Charlie Bit My Finger video to be taken off YouTube after selling for £500k

Re:Charlie Bit My Finger video to be taken off YouTube after... by DennisP on Tuesday May 25, 2021 @06:48PM (#27283761)

William Shatner is working with a startup that actually has a legal framework around NFTs, where the NFT denotes ownership of a collectible in a vault. You can trade the NFT around but the current owner can redeem it and take delivery of the physical item.

It's similar to what's been done in the high-end art world for years. People who buy a $50M painting don't usually hang it on their walls, they just leave it in a vault and get their name recorded on a public art registry saying they own it.

Seems like a similar legal framework granting NFT owners either copyright ownership or a usage license could be interesting.

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Re:Charlie Bit My Finger video to be taken off YouTube after... by jallen_dot_dev on Tuesday May 25, 2021 @07:30PM (#27284147)

>You can trade the NFT around but the current owner can redeem it and take delivery of the physical item.

What happens if someone buys my NFT but I refuse to deliver the physical item? It seems we need to pull in the legacy legal system to enforce the transfer, at which point I wonder what value the blockchain added in the first place.

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Re:Charlie Bit My Finger video to be taken off YouTube after... by DennisP on Tuesday May 25, 2021 @10:52PM (#27285638)

You don't hold the item. It's held in a vault by one of various professional vault providers with contractual obligations. If you want the physical item you turn over the NFT and it's destroyed.

Blockchains can be useful without totally replacing the legal system. Just making things a little better and more efficient is fine. In this case, it lets people easily trade collectibles without all the hassle of shipping physical items.

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