If I gambled on both NFTs and the metaverse to the tune of millions and millions of dollars and even renamed my company accordingly I would be so canceled I’d be farming potatoes, but people are still quoting Zuck AI predictions on my daily news feed.
@hacks4pancakes While I’ll admit that I am not the sharpest knife in the drawer, I am not the dullest. I have read a bit about NFTs, and I never quite get how the risks outweigh the benefits.
@WuMargaret @hacks4pancakes NFT’s were a good example of how to use blockchains to manage property and ownership and transfer records, but the things that were being traded were worthless.
I’d like to see this tech used for land title records and maybe vehicle ownership records…. Internationally it could be used for boats/ships, or maybe even shipping containers to manage the movement of products on the global stage.
It was a bad demonstration of how the tech could be used.
@JustinDerrick @WuMargaret @hacks4pancakes
How do we get the parcel of land into a blockchain though? Or the vehicle?
@JustinDerrick @WuMargaret @hacks4pancakes ownership records for valuable things are a place you actually want some slack in the system. NFT based ownership of a house means if somehow the seller typos an address some random person in Bolivia now owns the house I paid for, which isn’t an ideal outcome. Meanwhile with the current system there’s still a record but mistakes can be rectified.
@pikesley @WuMargaret @hacks4pancakes The same way it’s done today - put the signed and authorized document on the blockchain, digitally signed with keys that are linked to someone’s identity.
@JustinDerrick @WuMargaret @hacks4pancakes
Ok but how do I know for sure that that blockchain token refers to that physical item?