30 março 2021

NFTs Vanishing

... This Is Why: The artwork, which he expected to be on the page, had disappeared entirely. “There was no history of my ever purchasing it, or ever owning it,” he said. “Now there’s nothing. My money’s gone.”

Was it a glitch? A hack? Did Kuennen perhaps misunderstand how, exactly, NFTs work and how they’re stored? You can’t blame him; over the past few months, numerous individuals have complained about their NFTs going “missing,” “disappearing,” or becoming otherwise unavailable on social media. This despite the oft-repeated NFT sales pitch: that NFT artworks are logged immutably, and irreversibly, onto the Ethereum blockchain. 

So why would an NFT go missing? The answer, it turns out, points to the complex working of NFTs that are often misunderstood even by the people willing to shell out large sums for them.

People's Expensive NFTs Keep Vanishing