#on the Artist Design Website is anything like an NFT that is usually just a static image that nonartists like to buy as if it were a

[philosophicallie]

Hi I am not into NFTs but i am also not super part of Toyhouse's economy. I've never had the want to participate in it.

I am gonna try to explain this through the lens of my cryptobro-grindlife friend who wants me to do NFTs very badly because Im an artist, though, because I do technically agree with the meme/population of people saying that Toyhouse is NFT-adjacent.

The act of selling a design that isnt original, such as the character you have up named Skye, is NFT-like because the price of the character will be dependent on who wants Skye, and who currently owns Skye. TH also has a tracking system, from what i can tell, of who has owned the character before, who has made what art, what characters are in the art, etc.

NFTs, according to the friend, are basically receipts that track transactions like this. That's as much as I can say, though, because that's as much as I understand NFTs. It's about act of tracking transactions of the design, less about the profiting and "scamming."

Regardless, TH designs aren't scams because (hopefully) all designs being bought and sold in the TH economy are original.

I still have few characters for resell on my toyhouse//

[literallymechanical]

NFT’s Are Stupider Than You Think

tl;dr if you want the full-res, 21,000 x 21,000 pixel, 300 MB image from the 69 million dollar Beeple NFT, skip to the bottom for the download link. It’s not piracy or hackery, it’s just a feature of how NFT’s work. 

[Image ID: The low-resolution preview image for Beeple’s Everydays: The First 5000 Days, as posted on the Christie’s auction website]

Okay so we’ve all know that NFT’s—and crypto mining in general—are an environmental nightmare, in terms of ridiculous energy costs. Also, most people are aware that the digital asset itself (often artwork) that corresponds to the NFT isn’t stored on the blockchain.  But there are a few more issues that aren’t as widely understood, judging by the reporting I’m seeing.

Let’s use the 69 million dollar Beeple NFT as an example. Before anything else, here’s the auction house where Beeple sold it.  (I’m using bare URL’s in this post, to make it more clear where each link leads)

https://onlineonly.christies.com/s/beeple-first-5000-days/beeple-b-1981-1/112924

This is a screenshot from that page.  I’ve highlighted the smart contract address, 0x2a46f2ffd99e19a89476e2f62270e0a35bbf0756. That’s the address of the NFT itself on the Ethereum blockchain.  Also note the Token ID, 40913.  Without listing these data so you can verify what you’re buying, the auction is meaningless. This appears to be an older token protocol, I think? Usually you can just get the Token ID from the smart contract without having to list it separately. I’m not an expert, idk.

Also, a very very quick primer: A blockchain (in this case, the Ethereum blockchain) is basically a verifiable, unforgeable, secure, publicly-viewable ledger, where you provably say “I have sole control over this piece of data.”

Anyway, the typical way to interact with the Ethereum blockchain is a website like etherscan.io, like so:

https://etherscan.io/address/0x2a46f2ffd99e19a89476e2f62270e0a35bbf0756

That’s the Beeple’s Everydays smart contract. Remember all this for later. Let’s move on to the stupidity. First...

The artwork isn’t stored on the blockchain. But neither is the metadata you own.

Most people are aware of this, to some extent.  The artwork itself isn’t on the blockchain, just a piece of metadata, right?

Well, no, it’s actually stupider. The metadata isn’t on the blockchain.  The only thing that’s actually stored on the blockchain is a URI (Uniform Resource Identifier), which in practice is almost always either a URL (web address) or an IPFS hash (InterPlanetary File System address), but it could be any kind of address. Hell, it could literally be GPS coordinates, if you want. Usually it’s an IPFS hash, though.

Here’s the URI that’s stored in the Beeple NFT. You can get it from that etherscan.io link by going to the “contract” tab and entering “40913″ into the tokenURI query.

ipfs://ipfs/QmPAg1mjxcEQPPtqsLoEcauVedaeMH81WXDPvPx3VC5zUz

For most NFT’s it’s easier than that, you can get the TokenID from the contract? Again, I’m not an expert, but I think this is an outdated token protocol called “Erc20.” 

Since this is an IPFS hash, not a url, you can’t quite just type it into a typical web browser. First you should turn it into a web address by using an IPFS gateway, such as ipfs.io:

https://ipfs.io/ipfs/QmPAg1mjxcEQPPtqsLoEcauVedaeMH81WXDPvPx3VC5zUz

If you’re on tumblr mobile and clicking links is annoying, here’s a screenshot of what you’ll find at that address.

[Image ID: A screenshot of the JSON text file linked by the expensive Beeple NFT. It lists metadata for the artwork.]

The URI you own can die at any time

The point of storing things on a blockchain is that they are immutable, and verifiable, and can’t be forged.  "ipfs://ipfs/QmPAg1... etc.” isn’t going anywhere, and is provably yours.

However, the text file that lives at that URI? That screenshot? That’s not stored on the blockchain, and it can disappear.  You own the GPS coordinates of a storage locker full of paintings, but that doesn’t help you if the metaphorical storage facility burns down.  Or if whoever has the key to the storage locker (often the original artist, and/or the auction website) comes in and replaces everything with pictures of rugs. 

[Image ID: A tweet where an artist explains that they replaced their NFT artwork with pictures of carpets, “pulling the rug” on their auctions.]

Both of these things are already happening.  A lot of NFT’s are already “abandoned,” asserting ownership over a dead URI. IPFS storage is supposed to take care of that, but in practice it’s poorly implemented, and even when done right it isn’t as failsafe as they’d have you believe. IPFS peer-to-peer storage is slightly less fragile that just storing a file on a website, but not by much. If the IPFS node goes down, the file is lost.

Does this sound like it wildly defeats the purpose of using decentralized blockchain storage in the first place? You’re right! It does.

If the auction website you bought your NFT on goes out of business, you will almost certainly lose the NFT you bought. And we all know how stable web startups are lol. Anyway, next up...

You don’t have exclusive access to anything

A lot of people think of owning an NFT like they own a painting. They have the artwork. They can keep it to themselves, or they can display it in a gallery with their name next to it, but everybody knows it’s theirs!  NFT startups use this as a selling point. They say anybody can have a print of the Mona Lisa, but only you own the original.

This is dumb, because in the case of digital art, the print and the original are identical in every way.  Every single 1 and 0 is the same, and if URI goes down, who cares who bought it? The NFT says you just own a URI that points to a text file. And by design, that URI is public. This isn’t a hack, or a bug. This is the entire point. But the people who run auction sites can be hella disingenuous about that.

Here’s that text file again.  Notice this bit I just highlighted at the bottom? 

That’s a separate IPFS hash for the actual image file.  MakersPlace wrote this NFT incorrectly by using their own makersplace.com IPFS gateway instead of just posting the highlighted bit on its own—if MakersPlace goes out of business, that link will die—so instead I’ll link to that hash through the ipfs.io gateway, which is probably less likely to break any time soon.

But if it does, there are plenty more... until the MakersPlace IPFS node goes down, in which case it’s just gone forever no matter what lol.

So, without further ado...

WARNING: THIS IS A DIRECT LINK TO A 319 MEGABYTE JPEG. IF YOU’RE ON MOBILE, THAT MIGHT MAKE YOUR PHONE SAD IDK.

https://ipfs.io/ipfs/QmXkxpwAHCtDXbbZHUwqtFucG1RMS6T87vi1CdvadfL7qA

You’re welcome.