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I understand that one can use the tokenURI field to add the address for an endpoint that returns meta data for the given token. Let's imagine we create a unique asset with

tokenId = "1"
tokenURI = "https://api.endpoint.com/1" 

Let's say tokenId "1" refers to an asset of value $500. However, there is also a asset with tokenId "2" which is valued $2000. Let's assume there is a crypto market place that lets owners of assets trade their crypto collectibles and uses the tokenURI to receive meta data.

I understand the tokenURI can be updated.

What would hinder a holder of tokenId "1" to update his tokenURI to

tokenId = "1"
tokenURI = "https://api.endpoint.com/2" 

What hinders the market place to display the more valuable related crypto collectible? Why does it make sense to leave owners of the token with the possiblitiy to update the tokenURI?

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Because the contract would not allow the holder to update their token URI.

The 0xcert Framework (one implementation of ERC-721) separates permissions for creating NFTs and changing their URIs.

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