wmassingham comments on Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.

Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless. (markets.businessinsider.com)

submitted 3 years ago by L4s@lemmy.world [M, B] to c/technology@lemmy.world

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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.

[–] wmassingham@lemmy.world 8 points 3 years ago (3 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?

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[–] peopleproblems@lemmy.world -1 points 3 years ago* (2 children)

The difference is that you can't retroactively edit the block chain, and the block chain contains all the data in it.

Databases can be edited, deleted, corrupted, poorly maintained, etc.

Think of the block chain like a permanent audit log of all transactions with it.

Edit: the NFT exists as a value in the block chain as the "point of origin". As this value is carried forward, the blockchain will always point back to the original.

That's why the whole pictures thing fucked it all up and we missed out on powerful tech. It could have essentially saved lives in critical machines and made PII tracking easier.

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