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The Bridge May 2021 6. Criticism As discussed previously, since NFTs are not the art itself and merely link to a server that hosts the file, there exists a possibility that the hosted server may go offline at a point in the future, and the NFT will forever forward to a dead link. This can be mitigated through using decentralised solutions like Filecoin, Arweave or IPFS. However, some NFTs still point to a centralised server and in case of loss of support, while it does not invalidate the proof of ownership, it would mean that the NFT would not be viewable from just the data it contains. In this case, the original author or issuing platform may need to reissue a new NFT to replace the old one. If they are not available, the owner may be able to do it themselves by destroying the old dead NFT and reissuing a new one. However, it is unclear if NFT will retain its full value after such a transaction as some part of the history of the token may be lost. Another concern is part of the broader impact of blockchain mining on the environment. NFTs, like any other blockchain transaction, consume a certain amount of energy per trans- action, and with growing interest, the amount of transaction space that it takes on Ethere- um blocks has also become considerable. OpenSea, Axie Infinity smart contracts feature in the top 50 gas guzzlers for Ethereum transactions. However, with scaling solutions like ImmutableX and Polygon, these costs should come down in the future. As platform block- chains like Ethereum move away from proof-of-work, the environmental impact should be further reduced. 8PDF Image | NFT New Fancy Technology
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NFT (Non Fungible Token): Buy our tech, design, development or system NFT and become part of our tech NFT network... More Info
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