Its not about whether you actually own the thing or not, its the record of you owning it.
Without a central body enforcing it its basically pointless, similar to if you don’t own the title of the car you don’t actually have record of ownership and therefore don’t have the rights to go along with that legally. (In theory lol)
The potential advantage of it being on an immutable blockchain means there’s a permanent record that isn’t tied to a piece of paper, and the distributed nature of most blockchains ensure there isn’t a single point of failure. (In theory again)
If you don’t have the title to your car, and no one else does either, you can prove ownership by possession. Same with NFT, you prove ownership because you possess the wallet credentials.
Its not about whether you actually own the thing or not, its the record of you owning it.
Without a central body enforcing it its basically pointless, similar to if you don’t own the title of the car you don’t actually have record of ownership and therefore don’t have the rights to go along with that legally. (In theory lol)
The potential advantage of it being on an immutable blockchain means there’s a permanent record that isn’t tied to a piece of paper, and the distributed nature of most blockchains ensure there isn’t a single point of failure. (In theory again)
If you don’t have the title to your car, and no one else does either, you can prove ownership by possession. Same with NFT, you prove ownership because you possess the wallet credentials.
So what if someone steals your car, what then?
Edit agree on the NFT point, that is the whole idea right lol