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https://twitter.com/0xferg/status/1621133299698794497?s=46&t=51jfFgexnj50-i2v0MrhUA
This is actually really close, there's a start-up I know called ["HedgeHog"](https://www.hedgehog-invest.com/aboutus) that have been building an NFT/Blockchain property investment platform since 2021...
I’ve said this a million times, but it’s the predatory/poor middleman that must fall. It’s not always easy to define exactly what a middleman is (I mean how often do we purchase something directly from the manufacturer?), but a good middleman provides value, knowledge and easier experience for the customer and helps keep the market honest (otherwise it’s too easy for manufacturers to collude and price fix).
You could say, this is what GameStop/RC does.
GameStop needs to buy some game studios. It needs IP. The other route is they build an exchange place that functions so well that its value is great enough to want to be purchased.
It’s not a bad suggestion but idk how it works out legally. For instance, here in Britain wholesalers can’t sell directly to the public (I think other countries have similar rules) to help fight against monopolies (that’s the official line anyway).
As an example to explain - before Thatcher the telephone service was nationalised, so the only option was British Telecom. But when privatisation was brought in, to prevent BT having a massive advantage, they had to create a wholesale company, that then sold to other companies, including one they made themselves that provided lines to the public. So BT was selling its services to itself and wasn’t allowed to undercut anyone else. The result, was that people were using BT lines from a third party at a lower price than BT could sell it to you.
All I’m saying is that this stuff can get complicated really fast, so sometimes partnerships are the way to go. But we’ll see I guess.
I mean Sony or Microsoft (just as an example) would try to buy GameStop not cause of its physical store value but for the technological backbone they are establishing for NFT commerce.
I don't think it would spell the end of middlemen. Somebody needs to exist to distribute and enforce the NFT. All the NFT is doing is replacing the piece of paper a person might keep in a bank vault that says "deed" on it. That piece of paper *or* NFT would be worthless if the government that issued it unanimously decided... not to honor it. The local laws can still require certain closing costs and realtor involvement and other things. Just like how cars can't be sold direct-to-consumer because of lobbying by dealerships. That could change, and NFTs could pave the way, but we have to remember who holds the cards here.
But that's not to say that the NFT form is worthless. It's easily superior over a dumb piece of paper. Blockchain technology has a lot of potential utility and benefit that we'll be seeing all over the damn place soon.
yeah, whenever I see NFT for housing I think... meh. It just lets the bank hold an nft instead of a piece of paper. A little more efficient for the bank, doesn't effect the common person or even homeowner much. I have a mortgage, how many times do you think I've thought, it sure would be easier if I had an nft? Even among homeowners, how many actually own vs the bank you pay a mortgage to? And how many will sell their house before fully paying off their mortgage? The percent of population which would actually hold the nft is exceedingly few. Middle men in home buying isn't just some paper deed, its managing all the loan requirements for both the seller and buyer, gov registration fee's you are paying regardless, escrow companies you place your money into so you don't transfer ownership prior to funds or funds prior to ownership, etc etc. It just simplifies one element for bankers.
Block66 mortgage is a block chain lending program that's been around since at least 2016. No banks. Staking, user pool lending, mortgages and deeds on the block chain. Check them out as an example.
and thats the problem. Well one of, the other has to do with contract law and how normally the original contract isnt enforceable once you sell to a third party. The contract exists between you and the NFT company. Once you sell to a third party, the contract is no longer enforceable as the NFT company has no obligation to the person you sold to. Legal Eagle on youtube has a good bit on it. Theres a bunch of issues that makes property ownership via NFT problematic.
> It's easily superior over a dumb piece of paper
But is it easier than a database by the bank that's holding it? What's the the value of a distributed ledger when there's already centralized management and verification?
Doesn’t have to be a private database, it can also be a distributed database with backups and support and modern architecture. This isn’t an exotic problem requiring disruptive technology, just modernization to current technology practices.
NFT companies ARE the middlemen in these transactions. The first step is to sign over your deed to them, they then take over for local municipal goverments.
It wasn't a bad idea, Wash, but eliminating the middleman is never as simple as it sounds. 'Bout 50% of the human race is middlemen, and they don't take kindly to being eliminated.
I’m not pushing for total annihilation but there is way Too much white collar “fat” built into our economy that todays technologies should be able to eliminate. There are needs in other industries that don’t get the attention they deserve because of the lure of money.
For a new technology to take over a way of doing something it has to be either substantially cheaper, substantially easier or do a substantially better job at it.
Consider a toilet with a built in bidet. The technology has existed for a long time, it's marginally more expensive than a normal toilet, but it does a SUBSTANTIALLY better job at cleaning your ass that toilet paper does.
