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The transfer of the NFT, and the associated payments to multiple counterparts, are the method by which the underlying legal contracts are executed. This is "Co
by leashless 4y ago
The transfer of the NFT, and the associated payments to multiple counterparts, are the method by which the underlying legal contracts are executed.
This is "Code is Law" in the real world. That's why it works.
- lottin 4y agoThe underlying contract stipulates a change of ownership. For this change of ownership to have legal effects (iow, to actually happen), it needs to be registered at the Land Registry. Transferring an NFT does not magically result in a change of ownership being registered at the LR, so it's unclear what it actually accomplishes.
- leashless 4y agoWhat's exchanged on chain is an option agreement. When the option is exercised, the SPV which actually owns the land transfers the title on the national register. There's a liability framework in place to make sure they do, and stamp duty etc. are paid when the NFT is transferred: that's where the interest is transferred.