In a way they do, they solve the problem that crypto was only about fungible stuff (money) before, now there's also non-fungible stuff. I think the point of NFTs is not exactly to prove that you own something, but to offer people an easy and non-fungible token to exchange with other people. The goal is not ownership but exchange (some would say speculation). At least that's how I understand it.
Really, it's just adding a level of indirection, as always :-)
> Really, it's just adding a level of indirection, as always :-)
Yeah, that's basically how I see NFTs currently.
But otherwise there's no advantage compared to a traditional database that I can see...
That's still rather convoluted.
This is similar to how I was always worried that Bank of America would arbitrarily change the balance in my account for some reason, but bitcoin solves this problem. Now I just have to worry about losing my password or getting hacked and losing all of my money, and that's just much less realistic than a major bank abusing their centralized admin powers to change my balance.
If Bank of America deducts money from your account, you can call customer support and threaten to file a complaint with a regulatory agency, threaten to close your account, or just take them to court. No guarantees that you'll get your money back, but at least there's a chance.
If you lose your wallet password. It's game over. 0% chance of ever recovering any of that money.
That sounds like a convoluted and impractical solution looking for a problem. Mobile service companies and hardware vendors managed to implement services that support activation and bricking without getting any crypto-related buzzword in the way.
How do you prove that said NFT is issued by OEM?
How do you avoid NFTs being issued by the seller themselves?
The same thing applies to other similar "NFT as certificate of authenticity" schemes I've seen, such as around luxury goods.
This seems to be no problem in finance — who owns what in a contract-for-difference?
It's possible to imbue an NFT, itself, with real value. Like if it was a legally recognized title. Or if ownership of an NFT could be used to produce an authorization token for access to some physical or digital experience.