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Right, an NFT of off-chain property represents ownership of...the NFT. Its value is reliant on a community ascribing value to it. There are real world analogs t
by acjohnson55 5y ago
Right, an NFT of off-chain property represents ownership of...the NFT. Its value is reliant on a community ascribing value to it. There are real world analogs to this type of ownership, but it's not as revolutionary as breathless NFT fans are making it out to be.
Agreed on the unlikelihood of NFTs supplanting event tickets. I'm just speculating on the type of novel product/ecosystem the technology enables. But building a compelling experience around this concept is a whole other challenge. It remains to be seen whether someone eventually does. Even if that happens, it doesn't mean we're talking about an entire new market of significance.
- arcticbull 5y agoMy point is more people can do it right now with zero blockchain involvement but they don’t because it’s not a good business decision.
- acjohnson55 5y agoI'm just using tickets as an anchor to something that already exists. My point is that if the credential of owning the NFT were recognized throughout an ecosystem of unrelated organizations, that might merit building it on a permissionless blockchain. Few people are bothering to explore such ideas. I think you're right about it being hard to monetize, but people once thought Facebook was hard to monetize. I guess I'd just say absence of evidence isn't evidence of absence, when it comes to the utility, but a level of outside-the-box thinking is required that no one's motivated to do when you can simply mint NFTs of URLs and sell them for absurd sums of money.
- arcticbull 5y agoFair points all around. Thanks for the clarification!