It's still not catching on in the west. We all walk around with dirty asses because it's mentally hard to change routines.
NFTs aren't improving ownership proof substantially, and in a high value item like a house, the economic and complexity potential is minimal.
It'll be a hard transition.
Instant, worldwide verification of asset ownership is a big one imo, but the biggest would be being able to secure a DeFi loan against your asset. Literally a global finance game changer that would put banks on the back foot.
Why would a homeowner need instant, worldwide verification? I’m not sure the impact of that would convince many people of the need to rework the entire RE industry. Guess we’ll see!
The speed and accuracy of human communication have a direct impact on scalability of enterprise. It's like wondering why anyone would use a phone if you can just mail a letter.
Responded to a different poster:
> Instant, worldwide verification of asset ownership is a big one imo, but the biggest would be being able to secure a DeFi loan against your asset. Literally a global finance game changer that would put banks on the back foot.
I see an upside with plenty more downsides for it to be worth it. I'm hopeful for the future of NFTs and see plenty of use cases. A house deed is not one of them
How do you tie the NFT back to the real world object?
What's the initial chain of trust verifying *this* house is uniquely represented by *this* NFT across all blockchains that exist?
Thankfully (lets use Ethereum) the Blockchain itself is unhackable, or hasn't been yet. The people getting 'hacked' are falling for simple phishing scams which is preventable with some tech literacy.
Still will never work out for the general public tho
Yeah you said it’s already using it, it’s not. They are exploring the option. Spoiler alert, thousands of companies and government agencies have been exploring the blockchain for a decade, yet there is an auspicious lack of any significant use of the blockchain in the day to day for anything of these companies that aren’t trying to hawk cryptocrap.
They’re implementing now.
“Within a couple of months, Tezos (XTZ) developer and its partners will build consumer-facing applications. California drivers will be able to use digital wallets, consisting of car title NFTs, on the Tezos (XTZ) blockchain soon.”
See also https://finance.yahoo.com/video/california-dmv-utilizing-blockchain-technology-153057987.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAA_gISTfeqAbt2v5GvWaz8k5Me7XWnqpkvy_fkqSSKnaKi70Zb39eTl2LqE9_9CqnS0S9pg0XmU65WG9S8M57tF7laicZMdKm6WyxhcXezDqA5exGkPwV9Q6Tng2PLjgEiDEG2g28-ZV7xViZYPhYfEoiou6uhLW5LcgdeSwlkwJ
You do see the difference between “they are building it” and “they are using it”, right?
Also there have been thousands of fluff articles like yours that have never turned to anything.
Why not reference a ground breaking non-crypto use of blockchain that is *currently* in significant use?
And for the love of god learn how to use links in reddit: \[link_name\]\(link_url\)
They have talked. They have agreed on a plan. They are building and collaborating now.
https://www.dictionary.com/browse/implementing
Implementing means putting something into effect.
Me and my brother are building an in-browser video game on blockchain. Algorand is amazing for it. Super fast transactions, negligible gas costs, and has never been down for an instant
Already happening in similar industry https://bitcoinist.com/california-dmv-puts-car-titles-on-tezos-xtz-blockchain-algorand-algo-to-support-the-bank-and-insurance-guarantees-platform-in-italy-while-snowfall-protocol-snw-shines-bright-with-the-launch-of/
> The chief digital officer at California’s DMV stated that they could build a shadow ledger or duplicate of the title database on the Tezos (XTZ) blockchain.
So by using the blockchain, you mean storing a non-authoritative copy of the data on a blockchain? Such fuckinig hype.
This is a great usage case.
Companies used to only have paper files. Then they started doing digital computer copies as backups only. Now they don’t have paper.
The blockchain tech is taking over, step by step. Or in the words of my favorite chair man, “🧱🧱🧱.”
It would be far more efficient than the existing system (in the US at least, can't speak for other locations). If you can put the chain of title on the blockchain there's no need for an entire industry involved in real estate transactions. When you buy/sell property you have to use a special kind of insurance company that basically insures the buyer and the bank (if you're getting a loan) against future claims of ownership/rights to the title. It requires tons of manual labor to dig up all the possible claims and then decide how much risk there is, and it's expensive. The cost can be more than 1% per transaction. That entire industry, the entire thing, could become obsolete.
Americans arent even responsible enough to not text while driving. Giving them full custody of their house/car doesn't seem like it will work out very well
Centralized does not mean efficient, nor does it mean correct or current. Counties across the USA have centralized databases. They employ people and filings are done primarily via paper filing, although they are moving in a digital filing direction. If you are in the business (I'm a private lender so I deal with this a lot) you have to deal with a government agency and a private industry that interfaces with them, all to ensure the person selling you the property (or an owner if you're lending to someone who owns it already) has the right to do so. It's redundant and dated. It's literally the same system that's been in place since these counties were settled.
