This question is in reference to this tweet. It seems people are using the url of third party websites to record the reference to the content for NFTs. Why can't people just hash the jpg files for their artwork and store it in the smart contract? If someone else tries to duplicate it and create another smart contract with the same hash as storage, we can simply check ownership by checking the contract which was recorded first. Is there something incorrect/unsafe about this procedure?
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1make a commitment ( simple hash) then store it in Bitcoin, currently, it is more reliable than a third-party website. There are even voting schemes with Bitcoin. – kelalaka Mar 24 '21 at 19:02
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I understand that but why are people using URLs then – Noel Mar 25 '21 at 15:33
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I dunno, ask to them. Maybe they don't know about cryptography so much? – kelalaka Mar 25 '21 at 16:01
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1Because whatever they are doing makes money, I guess. Who cares if it works as long as you can sell it? – user253751 Mar 30 '21 at 17:26
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Not good for the DeFi industry long term – Noel Apr 03 '21 at 11:29