This is how pretty much every NFT works.
They just embed a URL. You are buying a URL, which I think must be publically available due to being on the blockchain, unless it's encrypted with the buyer's pubkey which would make some sense.
They just embed a URL. You are buying a URL, which I think must be publically available due to being on the blockchain, unless it's encrypted with the buyer's pubkey which would make some sense.
Crypto in general feels like MMM scams but for men.
Currently, a lot of the frontends are not open. They pose the same degree of rugpull risk as any ordinary web site. That is unlikely to remain the status quo since both collectors and artists will ultimately demand a proof of redundancy. But as it stands, it's a bubble, and the rules aren't set.
If you go to Contract and then Read, there's a function you can execute towards the end which gets you the URI for a token. If you grab a token ID[2] and enter it in, you'll get back an IPFS address. Should be more permanent than a random image hosting site, but it's certainly not the same as storing the image on the blockchain.
[1] https://etherscan.io/address/0xbc4ca0eda7647a8ab7c2061c2e118... [2] https://opensea.io/collection/boredapeyachtclub
No, you don't own the URL either, and if the URL goes away, you still own the NFT.
All you own is the NFT - a hex number that encodes the solution to an obscure equation.