is a picture on the internet Non-Fungible Token (NFT) Structure Blockchain Component (e.g. Ethereum, Polygon, Polkadot) Token Symbol (e.g. MYNFT) Unique Token ID (e.g. MYNFT) Unique Creator Adress Collection Name (e.g. “My Art Project”) Unique Token Contract Adress Transaction History (e.g. “My Art Project”) Metadata (e.g. media, description, IPFS/CID, JSON) Data (e.g. JSON) External Content ID (e.g. CID) Content Storage Options (e.g. jpg, svg, video, audio, metadata) Immutable External Identifier Hosting Media (e.g. jpg) What NFTs actually are What many people think NFTs are (e.g. just a jpg) Arweave (blockchain) Filecoin (blockchain) IPFS (distributed) Centralized Storage (e.g. Google Cloud) Source: SEBA Bank A common mistake is to confuse NFTs for the asset it represents. In fact, NFTs are closer to the deed or proof-of-ownership and authenticity for an asset than the asset itself. When Jack Dorsey sold his tweet on the platform “Valuables by Cent” for USD 2.9m, he did not sell the tweet itself as that remains on Twitter, nor did he sell a screenshot nor the words. He sold a provably authentic collectible item – the first-ever tweet from the founder of Twitter himself, with proceeds going directly to him and the transaction forever printed on the blockchain. Cent platform calls it a “digital certificate”, which is something it most closely resembles. For a piece of digital art, the NFT is not the jpeg file; it is the ownership title to the art. Some of the subjects in popular memes like Bad Luck Brian, Overly Attached Girlfriend or Scumbag Steve sold the original photo of the meme as NFTs for 20, 200 and ~30 ETH, respectively. In this case, it is obvious that since everyone can use the picture to make the meme, the NFT is not the picture nor the exclusive right to use it. The buyer has bought a collectible item that is verifiably limited and authenticated by the person in the meme picture itself. Storage on a blockchain like Ethereum is extremely costly as all nodes have to store it in- dependently, and the blockchain can get very bloated extremely fast. As per an estimate, storing 1 GB of data on Ethereum might cost more than 60,000 ETH in transaction cost for a gas price of 100 gwei. Therefore, instead of being stored on-chain, NFTs contain an off-chain link to the art, and it can be loaded by the platform being used to browse the NFT. Picture 1: The “Bad Luck Brian” meme Source: imgflip.com 4PDF Image | NFT New Fancy Technology
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