Re:NFTs Are a Dangerous Trap
by fredfoobar on Monday March 08, 2021 @02:41PM
(#26390518)
Oh god, why??
I made a point, which you missed and you're telling me that I missed your point? seriously?
I'm just telling you that this technology is suitable for doing the job of a paper-title, but in a digital way. Is it that hard?
There are people who sell deeds to land on the moon (https://lunarland.com/), but they're worth little more than the paper they're printed on, because they have some of the same deficits in legal recognition that NFTs have. Those people have no more ability to will their certificates into having legal force than NFT advocates have.
In short, an NFT is little more than a trading card (representing only itself) unless a court would side with the possessor of an NFT against competing claims for whatever property it's suppose to represent (e.g. transferring ownership of the property/rights to party A using traditional means AND transferring the NFT to party B). If the court picks party A, the NFT meant nothing.