Thread by @inashdeen

"NFT and its gap to Web3.0"

Ni adalah thread

Under the hood, NFT is a token. A single minted token specifically to a particular NFT item.

Is the NFT item (such as jpg or video or domain) sits on the token?

No.

Rather, a metadata record is inscribed on the token, like this

See the image above. As you can see, the metadata is just a URL link recorded on the NFT.

In reality, I can host the image in a central or decentral server.
I can also insert a URL link which I don't own

Of course, there are standard mechanism to allow verified metadata processing by NFT marketplace, such as opensea.

Unfortunately, such marketplace itself is also centralized.

We can use decentral server such as ipfs ,or filecoin or storj to store our files. Even then, they have been issues on the state of decentralization of ipfs providers such as infura

What we need is a link, a special smart contract that can decentrally host the image / video /et cetera than decentrally too mint this NFT token with the decentral hosted image

Only then such minted NFT could have a pure web3.0 value.

Putting image or video on a decentral server pose another problem. What if someone place a copyrighted material on a permanent server?

So there is a need to a balance between freedom of data and copyright protection.

So, its no brainer that an NFT marketplace should be run by DAO. Elected DAO do screening, just like how wikipedia auditor screen contributions.

Those infringed copyright should be blacklisted from listing.

Of course, the data will still be on the storage blockchain, but now

It protects the DAO from copyright infringment lawsuit, all while still maintaining decentralization.

The person who posted the fake / infringed item is on their own now.