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Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.
(markets.businessinsider.com)
this post was submitted on 21 Sep 2023
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Why distributed? Ownership is ultimately up to governments, as it's something that would be decided in a court. So, what's the advantage to having distributed records instead of just a government database?
But is an environmental catastrophe and has no legal value.
Every government would have to run their own, because every government gets to decide ownership within their own borders. Think of patents. Who owns the worldwide international patent database? Nobody, there is no such thing because each country decides on the validity of patents within their own borders. Now, there are patent treaties and things, but fundamentally if a patent dispute happens in France, it's the French courts who decide using the French patents database.
All questions you have to ask with blockchain as well.