this post was submitted on 21 Sep 2023
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852
Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless. (markets.businessinsider.com)
submitted 2 years ago by [email protected] to c/[email protected]
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Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.::NFTs had a huge bull run two years ago, with billions of dollars per month in trading volume, but now most have crashed to zero, a study found.

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[–] [email protected] 2 points 2 years ago (1 children)

Right, when NFT’s we’re going crazy, the pictures and shit didn’t make sense to me at all but there’s a huge opportunity for digital ownership of physical materials like cars or houses. It would make private sales/transfers easy. All title information on the house would be recorded and attached in the blockchain so when you go to sell your home, you can prove there aren’t any liens against the home and once financing has been approved, transfer the ownership on the blockchain and done. That’s where I always saw the practical application going but now nobody will take NFT’s seriously until it’s named something else and rolled out with government approval and systems in place or nobody will feel safe transferring such a large investment digitally

[–] [email protected] 8 points 2 years ago (1 children)

All title information on the house would be recorded and attached in the blockchain so when you go to sell your home, you can prove there aren’t any liens against the home

Don't we already have state or local databases for stuff like houses and cars? How does the blockchain stuff add anything?