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As the article rightly points out NFTs do not provide proof of ownership of the underlying asset just of the NFT itself. And even that’s only true if you choose
by arcticbull 5y ago
As the article rightly points out NFTs do not provide proof of ownership of the underlying asset just of the NFT itself. And even that’s only true if you choose to view them as bearer instruments. The law governs ownership of the underlying not the chain. Divergence will always settle in favor of the law.
- pennaMan 5y agoYes, just like a house ownership contract by itself is just a piece of paper and is independent of the underlying house. And to prove your ownership of your house that contract must be validated by a central authority - a goverment. A house ownership NFT on the other hand requires no central authority for validation and complete strangers can exchange that house without a central authority being involved in proof of trust, and the buyer can immediatly charge rent based on his new ownership of the house. Thus removing several layers of bureaucracy. Indeed, enforcment against mallicious misapropiation of ownership still requires a central authority with monopoly on violence.