I believe the underlying technology is interesting and has merit. Transferring the title for a home is a big, complex, and fairly expensive affair. Literally nothing stops me from just marching into it if I wanted to, but society says the title is a valuable legal thing. So lots of elbow grease and paperwork gets filed to make sure they own the house and then I own the house and in the right order.
An NFT (or a blockchain in general) makes this complex ownership handoff so cheap and easy that I can essentially do a title transfer for the price of a breadstick.
Because it’s so cheap (and a bit of crappy right now, IMO), it won’t replace the escrow company just yet. But I could foresee a future where it evolves out of the gimmicky crap and start to have some legitimate uses. Again, it’s very cheap relative to the alternative (an actual title transfer). Email is kinda cheap and used for a lot of garbage, but it’s cheapness certainly lent it to supplanting actual mail.
And while many in the western world have pretty stable rule of law and rights and clear ownership records, I could definitely see parts of the world where something decentralized and cheap and slightly better than their local options might catch on.
NFTs Are Legally Problematic ft. Steve Mould & Coffeezilla | video (46:27 minutes) 🔗
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But What Are NFTs Actually | video (29:27 minutes) 🔗
When you know the technical details of what NFTs are you realise that the way most people talk about them is completely wrong!
Here’s Line Goes Up by Folding Ideas: https://youtu.be/YQ_xWvX1n9g
Benji The Bear artwork can be found here: http://www.benjithebear.com
Here’s 3Blue1Brown’s video explaining cryptocurrency: https://youtu.be/bBC-nXj3Ng4
You can also discuss this video on REDDIT: https://stvmld.com/343_ab_m