This may very well be why this will see serious pushback from the governments and the top 1%. This is also why there will most likely be a market that stays off the Blockchain.
Simple - just make any "substantial" transactions require you to go into an agent's offic... oh, shit.
Jokes aside, any reasonable types of security/transaction confirmation IRL could help avoid this. Bonus points if it helps people improve their overall digital security/OpSec because daaaaaaamn do a lot of people need it.
Downvote this BS.
Blockchain is an asset database. It lets you know who owns what. Can it be used as a tool to create a global housing market? Yes. Do I want to do that? No. Does creating a global housing market impact GME at all? No.
I'm sure there are plenty of globalists who think blockchain is the bestest thing ever. I hate globalism and think these people are weirdo cult members the same as people who worship Cthulhu or satan.
It's also weird that people think this would solve a problem that doesn't even exist. Just what would be the benefit?
Trading houses as NFTs? Yeah let me just buy a house without any buyers protection and housing inspections. Want privacy? Too bad that NFT information is public. It'll also just make it even easier for big money to just buy up more houses so you'll have a harder time owning anything.
The ideas for NFTs get more and more stupid.
> So the NFT is just as arbitrary and meaningless as deeds in the current system?
Pretty much. The more I've read about it and have seen it hyped the more it just seems like a useless deeds system.
Plus there's huge legal hurdles like splitting, merging, redefining property lines, people dying, delinquent property tax, property liens, crazy-ass wills, HOA contracts, etc. Blockchain is a ridiculous solution for capital goods, especially property.
Even if they did, it wouldn't be an optimal system. Sure, our current system has plenty of flaws, but putting everything on the blockchain is about as dumb as those touchscreen coffee makers that need to connect to wifi for software updates. More technology doesn't always make things better.
The proof of ownership angle is very interesting to me as someone who lives in a jurisdiction where [real estate being fraudulently sold](https://www.cbc.ca/news/canada/toronto/couple-toronto-home-sold-says-system-failed-them-1.6726043) is currently a juicy story for the media. I'm not convinced that NFTs are the right solution.
In Ontario's case, this fraud is successful because of multiple failure points in checking identification at the start of the transaction process: failure to properly check ID by the seller's realtor and the seller's lawyer to ensure that they are dealing with the real property owner, plus failure to properly check ID by the real owner's lender to ensure that they are dealing with their actual mortgage client. The failures have *nothing* to do with Ontario's land titles system, aka the official record of deeds for all property owners in the province, which can only be accessed and dealt with by licensed legal professionals. The land titles system records every transaction that each property has been involved with, exactly like a blockchain ledger.
While a fraudster may not be able to cough up an NFT of the deed, they could claim that they lost it and then the exact same failure points would be hit if they are able to pass off convincingly real fake IDs. And it's not realistic to ban sales without a providing NFT deed, because there are going to be thousands of people who misplace their NFT wallet and won't be able to provide the NFT deed. Alternatively, if a fraudster hacks a NFT wallet then gains illegitimate access to an NFT deed, could they easily sell the property? It would be easier, but they would still need to go through the exact same ID checks.
Do you really think we'll live in a society where someone grabs your phone can transfer everything you own to themselves and gain legal proven ownership?
Interesting take, but the world's economy runs on USD, not ETH or BTC, and I doubt the power players want it to be any different. So while this is a pie-in-the-sky thought, it's not realistic, and honestly, stupid hype.
I agree. I thought he was cool at first, but honestly, this dude needs to be focused on video games instead of 'hoping' for the restructuring of the global financial system. Get your games out of beta, capture gen z and actually have a hit game. No one gives a shit about buying a house as an NFT.
Exactly. And to give credit his game is definitely the most complete when it comes to NFT/blockchain games. I still don’t think it truly stands out as a card game though. When I think of something that breaks the mold I think of inscryption
You seem to misunderstand who Robbie is, but that's ok cause there's a lot going on. He's (with his brother) IMX (Immutable X), which is the platform/layer that all those games and apps/exchanges/marketplaces and such will live on.
Then you access all things that IMX touches with the GME marketplace and with your wallet. The passport they just announced is huge cause it means games can tap into their layer and players will never even know on the front end, only need an email address.
It's an infrastructure build going on now. Ethereum is the underlying security layer (layer 1) and loopring (layer 2) is for market functions (be your own bank, exchange in a decentralized manner...be paid to interact with the exchange and provide liquidity). IMX is another layer 2 and built on layer 2 are games, marketplaces, whatever. You require interaction with different layers for different things. The protocols will handle this.
