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The problem with this type of thing (to me) is always what happens when reality meets the blockchain? What is someone steals my NFT? I would expect a court wou
by CJefferson 5y ago
The problem with this type of thing (to me) is always what happens when reality meets the blockchain?
What is someone steals my NFT? I would expect a court would say the wine is still mine, so the NFT doesn't represent ownership any more.
What is someone loses the private key to their NFT? Do we just throw the wine down the drain? Again no.
- biztos 5y agoThe NFT is supposed to work like a bearer bond. You have to trust the issuing entity to honor it, but beyond that, possession is 10 tenths of the law. https://en.wikipedia.org/wiki/Bearer_bond https://en.wikipedia.org/wiki/Bearer_bond IIRC with wine futures you have to either collect your wine or pay for its storage, if you abandon it then at some point (per the contract) it belongs to the winery. At least with wine I think there is a lot of precedent here, there are norms you’d want to fit your crypto doings around.
- CJefferson 5y agoThanks, that's a solid reply. Personally, I don't want the world to go back to "Bearer Bonds", and given they were banned I'm guessing the US government (and I imagine other countries) doesn't either. However, I'm glad to hear a basis for NFTs.