Before we jump to the main topic, which is "are NFT marketplaces really decentralized?", know first that NFTs or non-fungible tokens already came into existence on May 3, 2014, when Kevin McCoy, a digital artist, minted the first-known pixelated octagon called “Quantum.
Hold up. If an NFT marketplace like OpenSea claims to be decentralized, how come it is able to access the stolen assets and actually freeze them? Something definitely does not add up.To bring the uninitiated up to speed, an NFT marketplace is a platform, shop, or boutique where you can hold and trade NFTs easily. In other words, it is a place that allows creators to showcase their hard work so investors or traders can buy and own these digital collectibles.
Note that NFTs are associated with photos or images as well as digital files such as videos and audio. As an NFT marketplace works as a public blockchain platform, all transactions are carried out using particular protocols known as smart contracts. These protocols handle the connections between the seller and the buyer, thus it eliminates the need for a middleman or a mediator. This is the genesis concept behind the popular crypto sub-space referred to as decentralized finance .
No, they are just saying that.
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