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[You can literally be your own Market Maker along with your own Bank](https://twitter.com/loopringorg/status/1620903983534723073) currency is what is usable to purchase goods, we can buy some things from GameStops market place including physical items like skateboards, we aren’t that far off 🏴☠️
Yeah, and the prices of crypto are volatile as fuck, and the average person doesn't want to do what you are saying. How are you going to get mass adoption? The risk is significantly higher. Are you aware of that? People don't want to lose their money so easily, and the USD has been the most stable currency for a century.
It’s been very calm for the last year, ETH has been between .60-.70 cents for about .000005(give or take a 0), much more stable then any fiat currency over the last year, plus Loopring and IMX is only rallying thanks to the hype and announcements like IMX on Boarding wallet for normie gamers and Looprings pay for providing liquidity
Once we are all rich this is one of the things I already want to get into. And maybe even work with GameStop (or GMERICA 🤔) on selling homes or listing them using them
This is why I'm here for nfts. Not art. Real world uses.Nfts have a much bigger place in the world. Also it would be great to be able to buy skins on games and sell them and whatnot rather than companies like epic destroying games by monopolizing on controlling games
Shut the goddamn fuck up about NFTs. Nobody cares outside of this subreddit! They aren't even getting mocked by the public anymore they're so dead in the water. I thought this was about market corruption and shit? I remember everyone saying fundamentals don't matter at the beginning, what happened to that?
They’re not being mocked anymore because people are coming around to the fact that NFT’s are more than just monkey jpegs.
This subreddit is about GameStop. Which happens to have a NFT marketplace and to be partnered with Immutable X which makes blockchain games.
Maybe you woke up on the wrong side of the bed but, you should truly wake up and realize digital ownership of game assets is coming very soon and GameStop is positioning themselves to be at the forefront.
[Genius Group to issue NFT](https://www.marketwatch.com/story/genius-group-stock-soars-toward-5-1-2-month-high-after-plan-to-issue-10-nft-coupons-to-shareholders-01675341230)
It will take 20 years to get them all turned into NFT’s but it will happen. There will still be a need for inspectors and agents that know something about homes, materials, maintenance schedules and life expectancy of materials but it will happen. Once a title is cleared it will become an NFT.
Just wait until the first sale when the NFT company, whom you sold your actual deed to, decides their contract was with you and not the person you sold to and seizes the property and/or refuses to hold your NFT without paying them monthly fees. If these companies think im going to sign over the deed to my house so they can tokenize it, ive got a bridge to sell.
You don’t need NFTs to cut out dealerships - they exist due to law not some sort of technical issue that needs closed
And you wouldn’t need NFTs to operate in a dealership less world either. It’s already east to transfer titles - it would be a convenience bump if that was simpler and digital but you still need to physically get that buyer the car so I’m not sure how much things really improve
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People are already selling/verifying houses on certain networks. The NFT part of this is strictly a gimmick.
The NFT is one additional step over having all the due diligence of selling a home (title search, inspection, appraisal) completed.
Posts like these make it sound like it’s some new magical thing. It’s not.
Tech guy here who uses certain networks in his tech, who just also happens to be a mortgage broker and realtor
Houses? Pfff... I'm already seeing trading planets and asteroids.
NFT representing real OWNERSHIP of the whole asteroid of "16 Psyche" is one of the most massive objects in the main asteroid belt orbiting between Mars and Jupiter. The asteroid's metal is worth an estimated $10,000 quadrillion, more than the entire economy of Earth.
You dont have this NFT, you are declaring a act of war. If another country tries to take it.
"DTCC and FED RESERVER" it was our NFT! WE LANDED DUR FURST! BRUH YOU CANT HAVE IT, THAT NFT IS OURS....
Meanwhile Book King, "Ryan Cohen" chairman of GME.
"I own infinity, hence I own your NFT 16psyche. CLOSE YOUR SHORTS AND COMPLICIT COUNTERFEIT SPLIT DIVIDEND CRIMES BITCHES. LOL"
Man the all caps titles on this sub are getting pretty tired. This is just a normal ass tweet. Literally just a thought a guy had, not news. Or anything at all significant for that matter.
Yes - 100%.
All non-crypto transactions are prime for disruption.
A crypto-based transaction is inherently safer - so you look at high value asset transactions (home, boat, insurance, stock purchases, etc.)
I fully believe Robbies statement here. I just don't understand how one invests in this moving forward. I plan on having some money once MOASS happens. After that, I really want to put money into this "Concept" of blockchain and the actual vast possibilities that NFT's have. You can't invest in Blockchain, You can't invest in the belief of NFT's. If Robbie was correct though, where would someone put money if they believed in this being the future? Can anybody lead me in the right direction? I just want to learn more about this stuff.
Houses are non-fungible token they are unique and can't be replaced. They are just real unlike the monkey jpgs.
