Nostr Web Client

NFTs could be useful. They are not useful without the legal title / rights of traditional physical and digital property being linked to them.

Smart property could exist but the terms of the service/property would have to be built around the NFT. Presently, no NFTs actually have this legal side figured out. There is no there, there. There's the vision for these tokens to mean 'ownership' but as far as the art itself, the rights don't transfer. Nothing is granted. Nothing is owned. You can't stop someone from using the NFT art, only the original artist/company can.

There's only one current use case for NFTs, and most of these companies have no interest in building support due to the uncertainty of KYC requirements, money transmitter licensing and etc.

That is online game access/items/cosmetics. Skins. TF3 hats, etc. Anyone who is using NFTs this way, currently, is probably doing a scammy fundraiser taking on these risks because they're not putting up their own money, anyway. Also they're not borrowing the money to build this, the players are giving it to them. Once the legal situation is clear, we could see more games integrate NFT items/cosmetics giving players transferrable license tokens. You still won't own the art. You still won't own the game. The thing is, they could already do that, without NFTs and the legal uncertainty. They just don't want to. They want everyone to buy everything again, from them, not permit resale.

NFTs could be useful, but they're not really, not without the rights enforcement of the state being involved and that is antithetical to the whole DeFi/web3 ethos, I would think.

MuaawiyahTucker 2y ago

Personally I’ve only seen LAND NFT’s as being useful because the represent one’s right to build on a platform, depending on how ‘decentralised’ that ‘world’ is. Like LAND on Decentraland. The world is hosted on ‘nodes’ and apparently anyone can be a node. So you could use your LAND to build whatever you want and even monetise the use of that LAND by those who visit that land and interact with it.

But NFT’s as images and real world tickets require someone in the real world to honour that ‘agreement’ and that’s where the disconnect comes with NFT’s.

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Discussion

⚡A C V⚡ 2y ago

Circular economies in purely digital situations, where the enforcement of some useful rights/access, within the ecosystem, is done is a useful thing already.

I do find value in being able to run the game forever, with or without the corporate host.

Who sold the NFTs though? Who claimed the authority to grant the rights, collect your contribution? Who is the issuer? I don't know much about Decentraland, but I presume it's a scammy fundraiser thing for the developers who really control the ecosystem. They get to take these risks with KYC and money transmitter requirements because they don't have any of their own money or debt at stake.

If it was more of an immaculate conception, and the land rights were issued to the node operators or the first players or the first winners, then maybe we'd have something. Legitimate companies will explore this when the legal situation is clear but like I said before, their profit interests make it hard to want it. They'd rather be a central issuer of all access and items, than allow players to recycle the content amongst themselves.

MuaawiyahTucker 2y ago

Well, the history of decentraland is supposed to be a DAO. I’m not gonna defend their system because they essentially minted their ERC20 shitcoin and sold off the LAND and tokens, so to that point I agree with you.

But moving forward from that, as this all happened back in 2017, NOW, people own LAND and they own tokens and you can run a node that hosts the world and it’s assets and improvements to the ecosystem are ‘supposed’ to be voted on based on token holders in the DAO. I don’t think it’s necessarily a good model, but my point was just that if I bought LAND and was able to use it like actual land in the real world, but even better as I don’t have to pay for taxes, utilities etc and would be international, I think those types of NFT’s are ‘ok’, for what it is. Better models would be out there and if they could dump their shitcoins for SATs that would be better, but in saying that, the world is built using JS, so you can still accept payments in SATs and trigger things in the real world using API’s.