this post was submitted on 07 Jul 2024
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That's not how that works.
NFT is issued determining ownership to a property. Property sells, another NFT is issued, tied to the original one to maintain a chain of ownership. Issuance of a second NFT for a sale to a new owner would depend on authorization by the previous NFT holder. Lienholder information could also be stored, and linked to a mortgage NFT with payment history.
The "NF" part of that stands for "non-fungible." As in, once created, cannot be changed.
They're not making a technical argument but a practical one.
Who ever owns the chain is the ACTUAL owner of the NFTs. Who ever owns the physical hardware is the ACTUAL controller of the chain.
The problem with NFTs is ... they only solve theoretical problems, not problems in the real world, where it ALWAYS takes agreement and cooperation for anything to ACTUALLY function and serve a purpose.
Blockchains have already proven to be no more secure than a properly designed normal database, and are ALWAYS going to take more electricity, so...they continue to be nothing but a toy and a canary for the gullible tech bro.
Not to mention, at scale, big things like cars and houses are sold a ton every single day...
Having to use all that electricity to mint an NFT every single time, not to mention cases mentioned above like "Oops got it wrong", yikes.....
Would that cost more electricity than hypothetically shifting all vehicles to electric? Now I'm curious haha.
I mean, you can use other systems besides cryptographic proof-of-work to determine legitimacy of stakeholders of a blockchain. It doesn’t necessarily have to waste power.
That being said, none of the other alternatives are really viable either. Proof-of-stake? So the “richest” people on the chain control all the money? Sounds like we just reinvented the late-stage-capitalism we already have.