RE: Steemit Crypto Academy Contest / S2W4 - What are NFTs. by @fombae
Well, technically NFT can not be interchangeable
Yes, rightly said. Each NFT we see out there are unique on the blockchain. On the blockchain each unique BFT has it’s owner stored or recorded into the blockchain thus making it impossible for them to be interchanged.
Do your research on the NFT you are about to invest in
Yes, apart from being an advice that we mostly hear in the financial part of blockchain, investing in what you can afford to lose is actually a use case in the real world too. Because every business we see out there is a risk thus we will not always come out in profit.
Owning an NFT is not difficult
This point sounds like is not true but it is very true. I always thought owning an nft demanded you to buy one until I was able to create and mint my own nft token for free on opensea.
Very possible, in the case where your seed phrase falls into the wrong hands
Something that suprises me about nft is how easily they can be stolen. With how unique each product is on the blockchain I still don’t get it .
We all know you will not have it back because the NFTs ownership is completely changed as the verification process was legal.
Unlike cryptocurrency, the company Incharge of the site can actually freeze the sale of an nft token if the original owner is able to prove that his nft was stolen. And then given back after a few processes.
NFTs unique identifier doesn't stop them from being stolen, note that this token are categorically link to a wallet. So if the wallet is corrupt or happen to be in wrong hands . Then the NFTs to that wallet can legally process an ownership transfers. So how well you handle your wallet will protect you NFTs tokens.
Yes, that’s the problem.
I’ve been wondering if tegu could operate like maybe binance or houbi where a user can link his wallet to his email and phone number, and before the transfer of an asset happens he will be sent a code, maybe it will reduce the theft even though it won’t stop it .