Saying you bought an NFT can blur several different things. The token held by a wallet, the image or content it points to, and the rights to use that content are not the same. Separating them helps you know what to check on a purchase screen.
Basic NFT terms
- NFT: A token with an identifier that distinguishes it from others. Standards such as ERC-721 are widely used on Ethereum.
- Token ID: A number identifying a token within a particular contract. The same number in another contract can identify a different token.
- Metadata: Information such as a name, description, image URL and attributes.
- Minting: Issuing a new token according to the contract's rules.
An NFT's ownership record being on a blockchain does not mean its image file is stored there too. It may point to an external server, IPFS or another storage location.
Owning the token and owning copyright are separate
Receiving an NFT does not automatically transfer copyright in the linked artwork. Check the issuer's license and sale terms to see what is allowed: personal viewing, profile use, commercial use or derivative works.
Anyone being able to download an image and proving who holds a particular token are also separate matters. A unique token does not guarantee that the content is original or that the seller has rights to it.
Checks before buying
- Match the contract address on the trading screen with the one in official channels.
- Check where metadata and images are stored and whether they can be changed.
- If access or membership benefits are offered, read who provides them and the conditions for keeping them available.
- Check trading fees, whether royalties apply and actual bids.
A collection's lowest asking price is not the price at which you can immediately sell your NFT. Attributes and demand affect prices even within one collection, and there may be no buyer when you want to sell.
Comments 0
Sign in with Google · Share a respectful, relevant opinion.