Using NFT's to buy a house

[Hassan170]

19 hours ago, huilun02 said:

Ima sell the whole planet as an NFT, watch me

Nah you aren't thinking big enough, Ima sell this Solar System

[05032-Mendicant-Bias]

16 hours ago, Sauron said:

And if you point out that laws exist it must mean "you are still confused on how NFTs work", lmao

 

11 hours ago, BuckGup said:

I really suggest you learn more about how the blockchain and NFTs work. The questions and concerns you bring up can all be answered if you learned about the material. I don't think hostile forum responses are a good learning environment for anyone as no information I present you will consider as you lack a deep understanding

Pure Gold. You can't make this up :)

[Sauron]

11 hours ago, BuckGup said:

I really suggest you learn more about how the blockchain and NFTs work. The questions and concerns you bring up can all be answered if you learned about the material. I don't think hostile forum responses are a good learning environment for anyone as no information I present you will consider as you lack a deep understanding

Ah yes, if you don't know how to answer just say people don't get it. You've displayed a fundamental misunderstanding of how both laws and houses work so I would get off that high horse if I were you. Consider the idea that I do get it, I just see that it's stupid.

[Sauron]

2 hours ago, Arika S said:

the same people who buy a currency that can be produced out of nothing and is backed by hopes and dreams.

to be fair that DOES sound like real estate investors

[Arika]

2 minutes ago, Sauron said:

to be fair that DOES sound like real estate investors

[tikker]

8 hours ago, Spotty said:

It'll be interesting to see what happens in the future when the new owner tries selling the house the traditional and legally valid way but keeps the NFT for themselves. There's no requirement for them to declare that there's an NFT on the house to the new prospective owners.

Funny how close this is to one of the examples in that paper I linked to earlier (page 53):

Quote

Imagine that Seller owns a tangible asset (a sculpture). Seller then mints
a digital token in connection with this sculpture, intending, as the minting
platform says one can,312 for the digital token to be the embodiment of
ownership in the sculpture. The NFT’s auction page includes a picture of the
sculpture and the item description gives the name and medium of the work.
Seller then conveys the NFT to Buyer 1 through the platform’s auction
process. After the transaction is complete, but before Buyer 1 obtains delivery
of the sculpture, Seller sells the sculpture to Buyer 2, who takes delivery of it
at that time. The question then becomes: between Buyer 1 and Buyer 2, who
has superior rights in the sculpture?
<snip>
The answer is clearly that Buyer 2 wins. The sale of the NFT did not
transfer anything to Buyer 1 (except for the NFT itself).
<snip>
Even when we change the facts to make them seem slightly more
favorable to Buyer 1, the result is likely the same.

<snip>
Yet again, if Buyer 2 takes possession of the sculpture before Buyer 1, Buyer
2 still wins.

So yeah, I hereby change my mind about certain aspects of NFTs that I may have (dis)agreed with in the past. The idea still sounds nice, but I didn't fully grasp be trickiness behind legally tokenising something.

3 hours ago, spartaman64 said:

who buys a house without touring it first

Buy the dip?

[mr moose]

On 2/7/2022 at 6:20 PM, mr moose said:

 

There was a con-man who sold the Eiffel tower twice,  eventually (if not already) there will be digital cons involving real property just like it. 

I just want to come back to this for a second,  because it dawned on me today that with all the people srpuiking how impossible it is to forge or change blockchain,  using it as a title deed storage medium might actually make it easier for con artist to sell property.  I mean they can't forge the blockchain so this purchase has to be legitimate right? 

[mr moose]

3 hours ago, spartaman64 said:

who buys a house without touring it first

I don't know about other countries, but in Australia people buy off the plans all the time.  It's how 90% of developers can afford to develop.  I wouldn't do it, I've been in the construction industry long enough to now all about developers. 

[SansVarnic]

-= Topic moved to Folding@home, Boinc, and Coin Mining =-

Doesn't meet the definition of Tech News. Better suited here.