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It’s more like a deed. Even if you possess the deed, someone can still take you to court because they actually own the property. But a deed can still be a usefu
by tylerhou 5y ago
It’s more like a deed. Even if you possess the deed, someone can still take you to court because they actually own the property. But a deed can still be a useful tool if most of the time whoever possesses a deed owns the house.
But if people buy deeds instead of the house itself (i.e. most NFTs) then the link becomes broken and the signifier of “ownership” is less useful.
- arcticbull 5y agoDeeds are legally binding, NFTs are nothing at all. You can make as many or as few as you want, and they come with anywhere from 0 to full rights to the underlying. Also the "underlying" is literally just a URL with no restrictions. What it points to could just disappear one day and SFYL. Should have checked the JSON blob you were buying to make sure it pointed at IPFS or something.
- deleted 5y ago[deleted]
- mrgordon 5y agoI believe even a lot of the IPFS NFTs have gone missing already
- tylerhou 5y agoPossession of a deed is not legally binding — if someone robbed your house and took your deed, clearly they don’t own your house. The deed is only a signifier of ownership, nothing more. If you can prove in court that the possession of the deed itself was improperly transferred, the state will return the deed to the rightful owner. Or annul the old deed and create a new one. (At least in the US.)
- arcticbull 5y agoSorry for the delay, what I meant is that the concept of NFT has no protection under law whatsoever. It means literally nothing. It's a bearer instrument for nothing. As you say, a deed is not a bearer instrument but the concept of home ownership which it symbolizes has legal protection.
- sorbits 5y ago> But if people buy deeds instead of the house itself (i.e. most NFTs) then the link becomes broken and the signifier of “ownership” is less useful. And as it is used for digital goods, the signifier of “ownership” is already broken, as multiple people can have a copy of the item without their being any ownership conflict, unlike a house.
- humaniania 5y agoA deed only has value because there is a government that enforces what it represents.
- tylerhou 5y agoThat is true of all property, so I don’t understand the relevance.
- recursive 5y agoYou seem like a smart guy, so you'll probably recognize a bargain when you see one. I've got a deed available for disney.com, for today only.