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NFTs are legal contracts with an assignable role of the beneficiary (generally to the owner of the NFT). They are currently being used for digital proof of own
by splintercell 5y ago
NFTs are legal contracts with an assignable role of the beneficiary (generally to the owner of the NFT).
They are currently being used for digital proof of ownership to digital memorabilia, but in the future expected to be used for real things (like licensing rights, representation of a gym membership etc).
They are legal (unenforceable or not is not the point), as much as if you wrote on a piece of paper in college to your roommate that you agree to answer, everytime he calls you on the phone and asks "Who's your daddy", with "Jeremy", is legal.
When you are buying a tweet, you're essentially buying a digital memorabilia. When you're buying Linkin Park's Mike Shinoda's doodles, you're buying digital patronage (as in, Mike Shinoda will always acknowledge the owner of the NFT as the patron of his doodle).