this post was submitted on 21 Sep 2023
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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 1 year 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] 1 points 1 year ago (1 children)

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?

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

That distributed database exists and has been up and running for years. That government database is purely hypothetical. There would also be the question of which government is going to run it? Does each government run their own? Does one get exclusive control over the database that contains all digital purchases?

[–] [email protected] 1 points 1 year ago

That distributed database exists and has been up and running for years.

But is an environmental catastrophe and has no legal value.

There would also be the question of which government is going to run it?

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.

[–] [email protected] 0 points 1 year ago (1 children)

All questions you have to ask with blockchain as well.

[–] [email protected] 2 points 1 year ago

Nobody controls the blockchain, that's the whole point of it.