this post was submitted on 07 Jul 2024
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What happens if a mistake was made and an NFT is erroneously issued (for example to the wrong person)?
What happens if the owner dies? How is the NFT transferred then?
Who checks that the original NFT was issued correctly?
What about properties that are split? What happens if the split isn't represented in the NFT correctly (e.g. due to an error)?
The whole non-fungible part can be a problem, not a solution. It very, very rarely happens that ownership of a property is contested. It happens quite often that a mistake is made during a property transfer/sale that needs to be corrected. How do NFTs deal with this, and are they a solution to a non-issue?
That person has it now. They mjght volountarily be willing to send it back with another transactions or the courts could force them to do so (as in give fines, request keys, send to prison, or just have the government own and ooerate all the wallet keys and simulate transactions eith blockchain just as the technology used in a very janky way)
Similarily, either the government does all the transactions with 'your' keys for you, or you write down the keys in your will and have someone of trust (e.g. a lawyer) do the partitioning/transactions part in your stead.
The seller and buyer beforehand, mostly
Rebalance by having everone affected send their portions for redistribution to a trusted entity
As you've said yourself, NFTs seem wholly unsuited for keeping track of general ownership on a large scale. All the problems do have solutions, but they're either complicated for the owners or it's someone else controlling people's keys, defeating the entire point.
See that's the thing. Not being able to correct transaction errors is a feature of blockchain. I'd go as far as saying it's the #1 feature of the majority of crypto that brings in all the scammers.
Personally I prefer my money being insured and controlled by the government.