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NFTs tied to physical goods (to help solve counterfeiting or sorting membership) makes sense. NFTs that are purely digital in nature and offer nothing else, see
by partiallypro 5y ago
NFTs tied to physical goods (to help solve counterfeiting or sorting membership) makes sense. NFTs that are purely digital in nature and offer nothing else, seems very silly to me because a digital space has no scarcity. An infinite amount of digital goods can be produced.
- Nextgrid 5y agoTying a blockchain record to a physical object is impossible. This stupidity has been tried many times by various conmen with no success. Here's just one of many failures: https://shkspr.mobi/blog/2018/06/how-i-became-leonardo-da-vinci-on-the-blockchain/ https://shkspr.mobi/blog/2018/06/how-i-became-leonardo-da-vi... The reason blockchain works for cryptocurrencies and NFTs (that is the token itself, not the art that the token claims to represent) is because the entire source of truth is on the blockchain. When it comes to physical objects, the source of truth is now split between the physical world and the blockchain. If your token must represent a physical object then you need some way for the real-world state and the blockchain state to always be kept in sync. That is impossible. The best approximation is to rely on a trusted authority for this, but then you don't need a blockchain anymore and can just have that trusted party maintain its own database.
- recursive 5y agoSo if you have the NFT, and I have the physical good, how do you get it back? Take me to court? How is this better than a regular contract?