this post was submitted on 06 Sep 2023
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Gaming
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A scan of my Title Deed or my Vehicle Title will already be unique digital files. They can be copied infinitely so I can never lose track of them. I can even take a hash of the original file and always keep that around to make sure I'm always dealing with an original copy.
What does storing it on someone else's property (server) and just linking to it actually achieve for me, as a person? The NFT does not change the data of the original file in any way, it's just a hash-check itself in many ways.
Would you be okay with storing your car in someone else's garage that you couldn't actually see or access, but were told was secure? That's what you're doing with an NFT. You're putting the actual item you own on someone else's private property, and then claiming that a piece of paper that shows ownership (NFT) is all you need to get it back. Sometimes that works, sometimes it doesn't.
An NFT is much more a "certificate of authenticity" than it is a title of ownership.
¯\(ツ)/¯