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> I don't get how you can pre-program a contact to pay a percentage of your earnings. You can't. Any agreement like this would still require a traditional, rea
by PragmaticPulp 6y ago
> I don't get how you can pre-program a contact to pay a percentage of your earnings.
You can't. Any agreement like this would still require a traditional, real-world contract to carry any weight. The contract would specify that the holder of the NFT is entitled to the benefits of the contract. Even in a hypothetical world where everyone gets paid on the Ethereum blockchain, the person could simply open up a second ETH wallet and collect payments there, because crypto wallets aren't people.
The unspoken catch is that these contracts would likely include a provision that the NFT is null and void in the event that it's lost or stolen. People entering into contracts aren't eager to give up their rights to hacks when they can simply add a contractual provision that limits it.
The NFT exists because it's a convenient placeholder to represent something that can be traded with commonly accepted (relatively speaking) tools.
A real-world contract would still be necessary to put any weight behind these NFTs.
- dharma1 6y agoYou’re right, the personal tokens like one the from Alex are simply an IOU based on trust and reputation. Reputation systems are really interesting and can work for some things, but I’m not sure you could sell the equivalents of Bowie bonds on trust alone - and the whole point of smart contracts is that they’re supposed to be trustless. So I think investing in future gains of a real world entity who can simply start over under a new guise or decide not to pay, without being able to enforce the contract isn’t going to work. But I’m not sure connecting current legal entities/contracts to onchain versions will be the answer either in many cases.