What is NFT Architecture? | Edu-Archs

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A non-fungible token (NFT) is a unique and non-interchangeable unit of data stored on a blockchain, a form of digital ledger. NFTs can be associated with reproducible digital files such as photos, videos, and audio. NFTs use a digital ledger to provide a public certificate of authenticity or proof of ownership, but do not restrict the sharing or copying of the underlying digital files. The lack of interchangeability (fungibility) distinguishes NFTs from blockchain cryptocurrencies, such as Bitcoin.

NFTs have drawn criticism with respect to the energy cost and carbon footprint associated with validating blockchain transactions as well as their frequent use in art scams. Further criticisms challenge the usefulness of establishing proof of ownership in an often extralegal unregulated market.

Plagiarism and fraud

There have been cases of artists having their work sold by others as an NFT, without permission.After the artist Qing Han died in 2020, her identity was assumed by a fraudster and a number of her works became available for purchase as NFTs.Similarly, a seller posing as Banksy succeeded in selling an NFT supposedly made by the artist for $336,000 in 2021; with the seller in this case refunding the money after the case drew media attention.

A process known as "sleepminting" can also allow a fraudster to mint an NFT in an artist's wallet and transfer it back to their own account without the artist becoming aware.This allowed a white hat hacker to mint a fraudulent NFT that had seemingly originated from the wallet of the artist Beeple.

The BBC reported a case of insider trading when an employee of the NFT marketplace OpenSea bought specific NFTs before they were launched, with the prior knowledge they would be promoted on the company's home page. NFT trading is an unregulated market that has no legal recourse for such abuses.

In their announcement of developing NFT support for the graphics editor Photoshop, Adobe proposed creating an InterPlanetary File System database as an alternative means of establishing authenticity for digital works.

chapters
0:01 what is nft?
0:13 what is blockchain technology?
0:37 what is nft architecture?
1:22 what is nft collection?
1:49 who invented nft?
2:06 zaha hadid architects nft collections
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