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> NFTs that are linked to real-world assets (through intermediaries that you have to trust That makes the NFT redundant.

golergka 5y ago
The point is interacting with them via smart contracts and other blockchain tools. Done correctly, NFTs are simply an API from real world to the blockchain.
- SketchySeaBeast 5y ago
  What's the relevant value of putting your house on the blockchain?
silverlake 5y ago
I paid intermediaries $10k to transfer a house title to me. Took a few weeks and many contracts. I agree NFTs are silly, but real world systems need to improve quickly.
- SketchySeaBeast 5y ago
  But is applying a blockchain the answer? What happens if someone steals your wallet or you lose it or the password to it? What happens if someone dies without giving someone access to their wallet? Do those lots now sit vacant? Sure, there's some legal cruft around this, but much of that cruft is actually there for a reason.
- tablespoon 5y ago
  > I paid intermediaries $10k to transfer a house title to me. Took a few weeks and many contracts. I'm pretty sure you didn't pay that for the transfer of the house title. Most of that was for other stuff that happened around the same time, like getting a mortgage and having your lender make sure they're not going to be left holding the bag. https://www.nerdwallet.com/article/mortgages/closing-costs-mortgage-fees-explained https://www.nerdwallet.com/article/mortgages/closing-costs-m...
  - silverlake 5y ago
    Title insurance for very expensive homes in NYC is around $10k. Closing costs were much much more.
    - tablespoon 5y ago
      > Title insurance for very expensive homes in NYC is around $10k. Closing costs were much much more. That kind of makes sense, though. Isn't that insurance against the possibility that you bought the property from someone who did not actually own it, so basically insuring against a total loss? IIRC, a Torrens title would deal with that possibility, but my understanding is it as a consequence introduces other issues.

golergka 5y ago

The point is interacting with them via smart contracts and other blockchain tools. Done correctly, NFTs are simply an API from real world to the blockchain.

SketchySeaBeast 5y ago
What's the relevant value of putting your house on the blockchain?

silverlake 5y ago

I paid intermediaries $10k to transfer a house title to me. Took a few weeks and many contracts. I agree NFTs are silly, but real world systems need to improve quickly.

SketchySeaBeast 5y ago
But is applying a blockchain the answer? What happens if someone steals your wallet or you lose it or the password to it? What happens if someone dies without giving someone access to their wallet? Do those lots now sit vacant? Sure, there's some legal cruft around this, but much of that cruft is actually there for a reason.
tablespoon 5y ago
> I paid intermediaries $10k to transfer a house title to me. Took a few weeks and many contracts. I'm pretty sure you didn't pay that for the transfer of the house title. Most of that was for other stuff that happened around the same time, like getting a mortgage and having your lender make sure they're not going to be left holding the bag. https://www.nerdwallet.com/article/mortgages/closing-costs-mortgage-fees-explained https://www.nerdwallet.com/article/mortgages/closing-costs-m...
- silverlake 5y ago
  Title insurance for very expensive homes in NYC is around $10k. Closing costs were much much more.
  - tablespoon 5y ago
    > Title insurance for very expensive homes in NYC is around $10k. Closing costs were much much more. That kind of makes sense, though. Isn't that insurance against the possibility that you bought the property from someone who did not actually own it, so basically insuring against a total loss? IIRC, a Torrens title would deal with that possibility, but my understanding is it as a consequence introduces other issues.