News for hackers. Stuff that matters.
Re:Why NFTs are bad: the long version by nodamage on Friday November 19, 2021 @08:48PM (#29284884)
> No one claims NFT proves ownership of entities outside of the used blockchain. But within the chosen blockchain, they do prove ownership of that particular NFT. That's a fact.

I think the author's underlying point is: what is the value in having proof of ownership on a blockchain if it does not correlate to real world ownership in any meaningful sense? The cited example makes this clear: if you steal someone else's art, turn it to an NFT, and then sell it to a third person, the buyer does not actually own the underlying rights to the artwork because you never had the right to sell it in the first place.

There are no comments on this comment yet.