• pingveno@lemmy.ml
    link
    fedilink
    English
    arrow-up
    0
    ·
    1 year ago

    It depends on what you’re using them for. If it’s just a URL to an image, meh. But some real assets can be hard to track without a lot of institutional infrastructure. NFTs are a possible alternative to the expensive, hard to grow financial institutions that underpin a formal economy.

    Take ownership of a house. When I was buying recently, there was a myriad of companies involved in the sale, including insurance companies in case there was a lingering claim to the property. In a country where possession of any given piece of land has very poor records, transferring ownership is that much harder. But what if instead they built their system around creating NFT corresponding to a an actual specification for the land?