ObieMar 12, 2023

Just to be clear for those who don't understand why I'm annoyed about pNFT's.
I've been calling out mutable NFT's for a while, and we're all paying the price for it now.

Here's a thread into what pNFT's means for you as an investor, let's break it down:
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Show threadObieMar 12, 2023
1. Receiving proceeds from sale: Kind of up to seller but creator can overrule. Creators can increase the royalty to 99%, force you to sell via an approved marketplace so you can't circumvent
Show threadObieMar 12, 2023
2. Transferring b/w wallets: Kind of up to seller but can be blocked by creator.
Show threadObieMar 12, 2023

3. Listing in Marketplaces: up to creator. They can choose which marketplaces are blacklisted/whitelisted

4. Smart Contracts: up to creator. They can choose to blacklist smart contracts

5. Modifying NFT: up to creator. They can choose to modify metadata whenever they wish

Show threadObieMar 12, 2023

Literally every step of the way it's now been relinquished from the investor who spent thousands of dollars on an NFT to the creator

Imagine if you told a BTC holder that their off-CEX BTC on their ledger can be modified by Satoshi? They would consider that a dealbreaker

Show threadObie

What we have here is we've gone full circle back to ticketmaster / fortnite skin / web 2 ownership rights.

You might "own it" but you really don't. Only difference is we just replaced one company with another that chooses to be nicer

This is why I'm speaking up

Mar 12, 2023 at 4:01pmWeb
Show threadMidnight 🚀Mar 13, 2023
@Obie Many of the things you have concerns about are things that aren't part of the #ERC721 standard, and aren't part of the moist popular templates for bootstrapping a #nft collection, so I've not seen much. Being able to change the metadata endpoint is pretty typical, however, the logic for that is in the contract at launch, so if that's a concern to a new user, they can check that before buying in, or adjust their price they're willing to pay to account for that risk.