![]() All that cryptoart really does is say “this specific copy of it is unique” and confirm it with the world – in terms of the actual piece of art, it doesn’t do anything to prevent it being copied and spread.īut isn’t the point of owning art the idea of owning something unique? If the original artwork and all the copies are exactly the same, where is the value? How much are these artworks being sold for? So let me get this straight, I can technically own the actual digital image of the “Picasso.jpeg” but everyone else in the world can also technically view their own, exact same “Picasso.jpeg” because it’s replicable, even if they can’t “own” it? Ummm, I think you lost me at “technically”. If I sell Picasso.jpeg to James, I can’t then turn around and sell the same Picasso.jpeg (or an exact digital replica of it) to Robin – the blockchain knows that I already transferred the art (and its NFT) to James, so I can’t sell it to Robin, and will mark the transaction as invalid. To put it another way, the blockchain verifies that there is only ever one account capable of owning the NFT at a given time. Since the database is distributed, it means there’s no central location where the data can be easily changed instead, every single computer must agree with every other computer that the transaction is valid. ![]() Whenever an NFT transaction occurs – buying, selling, giving, whatever – the data is timestamped and then has to be validated across the entire blockchain, which contains a history of every transaction ever made with that specific NFT.
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