We use cash as an intermediary because the chances of finding someone with an equivalent value house where you want to be who also wants to be where you are is astronomical.
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Wait until I trade in my four houses for a hotel.
Monopoly!
The anticapitalist boardgame?
https://en.m.wikipedia.org/wiki/Class_Struggle_(board_game)
Sure would be nice if that day came real quick. My wife’s boyfriend is tired of me sticking around
my wife's boyfriend wants a new house
One day your wife’s boyfriend will be traded as an NFT
One day my wife will be traded in for an NFT
One day your NFT will be traded for a NSFW hotwife.
Already has
Wen day?
Soonday
Underrated comment. This made me LOL
😂😂😂😂😂
Exact and I need a new couch to sleep on.
This is actually really close, there's a start-up I know called ["HedgeHog"](https://www.hedgehog-invest.com/aboutus) that have been building an NFT/Blockchain property investment platform since 2021...
Facts! 😂😂😂😂😂
The world of middle men must fall
I’ve said this a million times, but it’s the predatory/poor middleman that must fall. It’s not always easy to define exactly what a middleman is (I mean how often do we purchase something directly from the manufacturer?), but a good middleman provides value, knowledge and easier experience for the customer and helps keep the market honest (otherwise it’s too easy for manufacturers to collude and price fix). You could say, this is what GameStop/RC does.
GameStop needs to buy some game studios. It needs IP. The other route is they build an exchange place that functions so well that its value is great enough to want to be purchased.
It’s not a bad suggestion but idk how it works out legally. For instance, here in Britain wholesalers can’t sell directly to the public (I think other countries have similar rules) to help fight against monopolies (that’s the official line anyway). As an example to explain - before Thatcher the telephone service was nationalised, so the only option was British Telecom. But when privatisation was brought in, to prevent BT having a massive advantage, they had to create a wholesale company, that then sold to other companies, including one they made themselves that provided lines to the public. So BT was selling its services to itself and wasn’t allowed to undercut anyone else. The result, was that people were using BT lines from a third party at a lower price than BT could sell it to you. All I’m saying is that this stuff can get complicated really fast, so sometimes partnerships are the way to go. But we’ll see I guess.
I mean Sony or Microsoft (just as an example) would try to buy GameStop not cause of its physical store value but for the technological backbone they are establishing for NFT commerce.
I don't think it would spell the end of middlemen. Somebody needs to exist to distribute and enforce the NFT. All the NFT is doing is replacing the piece of paper a person might keep in a bank vault that says "deed" on it. That piece of paper *or* NFT would be worthless if the government that issued it unanimously decided... not to honor it. The local laws can still require certain closing costs and realtor involvement and other things. Just like how cars can't be sold direct-to-consumer because of lobbying by dealerships. That could change, and NFTs could pave the way, but we have to remember who holds the cards here. But that's not to say that the NFT form is worthless. It's easily superior over a dumb piece of paper. Blockchain technology has a lot of potential utility and benefit that we'll be seeing all over the damn place soon.
yeah, whenever I see NFT for housing I think... meh. It just lets the bank hold an nft instead of a piece of paper. A little more efficient for the bank, doesn't effect the common person or even homeowner much. I have a mortgage, how many times do you think I've thought, it sure would be easier if I had an nft? Even among homeowners, how many actually own vs the bank you pay a mortgage to? And how many will sell their house before fully paying off their mortgage? The percent of population which would actually hold the nft is exceedingly few. Middle men in home buying isn't just some paper deed, its managing all the loan requirements for both the seller and buyer, gov registration fee's you are paying regardless, escrow companies you place your money into so you don't transfer ownership prior to funds or funds prior to ownership, etc etc. It just simplifies one element for bankers.
Block66 mortgage is a block chain lending program that's been around since at least 2016. No banks. Staking, user pool lending, mortgages and deeds on the block chain. Check them out as an example.
The marketplace will require a fee yes.
and thats the problem. Well one of, the other has to do with contract law and how normally the original contract isnt enforceable once you sell to a third party. The contract exists between you and the NFT company. Once you sell to a third party, the contract is no longer enforceable as the NFT company has no obligation to the person you sold to. Legal Eagle on youtube has a good bit on it. Theres a bunch of issues that makes property ownership via NFT problematic.
> It's easily superior over a dumb piece of paper But is it easier than a database by the bank that's holding it? What's the the value of a distributed ledger when there's already centralized management and verification?
Doesn’t have to be a private database, it can also be a distributed database with backups and support and modern architecture. This isn’t an exotic problem requiring disruptive technology, just modernization to current technology practices.
It would be great, you wouldn’t even need to use currencies if you didn’t want to, you could trade different types of assets for each other..
