badquarter t1_is667p2 wrote on October 13, 2022 at 4:15 PM

Reply to comment by initnas in I painted Jersey City with watercolor by majozaur

People still believe in NFTs?

KustyTheKlown t1_is6v74n wrote on October 13, 2022 at 6:57 PM

nfts as a means of ownership over an infinitely reproducible piece of digital art is fucking dumb

nfts as a means to track ownership and authenticity of expensive actual property like real estate, cars, luxury goods, etc. will cause an entire shift in how we approach property rights

badquarter t1_is6y3ip wrote on October 13, 2022 at 7:15 PM

I'm not being facetious when I ask - how will that change how we perceive property rights when ownership of real estate is tracked by deeds and tax records by local government, ownership of cars is tracked by title and registration? Why are we reinventing the wheel?

And if I lose my NFT wallet, do I lose my house?

KustyTheKlown t1_is6yqii wrote on October 13, 2022 at 7:20 PM

not being facetious when i say have you ever tried to trace chain of title using county recorder's offices? i worked in contested foreclosure legal for JPMC for a number of years after the gfc and it was a goddamn fucking mess. NFT deed/title will make arduous title disputes basically irrelevant.

i think the use case is even stronger and more obvious for commonly counterfeited luxury goods. your birkin bag is deemed genuine by being paired with an authentcity token which transfers with the bag and is linked to a serial that cant be counterfeited.

re: losing your wallet - i presume there would be redundancies. like the county would maintain a parallel back-up chain. but i haven't given that much thought.

my main point is that NFTs have interesting future use cases that have nothing to do with digital art ownership, which i think was one of the worst possible uses to roll out publicly, bc it is so fucking dumb

badquarter t1_is70v17 wrote on October 13, 2022 at 7:33 PM

Thanks for taking the time to explain. NFTs have been largely associated with junk art thus my negative perception.

Ezl t1_is8w0vv wrote on October 14, 2022 at 3:40 AM

This area is new to me so I find it really interesting. In yo7r bag example, how do you keep the physical bag indisputably paired with the digital token to guarantee its authenticity? In other words, why couldn’t I just counterfeit the bag with the same physical characteristic (whatever that may be) that points to the same digital token?

KustyTheKlown t1_isjevtg wrote on October 16, 2022 at 1:16 PM

Off the top of my head - instead of a hard serial number in the bag, a dynamic one - for example, to sign into that jpmc job, I had a keychain that generated a 6 digit code which changed every few minutes. Something like that could change in real time with the digital token of authenticity to validate the pairing

Ezl t1_isjntht wrote on October 16, 2022 at 2:27 PM

Thanks for the response!

Yeah, I’ve used things like that for 2 factor authentication when connecting to work networks remotely. But I’m not sure if I can see that working in this scenario - if I steal the dongle I can now associate any bag with the token while also making the authentic bag valueless.

I’d think the actual bag itself would need to unalterably be connected to the token. Like, if this were science fiction, I’d have some unique ID encoded into the bags fabric at the molecular level or something like that.

Or am I missing something?

KustyTheKlown t1_isjrijq wrote on October 16, 2022 at 2:54 PM

You aren’t missing anything, and I generally leave it to people smarter than me to work this stuff out. There are kinks but I also think legit use cases once the kinks are sorted