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Exactly. What would you say if I told you I have a famous painting and a certificate of authenticity and am willing to sell you the certificate for $$$ and keep

Exactly. What would you say if I told you I have a famous painting and a certificate of authenticity and am willing to sell you the certificate for $$$ and keep the painting?

Dylan16807 6y ago
What if it's a digital painting where all copies are identical? The certificate basically is the ownership.
- iudqnolq 6y ago
  Suppose I own a game on steam. I pay a friend to write me a certificate saying whoever owns the certificate owns the game. I sell you the certificate. You pirate the game. Do you own it? If the NFT doesn't come with conventional legal rights, you don't own the thing the NFT points to in the real legal system. If it does, it's redundant.
  - Dylan16807 6y ago
    If first sale doctrine is ever fixed, your friend could sell you their copy that way. I don't know why all your examples involve third parties stamping sweet nothings onto a piece of paper. Of course something made by a non-author and with no ownership is useless. I said that in my first comment. > If the NFT doesn't come with conventional legal rights, you don't own the thing the NFT points to in the real legal system. If it does, it's redundant. An NFT needs to have some kind of rights in the contract or it's a scam. Notably you at least need exclusivity! But that doesn't make it "redundant". It's a way of making a contract, not a replacement for contracts.
    - iudqnolq 6y ago
      > If first sale doctrine is ever fixed, your friend could sell you their copy that way. Yes, but NFTs claim to get similar effects without changing the law. > I don't know why all your examples involve third parties stamping sweet nothings onto a piece of paper. The third party is the blockchain. Because the blockchain can't enforce that you actually hand over real ownership rights to correspond with the NFT ownership. > An NFT needs to have some kind of rights in the contract or it's a scam. Notably you at least need exclusivity! If I own a piece of paper my country's legal system will accept as meaning I own something, why would I also want a piece of virtual paper that a bunch of people on the internet will accept as meaning I own some sort of rights to something. > But that doesn't make it "redundant". It's a way of making a contract, not a replacement for contracts. What NFT can I use to make a contract that any real legal system will accept?
      - Dylan16807 6y ago
        > If I own a piece of paper my country's legal system will accept as meaning I own something, why would I also want a piece of virtual paper that a bunch of people on the internet will accept as meaning I own some sort of rights to something. So you can buy and sell it easily, and show everyone that you own it. That's much better than paper! > What NFT can I use to make a contract that any real legal system will accept? Surely they have terms of service? That's where the legal system ties in.

Exactly. What would you say if I told you I have a famous painting and a certificate of authenticity and am willing to sell you the certificate for $$$ and keep the painting?

Dylan16807 6y ago

What if it's a digital painting where all copies are identical? The certificate basically is the ownership.

iudqnolq 6y ago
Suppose I own a game on steam. I pay a friend to write me a certificate saying whoever owns the certificate owns the game. I sell you the certificate. You pirate the game. Do you own it? If the NFT doesn't come with conventional legal rights, you don't own the thing the NFT points to in the real legal system. If it does, it's redundant.
- Dylan16807 6y ago
  If first sale doctrine is ever fixed, your friend could sell you their copy that way. I don't know why all your examples involve third parties stamping sweet nothings onto a piece of paper. Of course something made by a non-author and with no ownership is useless. I said that in my first comment. > If the NFT doesn't come with conventional legal rights, you don't own the thing the NFT points to in the real legal system. If it does, it's redundant. An NFT needs to have some kind of rights in the contract or it's a scam. Notably you at least need exclusivity! But that doesn't make it "redundant". It's a way of making a contract, not a replacement for contracts.
  - iudqnolq 6y ago
    > If first sale doctrine is ever fixed, your friend could sell you their copy that way. Yes, but NFTs claim to get similar effects without changing the law. > I don't know why all your examples involve third parties stamping sweet nothings onto a piece of paper. The third party is the blockchain. Because the blockchain can't enforce that you actually hand over real ownership rights to correspond with the NFT ownership. > An NFT needs to have some kind of rights in the contract or it's a scam. Notably you at least need exclusivity! If I own a piece of paper my country's legal system will accept as meaning I own something, why would I also want a piece of virtual paper that a bunch of people on the internet will accept as meaning I own some sort of rights to something. > But that doesn't make it "redundant". It's a way of making a contract, not a replacement for contracts. What NFT can I use to make a contract that any real legal system will accept?
    - Dylan16807 6y ago
      > If I own a piece of paper my country's legal system will accept as meaning I own something, why would I also want a piece of virtual paper that a bunch of people on the internet will accept as meaning I own some sort of rights to something. So you can buy and sell it easily, and show everyone that you own it. That's much better than paper! > What NFT can I use to make a contract that any real legal system will accept? Surely they have terms of service? That's where the legal system ties in.