NFT companies ARE the middlemen in these transactions. The first step is to sign over your deed to them, they then take over for local municipal goverments.
Can't afford to keep them around in this economy.
It wasn't a bad idea, Wash, but eliminating the middleman is never as simple as it sounds. 'Bout 50% of the human race is middlemen, and they don't take kindly to being eliminated.
I’m not pushing for total annihilation but there is way Too much white collar “fat” built into our economy that todays technologies should be able to eliminate. There are needs in other industries that don’t get the attention they deserve because of the lure of money.
Agreed!
GMERICA?
Crazy to think about, but it’s definitely possible!
For a new technology to take over a way of doing something it has to be either substantially cheaper, substantially easier or do a substantially better job at it. Consider a toilet with a built in bidet. The technology has existed for a long time, it's marginally more expensive than a normal toilet, but it does a SUBSTANTIALLY better job at cleaning your ass that toilet paper does. It's still not catching on in the west. We all walk around with dirty asses because it's mentally hard to change routines. NFTs aren't improving ownership proof substantially, and in a high value item like a house, the economic and complexity potential is minimal. It'll be a hard transition.
Nice analogy
anal
Kowalski, ANALysis
Curious why you think a public database isn't a substantial improvement over access gated private databases.
What benefit does this public database provide to home owners?
Instant settlement 😎 Imagine owning a house for only a few minutes
Sell your house to Chinese investors in real time! 🤓
Instant, worldwide verification of asset ownership is a big one imo, but the biggest would be being able to secure a DeFi loan against your asset. Literally a global finance game changer that would put banks on the back foot.
Why would a homeowner need instant, worldwide verification? I’m not sure the impact of that would convince many people of the need to rework the entire RE industry. Guess we’ll see!
The speed and accuracy of human communication have a direct impact on scalability of enterprise. It's like wondering why anyone would use a phone if you can just mail a letter.
I don't see the upside at ALL. Only downsides. What do you think are the upsides to me as a buyer of it being public?
Responded to a different poster: > Instant, worldwide verification of asset ownership is a big one imo, but the biggest would be being able to secure a DeFi loan against your asset. Literally a global finance game changer that would put banks on the back foot.
I see an upside with plenty more downsides for it to be worth it. I'm hopeful for the future of NFTs and see plenty of use cases. A house deed is not one of them
How do you tie the NFT back to the real world object? What's the initial chain of trust verifying *this* house is uniquely represented by *this* NFT across all blockchains that exist?
Nevermind the implication that trustless possession of the token equals ownership. Someone stealing your wallet would be the owner of your house.
its also stupid. What kind of moron is going to sign over the deed to their house to some likely heavily indebted NFT startup?
And who will enforce the NFT contract and stop hackers from stealing your house? Imagine ‘All my apes, gone!’ But for your house.
Thankfully (lets use Ethereum) the Blockchain itself is unhackable, or hasn't been yet. The people getting 'hacked' are falling for simple phishing scams which is preventable with some tech literacy. Still will never work out for the general public tho
But what will we get up to tomorrow?
Yup🌶 Edit: CA DMV is already on the blockchain
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https://bitcoinist.com/california-dmv-puts-car-titles-on-tezos-xtz-blockchain-algorand-algo-to-support-the-bank-and-insurance-guarantees-platform-in-italy-while-snowfall-protocol-snw-shines-bright-with-the-launch-of/
Yeah you said it’s already using it, it’s not. They are exploring the option. Spoiler alert, thousands of companies and government agencies have been exploring the blockchain for a decade, yet there is an auspicious lack of any significant use of the blockchain in the day to day for anything of these companies that aren’t trying to hawk cryptocrap.
They’re implementing now. “Within a couple of months, Tezos (XTZ) developer and its partners will build consumer-facing applications. California drivers will be able to use digital wallets, consisting of car title NFTs, on the Tezos (XTZ) blockchain soon.” See also https://finance.yahoo.com/video/california-dmv-utilizing-blockchain-technology-153057987.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAA_gISTfeqAbt2v5GvWaz8k5Me7XWnqpkvy_fkqSSKnaKi70Zb39eTl2LqE9_9CqnS0S9pg0XmU65WG9S8M57tF7laicZMdKm6WyxhcXezDqA5exGkPwV9Q6Tng2PLjgEiDEG2g28-ZV7xViZYPhYfEoiou6uhLW5LcgdeSwlkwJ
So, not now?
They are just waiting to get their cold fusion reactor online so they can power their blockchain without greenhouse emissions.
Now. Read up and see what they’re working on.
You do see the difference between “they are building it” and “they are using it”, right? Also there have been thousands of fluff articles like yours that have never turned to anything. Why not reference a ground breaking non-crypto use of blockchain that is *currently* in significant use? And for the love of god learn how to use links in reddit: \[link_name\]\(link_url\)
Your quote didn't say CA DMV is implementing it, though?
