587
From millions of dollars to under a grand: The dramatic fall of the NFT (english.elpais.com)
submitted 7 months ago by to c/technology@lemmy.world
225 comments fedilink hide all child comments
you are viewing a single comment's thread
view the rest of the comments
[–] 3 points 7 months ago* (1 child)

There is no provable way to show that any claim of ownership on Ethereum is legitimate, unless that person has some real-world proof of ownership, in which case the Ethereum link adds no value. It's just another step with another middleman.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 1 child comment
    •
  • [–] 1 point 7 months ago

    In today's world, we are moving from analog systems to digital systems, and therefore, physical proof of ownership supersedes electronic proof of ownership.

    If a company is digital native and issues their shares on a blockchain without ever issuing any kind of analog shares, then the electronic proof would supersede the physical proof, no matter what happened.

    Say Alice has a hair salon that's called Alice's hair salon, and she issues one million tokens on the Ethereum blockchain, and each token represents one one millionth of the company, Alice's hair salon. Well, since she never issued any stock on the analog systems, the Ethereum system would be the final arbiter of who does and does not own any of those Alice's hair salon tokens.

  • permalink
  • fedilink
  • source
  • parent