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FTs (lemmy.world)

submitted 2 months ago by PugJesus@lemmy.world to c/memes@lemmy.world

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[-] kameecoding@lemmy.world 7 points 2 months ago

It provides a history of who owns it to. It's very useful when validating contracts and preventing fraud.

So useful in fact that no company in existence that I know of uses it.

Don't know of a single bank, fortune 500 or any financial institution that uses it.

Wonder why.

So, for instance, since the owners of the NFTs know that the wallet is compromised, the recipients of the NFTs after this point in the block chain are recipients of stolen goods. So anyone tracing the validity of an NFT knows that these are now all worthless.

Yeah, I dont think you can go from worthless to worthless.