this post was submitted on 17 Aug 2023
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Of course not, but what little I know of NFTs is they do the two things needed for that to be possible: one, ability to transfer ownership, and two, verify ownership.
I have no clue if NFTs are the best way to accomplish that, let alone even a good way, and people much smarter than me can figure that out.
In the end I don’t think it matters. For it to be viable it would require the big companies to adopt it, which I never see them accepting a legal way to do second hand sales of digital goods.
Yeah, if you are waiting for a company that loses money through second-hand sales to implement an NFT scheme to facilitate second-hand sales... That could take a while.
This post of yours is one that I completely agree with.
That's a fundamental issue with NFTs though. Every instance of a fitting use case already has a non-NFT way to accomplish the same in the way the people in charge want to keep it.
Why would e.g. Steam want you to be able to trade games without Steam being involved/getting a cut? They can just ask you go buy from them.
Why would a state want to hand over control over the land registry to some cryptobro?
Why would the whole financial side of the art industry want to hand over control to a block chain and make themselves redundant?
Also, revertability of mistakes is a core feature of any reasonable transaction system. A system without that is worthless.
Sorry, this turned into a rant.
I can see ticket sales being issued via nft. They could set a maximum the ticket can be resold for, thus hindering scalpers and the original seller can also get a stake in the resale of the ticket. Beyond that I have never seen another decent use.
But again, why do that if you can also bind tickets to names and use that to make yourself the only possible place where people can sell their tickets on, with a substantial fee (like Ticketmaster does)?
They have no incentive to let people freely sell tickets when thy can also force themselves in as mandatory man in the middle.
You remove the burden of verifying the names and storing the personal data and you don't need to handle the resale inhouse. Other than that yeah it's pretty much the same thing
To a reasonable company, this might be a burden. To a big corporation it's half the reason they are doing this.
Yeah that is true
Yeah and rent-seeking is the only real big business left in town besides personalized advertising.
No way a rent-seeking opportunity this great isn't going to be gobbled up by the existing players and instead given up for free so that they can use new, poorly performing, expensive technology instead.
You can't cap resale prices with technological limits because payment can be split between multiple channels before the seller transfers ownership.
Yeah, that's why I only said hinders not stops. I mean I personally wouldn't send two payments where one of the transactions is one sided because you just open yourself to bring scammed but I'm sure some people would
I could see that being a use case if it weren't for how much the underlying technology sucks ass. Blockchains spend too much time doing their silly little trust-less security nonsense dance to be able to perform at the scale needed by systems that will sell...say...Taylor Swift concert tickets.
Steam would get a cut
They arent. For the NFT to do anything in a game it has to interact with the game in some way. The game gets to decide how it interacts with each NFT. So you are already using a central authority to change your NFT to something of value in the game, So why bother with the whole distributed trustless aspect of the blockchain and not just have a row in a database table?