this post was submitted on 24 Jul 2023
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It depends on what you're using them for. If it's just a URL to an image, meh. But some real assets can be hard to track without a lot of institutional infrastructure. NFTs are a possible alternative to the expensive, hard to grow financial institutions that underpin a formal economy.
Take ownership of a house. When I was buying recently, there was a myriad of companies involved in the sale, including insurance companies in case there was a lingering claim to the property. In a country where possession of any given piece of land has very poor records, transferring ownership is that much harder. But what if instead they built their system around creating NFT corresponding to a an actual specification for the land?
Putting things on an immutable ledger? That is probably one of the worst ways you can transfer goods at all.
How so? It provides a history of the transfer of a specific piece of property.
So what do you do when there is an error?
I'm don't know enough about the area to know if there's a great way to deal with errors, theft, and the like.