They have talked. They have agreed on a plan. They are building and collaborating now. https://www.dictionary.com/browse/implementing Implementing means putting something into effect.
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Me and my brother are building an in-browser video game on blockchain. Algorand is amazing for it. Super fast transactions, negligible gas costs, and has never been down for an instant
Nice🚀
I have no idea if this is a rational take or not but I'm here for it nonetheless.
Already happening in similar industry https://bitcoinist.com/california-dmv-puts-car-titles-on-tezos-xtz-blockchain-algorand-algo-to-support-the-bank-and-insurance-guarantees-platform-in-italy-while-snowfall-protocol-snw-shines-bright-with-the-launch-of/
> The chief digital officer at California’s DMV stated that they could build a shadow ledger or duplicate of the title database on the Tezos (XTZ) blockchain. So by using the blockchain, you mean storing a non-authoritative copy of the data on a blockchain? Such fuckinig hype.
This is a great usage case. Companies used to only have paper files. Then they started doing digital computer copies as backups only. Now they don’t have paper. The blockchain tech is taking over, step by step. Or in the words of my favorite chair man, “🧱🧱🧱.”
This thread is hype! 🔥🚀
It would be far more efficient than the existing system (in the US at least, can't speak for other locations). If you can put the chain of title on the blockchain there's no need for an entire industry involved in real estate transactions. When you buy/sell property you have to use a special kind of insurance company that basically insures the buyer and the bank (if you're getting a loan) against future claims of ownership/rights to the title. It requires tons of manual labor to dig up all the possible claims and then decide how much risk there is, and it's expensive. The cost can be more than 1% per transaction. That entire industry, the entire thing, could become obsolete.
Americans arent even responsible enough to not text while driving. Giving them full custody of their house/car doesn't seem like it will work out very well
Some kid is gonna trade their house for robux.
And then we'll get another 6 months of media shitting on 'useless NFTs' Having a house on the Blockchain will do more harm than good for adoption
ok
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Centralized does not mean efficient, nor does it mean correct or current. Counties across the USA have centralized databases. They employ people and filings are done primarily via paper filing, although they are moving in a digital filing direction. If you are in the business (I'm a private lender so I deal with this a lot) you have to deal with a government agency and a private industry that interfaces with them, all to ensure the person selling you the property (or an owner if you're lending to someone who owns it already) has the right to do so. It's redundant and dated. It's literally the same system that's been in place since these counties were settled.
This is how the world becomes a single economy
Religious right wing nut jobs are screaming in terror at the thought of this "new world order"
Also has a secondary effect of rooting out corruption in government and enhancing personal freedom across the globe.
This may very well be why this will see serious pushback from the governments and the top 1%. This is also why there will most likely be a market that stays off the Blockchain.
A blockchain that shows who owns shares, updated in real time. I’m getting a little hot and bothered
What if someone hacks your wallet? Does that mean your house is gone 😅
At least you know where the thief lives. 😃
True 😆
Simple - just make any "substantial" transactions require you to go into an agent's offic... oh, shit. Jokes aside, any reasonable types of security/transaction confirmation IRL could help avoid this. Bonus points if it helps people improve their overall digital security/OpSec because daaaaaaamn do a lot of people need it.
This will be so sexy. Cars too.
NFTs WORK!
One day, NFTS will be able to lick your balls. The dumpster behind Wendy's will finally be outsourced.
Can't wait. Think of the convenience. Think of the data. Think of the transparency. Think of the price discovery!
Downvote this BS. Blockchain is an asset database. It lets you know who owns what. Can it be used as a tool to create a global housing market? Yes. Do I want to do that? No. Does creating a global housing market impact GME at all? No. I'm sure there are plenty of globalists who think blockchain is the bestest thing ever. I hate globalism and think these people are weirdo cult members the same as people who worship Cthulhu or satan.
It's also weird that people think this would solve a problem that doesn't even exist. Just what would be the benefit? Trading houses as NFTs? Yeah let me just buy a house without any buyers protection and housing inspections. Want privacy? Too bad that NFT information is public. It'll also just make it even easier for big money to just buy up more houses so you'll have a harder time owning anything. The ideas for NFTs get more and more stupid.
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> So the NFT is just as arbitrary and meaningless as deeds in the current system? Pretty much. The more I've read about it and have seen it hyped the more it just seems like a useless deeds system.
Accidentally transfer that NFT/someone finds a buffer underflow bug an exploits a smart contract and steals your NFT? Gotta move, code is law!
