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A comment on Charlie Bit My Finger video to be taken off YouTube after selling for £500k. Parent comment

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.

[ Parent | on HN ]
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.

[ Parent | on HN ]