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

submitted 11 months ago by [email protected] to c/[email protected]

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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.

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[–] [email protected] 2 points 11 months ago (1 children)

Right, when NFT’s we’re going crazy, the pictures and shit didn’t make sense to me at all but there’s a huge opportunity for digital ownership of physical materials like cars or houses. It would make private sales/transfers easy. 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 and once financing has been approved, transfer the ownership on the blockchain and done. That’s where I always saw the practical application going but now nobody will take NFT’s seriously until it’s named something else and rolled out with government approval and systems in place or nobody will feel safe transferring such a large investment digitally

[–] [email protected] 8 points 11 months ago (1 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?

[–] [email protected] -1 points 11 months ago* (last edited 11 months ago) (1 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.

[–] [email protected] -1 points 11 months ago (1 children)

Block chains can also be edited, deleted, corrupted.

They aren't as secure as tech bros claim. Nothing possibly can be.

Blockchains already have been hacked multiple times.

This is the Web3 you are simping for: https://web3isgoinggreat.com/

[–] [email protected] 1 points 11 months ago

No, they can't. The article you point to mentioned stolen crypto. Crypto can be stolen if someone has the private keys to a wallet.

A block chain is algorithmically verified by members of the network.