An “NFT” Without Blockchain
smy20011.github.io
smy20011.github.io
Usability failure.
> There is no recovery mechanism, the same thing happens to your NFTs if you lose your private key.
The difference is the private key file. With a crypto-wallet it is one less thing to worry about, unlike managing PGP keys. Private key file lost? You lose. Private key password lost? You still lose. Computer stolen with your PGP keys? You completely lose.
With a crypto-wallet all you need is your seed-phrase and that is it. Even if your computer is stolen you can recover it with the seed-phrase anywhere in the world.
> Why should I trust the free TSA?
> NFTers still have to trust NFT websites. NFT usually stores a URL of an image hosted by some websites. They are free to remove/update the image afterwards.
Depends on the NFT, like a blockchain domain name as that is fully stored on the blockchain and is trusted, even better if they are stored on a multi-sig wallet.
So in conclusion, it may be done; but perhaps it would fail to take off due to usability issues.
The seed allows you to recover from anywhere in the world.
> Whether that claim can be meaningfully sold on to someone else is outside the scope of this discussion.
Okay, at least the author is upfront about this, but this is literally the only technical reason to use a blockchain. This is a bit like saying "send e-cash to anyone without a central authority or a blockchain (whether this e-cash can be double-spent is outside the scope of this discussion)."
If all you want is some evidence that you donated to an artist, the artist can just list all the donors on a website they control. YouTubers often put lists of donors in their videos. You don't even need cryptography (beyond the boring stuff that prevents unauthorized access to web resources).