this post was submitted on 27 Aug 2024
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“Should art be regulated by the SEC?” NFT artists file lawsuit (arstechnica.com)
submitted 3 weeks ago by Xatolos@reddthat.com to c/technology@lemmy.world
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[–] Wilzax@lemmy.world 4 points 3 weeks ago

NFTs are great for replacing things like deeds or vehicle titles, where we need paperwork to verify ownership. But the problem arises when it's cryptographically hard (meaning exceedingly unlikely on reasonable timescales) to reverse fraudulent transfers of those documents. Cutting out a centralized authority at the price of making the system more vulnerable for gullible people is almost always not worth it.