Can NFTs be Copied? A Technical Review of Non-Fungible Token Authenticity

Item: Can NFTs be Copied? A Technical Review of Non-Fungible Token Authenticity
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Comprehensive Analysis of NFT Copying: Examining Security Measures and Immutable Ownership

By Komeil Tabaar Last updated Oct 15, 2023 2

By reading the article “Coping NFTs” published in Adaas Investment Magazine, you will easily get acquainted with the technical review of Can NFTs be Copied! This level of familiarity can be enough when you need educational information about this topic.

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Non-fungible tokens or NFTs are rapidly gaining popularity among users. This technology, which was originally developed by the ERC-721 programming standard of the Ethereum blockchain, is becoming one of the most influential technologies in the world of software.

Along with this increase in popularity and use, many questions and challenges will arise for users, one of which is the possibility of copying NFT tokens. Stay with Adaas Investment Magazine to check this investment risk!

Table of Contents

Prerequisites for reviewing the possibility of NFT copying

Many users who are not familiar with the technical concepts of the design and development process of NFTs think that the value of NFTs is lost by copying them. This is a common mindset among all newcomers to the NFT trading market.

In order to answer this question correctly, we need to first examine the concept of smart contracts.

What is a smart contract?

The idea of developing and implementing a smart contract was formed in 1996, and after the popularity of the Ethereum blockchain, the use of these contracts received more attention.

One of the simplest examples to understand the concept of a smart contract is bank ATMs. This device will give you cash when a series of conditions are met, such as the correctness of the card password and the sufficient amount of the user’s account balance. If all conditions are approved for the user’s request, unexpected interactions will not occur and the user will receive his cash.

Smart contracts are developed by programmers and run in computer environments. These contracts are developed for specific purposes and the reason for using this technology is to eliminate the problems of traditional contracts that were used in the past.

After you have familiarized yourself with the concept of smart contracts, it is time to get acquainted with another technology that has made a very important impact on the possibility of copying NFTs, and its name is Blockchain!

Overview of Blockchain Technology

Considering this, all the readers of Adaas Investment Magazine are familiar with basic concepts such as blockchain and cryptocurrencies, we need to review this concept.

Blockchains are a new generation of database technology that uses the notion of the distributed ledger. In this technology, access to stored information is possible for all users, and every network node can insert information into the database if other network nodes agree to that request.

In this way, all the members of a blockchain network have access to all the data in the blockchain, and any changes in those data are implemented when all validators of the blocks agree with them.

After reviewing the above concepts, you are almost ready to technically check the possibility of copying NFTs. But did you know that NFTs are also a token? It is better to check this topic for you before making a final conclusion.

An Overview of NFT Tokens

At the beginning of this article, you read a sentence that stated that NFT technology was first invented with the introduction of the ERC-721 programming standard in the Ethereum blockchain.

This sentence expands in such a way that an NFT is a smart contract developed by a specific programming standard and implemented by blockchains such as Ethereum, Polygon, Binance Smart Chain, or Solana.

NFT tokens have different uses and this is one of the reasons for their value changes. Some of them are designed and developed for art collectors, and others provide facilities such as access to some private gatherings.

Technical review of the possibility of copying NFTs

After reading the required information in the previous sections, you have acquired enough knowledge to understand the possibility of copying NFTs.

In NFT marketplaces such as OpenSea, a large number of NFT buying and selling transactions take place. This high transaction volume alone is one of the reasons why NFTs cannot be copied.

Also, NFTs are a token and their address is registered and stored in the blockchain. Thus, when an NFT is purchased, the address of that NFT is actually being transferred to the owner’s wallet or user account, and in blockchains, each token has only one address.

As a result, due to public access to the data stored in the blockchain, a user can easily view the address of the NFT token, and thus it is not possible to copy NFTs technically!

Of course, there is the possibility of fraud in various ways, and when buying and selling an NFT token, one should consider many security issues and, if necessary, get the help of an expert in order to buy or sell NFT with the least amount of risk.

Conclusion

NFT tokens are becoming one of the most popular digital assets for investors and collectors. But many of them who are not familiar with the technical information of designing and developing NFTs have concerns such as the possibility of copying their NFTs.

Due to the use of blockchain technologies and smart contracts for the development of NFTs, it is technically impossible to copy them. But investors and those interested in trading NFTs should observe security aspects so as not to fall into the trap of fraudsters.

The End Words

At Adaas Capital, we hope that by reading this article you will be fully immersed in the answer to the question “Can NFTs be Copied?”. You can help us improve by sharing this post which is published in Adaas Investment Magazine and help optimize it by submitting your comments.