> because there's no way that could happen in real life. It does happen in real life. Government issued Title Deeds for property are the NFT's we had before a

> because there's no way that could happen in real life. It does happen in real life. Government issued Title Deeds for property are the NFT's we had before anybody heard of the term. If the Title's Office says you own the deed, then by definition you own the property. If doesn't matter if you have the property in your possession, built a house on it, or paid a bank for it. All that matters is the Title's Office says you own it. If they do you can take possession of it, tear down the house, and the person who paid the bank for it handed over money for nothing. That may sound scary, but in reality the Title Offices are pretty good at checking the current owner has authorised the transfer to a new owner. But they aren't perfect: https://www.washingtonpost.com/local/public-safety/she-had-no-idea-her-home-could-be-stolen-then-she-read-her-junk-mail/2019/11/27/13569d0c-065a-11ea-ac12-3325d49eacaa_story.html https://www.washingtonpost.com/local/public-safety/she-had-n... And while such mistakes are generally very rare in any one locality (maybe once a decade where I live), I be surprised if it didn't happen once per day in the world at large. I don't know how it works elsewhere, but where I live the government has a "all care and no responsibility" clause excusing themselves (ie, the Titles Office) from all liability when they do make the occasional mistake, including any responsibility for "setting it right". So once the illegal transfer has happened, it's over. There is no recourse. It's very like a bitcoin transaction in that way. I smile inwardly when I see people claim NFT's could never work, or are ponzi schemes, or a throw a thousand other barbs when the reality is we've been using something like them for centuries. Unlike Pork Belly futures, put options and CDO's (which, when you think about it, are also a form of NFT from yesteryear), at least (usually, for now) they represent something tangible. It's true that rather some hand crafted legalisation like title law that takes years and an act of parliament to create, the link between the NFT and the thing they represent generally relies on contract law. Anyone can draft a contract of course, in theory a verbal agree suffices. I'm no lawyer, so I don't really know if a well drafted contract is weaker or not. I can say with some authority that signing things with private crypto keys is a damned sight more secure that how the title's office verifies you have ownership now.