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Absolutely not. We can't have NFT land deeds (for example) because the legal system has the power to takeover your land (e.g. if you fail to pay taxes), but the
by dfabulich 5y ago
Absolutely not. We can't have NFT land deeds (for example) because the legal system has the power to takeover your land (e.g. if you fail to pay taxes), but the legal system doesn't have the capacity to force you to transfer your NFT, especially if you delete your private key, in which case nobody can ever transfer it again.
If the legal system says you don't own the land, but the NFT says you do, the legal system wins.
The NFT appears useful only when it happens to do exactly what the legal system would already do, and is useless when it disagrees with the legal system. As a result, minting and transferring was a giant waste of electricity; you should have just registered your deed at the county recorder's office, the old fashioned way.