this post was submitted on 09 Aug 2023
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NFTs as certificates of authenticity are excellent. NFTs as most people know them are schadenfreude.
NFTs aren't used as certificates of authenticity. TF does that even mean when talking about digital assets.
Unless you actually get the rights for the art legally recognized (basically no NFTs are) then you are trading pointers, easily minted with absolutely no actual legal power.
The owner of the asset can kill the destination of the nft pointer with a well aimed lawsuit.
It's a digital receipt that can be used for registering ownership of goods.
Imagine if you will a car, you buy it and it gets registered to an NFT as proof of ownership, and because we have a technologically competent government on the forefront of digital ownership (facetious hyperbole), they have the DMV linked to the block chain, so now when you trade and sell your car ownership gets logged to the block chain so you know exactly how many previous owners it has, it's also now linked to your registration information, insurance status, and warranty.
Now when the motor vehicle is involved in an infraction or accident that information is also logged to the block chain and because this is linked to our tech savvy police they now have accurate to the second data on vehicle ownership, registration status, and traffic infraction data, etc.
And because your car's NFT is linked through the block chain to your car's GPS and other services the police can, with your digital permission revoke able at will, gain immediate live location data should your car be stolen.
But that might be hard because your car now uses a digitally encrypted key card that uses your NFT to track registered users and won't start for anyone you haven't pre-authorised, and because it's linked to your insurance anyone you authorise automatically gets registered to your vehicles insurance and your rates adjust automatically as you make changes.
But, that's just part of one man's idealism of a NFT functional world.
But as it stands, NFT's are just fancy receipts sold by art grifters, you wouldn't buy a receipt from Costco without any goods or associated ownership and expect it to be worth anything.
but the transport authority in my country does not use blockchain. And yet I still know I'm the 13th owner of a classic car I own. It's almost as if the type of database used to store the information doesn't matter.
What you describe as idealism is a dystopian world for most people. Holy hell. Apart from it leaving out all the nitty gritty details of reality. Also apart from this being entirely possible without blockchain.
not just possible, but also much easier and more efficient
And what if someone forgets to transfer the receipt? What if they accidentally transfer it? What if the receipt goes to the wrong address? What if the government decides to take possession of the vehicle without the owners consent? What if the owner of the NFT dies; how would their spouse or children take possession?
NFTs will never be used like you imagine. They are too ridged. And what benefit do they offer over the current VIN and titling system? Everything you mentioned for tracking is already done. Any mechanism to thwart that would work equally to thwart the NFT.
Also every time you start your car it burns half a litre of fuel to run a GPU that verifies your NFT before you can actually drive.
But you're just rattling off things that are already done quite well without any blockchain nonsense.
once someone says something it can't be changed or unsaid.
My problem isn't that someone might have tampered with what was said. A paper certificate does that just fine, if i keep it in a safe place. My problem is that anone can say anything on the blockchain and most of what is said is bullshit.
The mona lisa is not owned by some random dude, but there exists a "very reliable, immutable, trustworthy" certificate that says it does.
Tldr: the problem with nfts are that they are bullshit before they become immutable, and will remain bullshit forever once minted, because they become immutable.
Exactly. People are the ducking worst
are they though?