NFTs can be used to verify ownership of real life non-fungible assets, like a house or a ticket to a show.
their use right now is merely of digital "trading cards", as you put it, but their potential holds much more
Discussion
Bitcoin can be used to verify ownership of a house.
how?
Purchase the house using bitcoin, that transaction is forever recorded on the ledger. 🤷♂️
there's proof of the transaction, nothing to tie it to a house.
for that you'd need a smart contract, which is not possible with bitcoin
I don't really see the point, would a smart contract be more systemically secure than old fashioned paperwork? It would have to be based on proof-of-work to gain security benefit.
old fashioned paperwork can be forged or falsified, a secure blockchain cannot.
yes, I do have some concerns with the decentralisation of PoS. just discussing the usability of smart contracts (and, by extension, NFTs)
Of course there is proof. The buyer and seller can cryptographically sign any message attached to the to and from addresses. Easy.
Careful — Don’t fall for the bullshit that shitcoin teams peddle to convince people to part with their sats. (Yes, eth is a shitcoin)
can that message be not encrypted? so that everyone can verify that the house actually belongs to the owner of the wallet that sent the transaction?
Not defending or protesting any protocol. Just discussing different technologies and their different possible uses.
Yeah. A cryptographic proof is something that everyone can verify. That’s why the bitcoin motto is “don’t trust, verify”
Cryptographic proof is not encryption.