Whatever their flaws, NFTs are perfect proof of ownership of the token...
But yes, once you've stolen the thing from me I have less control over it...
Also, this would never happen as written. If you tried to claim my asset without having changed the key, then I would. We'd never be in court with shared custody, and thus they'd never get a chance to rule on this. The only time a court would come in would be criminally if you actually hacked my system.
Otherwise, owning the key is the entirely of ownership. Blockchain is intentionally a knowledge-based version of a bearer bond. (It could be based on hash-preimages which would count as a password and probably be legally protected, but intentionally it's based on math because factors in an equation aren't protected.)
Also, you aren't really purchasing art because it's untenable. You're purchasing something like the right to show that the artist considers you to have purchased art. To actually purchase art would be to actually codify a contract (from what jurisdictions?) in an NFT, and that's not what anyone is doing. It's all just digital signatures of a phrase like "Thanks for being the first sponsor of my work 'Autumn Leaves', with shasum XYZ".
C.f.: https://www.reddit.com/r/NFT/comments/m3y4go/my_art_stolen_a...
But if you care about the artist enough to want to donate I imagine you're more familiar with their work than all that.
Anything you can do with a non-fungible piece of paper, you can do with a non-fungible token. Anything you can't do with a non-fungible piece of paper, you can't do with a non-fungible token.
I'm blown away by how many people are upset that other people are doing stupid things at the confluence of new technology and excessive spending money.
Pretty much. It's a bit harder to show your paper autograph (and prove its veracity for full status points or before selling it) than to demonstrate this with an NFT. If that's what the paper is about for you, the NFT is better.
With concert tickets though there are a ton of benefits from proving authenticity, not needing to meet to transfer paper, not needing ID to prove you didn't steal it when checking in, etc.
> I'm blown away by how many people are upset that other people are doing stupid things at the confluence of new technology and excessive spending money.
Me too.
I mean this artist is now the third highest paid artist alive and it seems like he just pretended to sell the art to his business partner and the money transfer may not have even happened. That’s not excessive spending if true, that’s lies and fraud
But we could already do that. It's a solution to a problem no one had. A NFT would only be useful for proving ownership if it will hold up in court, which I doubt it would without accompanying proof of purchase.