stabby_cicadaone more shitty techbrofad down
I have to say, the technology behind cryptocurrencies is brilliant, but unfortunately, it got misused and got ironically centralised.
NFTs are stupid.
Now with hype train dying, we could see some real use of AI.
NFTs are stupid.
Now with hype train dying, we could see some real use of AI.
NateNate60NFTs of art was really not supposed to be anything more than a proof of concept. I think the original purpose of NFTs was to be able to have an NFT representing title to land or something that you could then barter or sell on the blockchain.
Snot FlickermanNFTs were created in a code jam and had no intents to become title transfer tools.
It was and always be limited by the amount of data the NFT can contain. They went with URLs because they are small enough to fit. An actual land deed title document? Too big to fit into an NFT. Simply not enough bytes to go around.
This was the strict limitation from the very beginning. The only thing an NFT actually verifies “ownership” of is a URL.
While the NFT can’t contain the entire title document, it can contain the hash of the title document, and then the title document is simply recorded elsewhere on-chain.
Unfortunately it only is useful in proving title when normal processes have failed, and in the places with title proven by a line of titles stretching arbitrarily far back, it’s only as good as the proof that got it in the block chain
It’s better in places like Australia where title is a record on a government database and block chain would protect against destruction of government records (eg from war or revolution), but there it would probably only be useful if something like the old government regained power (the Nazis had no intention of returning stuff to Jews)
But in places like Australia you wouldn’t want to add another step to the users, perhaps it could be a land titles department job
In places with title via history of title I don’t think it could defeat a result from a title search, so maybe it’d be next to useless unless it was backed by a court order or some other authoritative full stop