I guess I just don’t share the absolute conviction that the whole thing is a scam.
It’s not always a scam (just mostly), but it’s most certainly not the gigantic shift NFT shills have been suggesting.
I’m not really sure what makes saving your deed information on a blockchain less valid than in a county records department though. I mean breaking it down, a blockchain is really just a ledger that keeps track of information in a cryptographically secure way.
Well, for one, not literally everybody on earth with an internet connection can go through my deed and personal information.
Also, if the records get stolen, they can authenticate and give ownership back to me. If the ownership gets stolen from you on the blockchain, you’re SIL.
I don’t really look forward to ransomware that targets deed and other such information, do you?
The current exchange system has rent seeking vultures sitting on top.
And with NFTs, all we’d be doing is add another layer on top of that.
Keeping a ledger. We trust them to do it accurately and pay them steeply to do it. Now we have a self managing ledger that requires no trust from anyone.
The thing is, they’re central authority figures. Which means they’re the authority on the ledger.
What happens if your deed gets stolen on the blockchain? Who do you turn to to get it back?
What happens if you lose access to your wallet? If it’s a hardware wallet, what happens if it geta stolen. If it’s a software wallet, what happens if it’s hacked?