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> If I understand correctly

The funny thing about NFTs. The emperor has no clothes. Confusion is evidence of understanding -- there's that little substance. No Fscking Thing.

> a note posted on a wall somewhere that said “You own Andy Warhol’s Marilyn Monroe”

It's basically a pointer. It's not hard to scrounge the sites that track the ETH blockchain, find where a NFT changed hands, and then find the URI for the full res image that anyone can go download. All that's owned is the pointer.



Does the GIF reside on the blockchain or is it hosted on whatever webserver? What if the webserver is shutdown? Now you "own" a pointer to nothing?


It is hosted on some random webserver or on IPFS. If either goes away, it's gone.




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