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And so when I sell my bicycle to someone (and write them a receipt) but forget to do the weird token transfer thing, who owns the bike? In the eyes of the law,
by growse 6y ago
And so when I sell my bicycle to someone (and write them a receipt) but forget to do the weird token transfer thing, who owns the bike?
In the eyes of the law, the guy holding the bike and the receipt owns it. What the NFT says is irrelevant.
So how are NFTs useful again?
- michaelmrose 6y agoIf they had been out long enough to be pervasive you could require all online marketplaces ebay,offer up, facebooks etc which are commonly used to traffic stolen goods to upload an NFT as part of the transfer whose description matches the item being sold which is transferred with the good. It would be like requiring every good sold to have a trivially electronically verifiably accurate original receipt that only someone who acquired it illegitimately would lack.