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I'm sorry but this shit has to end! NFTs are valuable monetary tools but shit like this makes it hard for people to take the concept seriously.
@freemo I haven't been able to take NFTs seriously since they appeared so personally this really doesn't change all that much.
@yarmo Yea to be fair this level of absurdity is hardly anything new. What gets me is that NFTs as a concept are a legit and valuable tool but all the hype is going to the nonsense uses.
While that is a cool and interesting use for them I'd say there are way more uses. Anytime you have something that has a value, but its value is unique to the thing a NFT makes sense. So in the real world using NFTs as a way to sell digital art would make a lot of sense, if it were done correctly.
Right now most of the time an NFT doesnt denote ownership, its just some fad thing. But if the license was written so whoever owns the NFT owns the copyright (or some similar license) then it might have value if im the only one allowed to use the image or sell it.
But also it could be used for real world things like a home, or a physical painting.
All that said, thats the obvious intended use, but I see lot sof other less obvious good uses. For example if you wanted to create something like a bond where it has a fixed time period and interest rate, that makes a lot of sense as a NFT too.
It doesnt require any sort of institution at all. Just requires a person to write a license or contract that states as much. Some of the use cases (like the idea of a bond) can be entirely on the block chain and dont even require that much.
@freemo what I meant was, buying a house via NFT makes sense on paper. But good luck going to the bank/government with an NFT when they ask you to prove ownership. A lot needs to change before I can buy a house with an NFT.
Although I personally wouldn't want my house ownership to be registered on a blockchain. Maybe in 20-30 years, once the blockchain has proved to work for at least the duration of a mortgage.
I am not a lawyer, so i can only speak so far on this. For a house you might be right as there is additional regulations on them of all sorts. But for most things I dont think this would be an issue.
I am pretty sure if the owner of the house said they would transfer owner to the house to whoever owns a particular NFT, and this was a signed contract, then yea the government would honor it. If the person refused to transfer the ownership you would just sue them for the home and show the contract and prove in court you own the NFT.
I really cant see any reason the current frameworks wouldnt work.
@freemo like you say, the separation of NFT and ownership kind of defeats the point of "buying" something.
I agree with your other use cases but the institutions that would need to be created and replaced, I don't see it happening. But I'm sure people will keep fighting for it so maybe one day!
@realcaseyrollins