Part of the problem with getting people to buy into the idea of NFTs is unclear language like this:
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Originally Posted by Maximus122
Yes. Everything will become an NFT. Land, passports, Covid Certs, poker memorabilia....you name it
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Originally Posted by Maximus122
Land as NFTs is already being sold for millions of dollars if you only care to google it so the joke is on you.
I actually came up with the idea years ago and all my friends were laughing at me. Unfortunately, I wasn't smart enough to follow through with the idea and to build it out myself.
The entire world will become digital in the metaverse. People are buying digital land now in an attempt to get in early on it.
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Originally Posted by Maximus122
Well Bitcoin was originally developed as a means of transferring money securely peer to peer through a publicly distributed ledger. So why can't you distribute transfer of ownership of other things like property and art
I don't know if two different ideas are being mixed together in these posts (digital land, transfer of ownership of property), or if this is just a case of describing the same thing in very different ways, but it makes things confusing.
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Originally Posted by Maximus122
as well without the need of a middleman via smart contracts.
But is there not still a "middleman"? Someone is going to have to facilitate this for the average person. Perhaps the cost will be far lower, but this won't be seamless between buyer and seller.
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Originally Posted by Bakes
isn't it amazing that the title insurance and insurance agencies will be replaced by cryptobros doing literally the exact same thing with a different program and ledger
fantastic stuff
This.
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Originally Posted by PTLou
Ever bought a house or land? The multi-billion dollar Title Insurance Industry and Title insurance Lawyers exist for one and only one reason.
Yes. Because of shitty land registration systems in the US. There are other countries, like your northern neighbours, that don't have weird **** like escrow, and where title insurance isn't very common.
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Originally Posted by PTLou
To prove unique ownership of a thing, in this case Deed to a property. All that could be eliminated by putting it a on the blockchain. An innovative in county in CA will do it soon. Others will follow. IN 20 years it will be the norm and title insurance industry will be sitting in the tar pits with rest of Dinosaurs.
Or some states could become innovative and fix their land registration systems.
That's not to say our land registration system is perfect or that there might not be room for improvement, but I don't see NFTs as some magic bullet or even necessary in this sector. Perhaps that's just because I don't understand all the benefits.
I'm going to expose more of my ignorance with my next question: I know cryptomining has a pretty heavy energy cost; is there anything similar for NFTs and/or anything else on the blockchain?