I'm making this video because Morphologis made a video on this, but didn't mention a few important parts about NFT. Most likely because he like many others simply don't know. TLDR what is an NFT. An NFT is basically just a file on the blockchain. Morphologis says it's on the ETH (Ethereum) chain. This isn't true. It's just ETH is the most common right now. But realistically, we will see a take over of some other blockchain as Web 3.0 comes more and more out. IMPORTANT Currently most blockchains how they work is each node has a full copy of the entire blockchain. So if the blockchain is 400 GB, then it has to keep up this 400 GB. But if the blockchain magically gets 1TB of data. Then all the nodes will have to be able to hold all that data. I won't get into the how the verify and what not works because it's out of the scope of this. But the point I want to bring across is currently most blockchains like ETH all the data is 100% mirrored. We are working on ways to fix this in the future for Web 3.0. But it's so much of a problem that there is a vote going on with ETH to purge any data over 12 months old and move it to another system which has a ton of problems. Anyways, because of this, data cost serious money. At this point it's about $10k per MB uploaded. Take a picture with your phone and chances are it's about 6MB. Meaning if you try to upload it to ETH then you're looking at spending $60k. So realistically, will you have $60k per picture uploaded + whatever for the data the stats and other stuff takes? NO!!! What virtually all places do is the NFT is barebones. It's basically a pointer to some private server which holds the info. Like many NFT for games are so barebones that even the stats and other info is on servers and all your buying/holding is some file that is basically a link. Explain Like I'm Five Think of the following link as an NFT. Not the picture in the link, but just the link itself. https://www.hdwallpapers.in/thumbs/2020/big_sharp_nose_multicolor_birds_on_tree_branch_in_green_background_hd_birds-t2.jpg When you see an NFT you think you're getting a picture or something else because it's really marketed as such. In reality, you're getting the equivalent of the link shortener. You own that NFT. And when someone buys a NFT like it they also are getting a link shortener basically. But the image is still on some random private server. If that server gets hacked, goes down, or something else. Then you're screwed. In fact, you can literally have multiple NFT pointing to the exact same image on a server. It's more than less as if you pasted in a link into a text file. And if you're buying a game NFT. Chances are the NFT you own and hold doesn't even have status of the game assets in it. Chances are it might have some identifiers on it, but all the other info is on some private server. Future Web 3.0 One of the things that is being worked on within crypto/blockchain is Web 3.0. It's basically decentralizing the internet. One of the benefits of this is to stop or limit link rot. One of my theories (You can see me talk about this in many places under my name or crua9) is we can have each device connecting become a node and have the blockchain scalable. This making it where there is more room for more data, the nodes don't have to mirror the info, and so on. Mix this with better compression algorithms I imagine we will get from AI using quantum computers. We will see. What I see as most likely to happen is when you right click on a site and click inspect. The code you see there will be on the blockchain and the owner of it can change it like they do now. Now where it links to from there could be on the blockchain or their private servers. Eventually more and more of the internet will be on the blockchain which fixes linkrot (links that don't work anymore or the information it provides changes). At least to a high degree. But at this time it should be possible to see your NFT that is made during that time and after on the blockchain fully like most believe their NFT is now. TLDR NOTE I don't think CIG needs to bring NFT to SC. But if they do, note you're just buying and holding pointers to something on some private server. Meaning, you more than less still in the exact same boat as you are now but extra steps. And until Web 3.0 fully comes out, it's more of a technology limit on how it's stored.