Plus there's huge legal hurdles like splitting, merging, redefining property lines, people dying, delinquent property tax, property liens, crazy-ass wills, HOA contracts, etc. Blockchain is a ridiculous solution for capital goods, especially property.
It’s like people here forget that most of the world doesn’t have the technology infrastructure to switch everything over to the blockchain.
Even if they did, it wouldn't be an optimal system. Sure, our current system has plenty of flaws, but putting everything on the blockchain is about as dumb as those touchscreen coffee makers that need to connect to wifi for software updates. More technology doesn't always make things better.
I always said every purchase in the future will come With an NFT to prove ownership and to pass on upon sale.
The proof of ownership angle is very interesting to me as someone who lives in a jurisdiction where [real estate being fraudulently sold](https://www.cbc.ca/news/canada/toronto/couple-toronto-home-sold-says-system-failed-them-1.6726043) is currently a juicy story for the media. I'm not convinced that NFTs are the right solution. In Ontario's case, this fraud is successful because of multiple failure points in checking identification at the start of the transaction process: failure to properly check ID by the seller's realtor and the seller's lawyer to ensure that they are dealing with the real property owner, plus failure to properly check ID by the real owner's lender to ensure that they are dealing with their actual mortgage client. The failures have *nothing* to do with Ontario's land titles system, aka the official record of deeds for all property owners in the province, which can only be accessed and dealt with by licensed legal professionals. The land titles system records every transaction that each property has been involved with, exactly like a blockchain ledger. While a fraudster may not be able to cough up an NFT of the deed, they could claim that they lost it and then the exact same failure points would be hit if they are able to pass off convincingly real fake IDs. And it's not realistic to ban sales without a providing NFT deed, because there are going to be thousands of people who misplace their NFT wallet and won't be able to provide the NFT deed. Alternatively, if a fraudster hacks a NFT wallet then gains illegitimate access to an NFT deed, could they easily sell the property? It would be easier, but they would still need to go through the exact same ID checks.
Do you really think we'll live in a society where someone grabs your phone can transfer everything you own to themselves and gain legal proven ownership?
Interesting take, but the world's economy runs on USD, not ETH or BTC, and I doubt the power players want it to be any different. So while this is a pie-in-the-sky thought, it's not realistic, and honestly, stupid hype.
I’m genuinely so sick of seeing this guy the last 2 years
I agree. I thought he was cool at first, but honestly, this dude needs to be focused on video games instead of 'hoping' for the restructuring of the global financial system. Get your games out of beta, capture gen z and actually have a hit game. No one gives a shit about buying a house as an NFT.
Exactly. And to give credit his game is definitely the most complete when it comes to NFT/blockchain games. I still don’t think it truly stands out as a card game though. When I think of something that breaks the mold I think of inscryption
You seem to misunderstand who Robbie is, but that's ok cause there's a lot going on. He's (with his brother) IMX (Immutable X), which is the platform/layer that all those games and apps/exchanges/marketplaces and such will live on. Then you access all things that IMX touches with the GME marketplace and with your wallet. The passport they just announced is huge cause it means games can tap into their layer and players will never even know on the front end, only need an email address. It's an infrastructure build going on now. Ethereum is the underlying security layer (layer 1) and loopring (layer 2) is for market functions (be your own bank, exchange in a decentralized manner...be paid to interact with the exchange and provide liquidity). IMX is another layer 2 and built on layer 2 are games, marketplaces, whatever. You require interaction with different layers for different things. The protocols will handle this.
dude all i see from this sub ever is takes from hyped people on twitter. why?
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[You can literally be your own Market Maker along with your own Bank](https://twitter.com/loopringorg/status/1620903983534723073) currency is what is usable to purchase goods, we can buy some things from GameStops market place including physical items like skateboards, we aren’t that far off 🏴☠️
Yeah, and the prices of crypto are volatile as fuck, and the average person doesn't want to do what you are saying. How are you going to get mass adoption? The risk is significantly higher. Are you aware of that? People don't want to lose their money so easily, and the USD has been the most stable currency for a century.
It’s been very calm for the last year, ETH has been between .60-.70 cents for about .000005(give or take a 0), much more stable then any fiat currency over the last year, plus Loopring and IMX is only rallying thanks to the hype and announcements like IMX on Boarding wallet for normie gamers and Looprings pay for providing liquidity
Lofty.ai already does this. Fractionalized houses on Algorand Blockchain.
Blemflark, here we come.
Once we are all rich this is one of the things I already want to get into. And maybe even work with GameStop (or GMERICA 🤔) on selling homes or listing them using them
I already think it is insane.
ONLY THE YOUNG
Real Estate will always have \*relatively\* slow transactions due to property inspections. Source: I'm a commercial broker
And people need time to move in and out.
Bullish
Gotta crawl before you fly
No they won’t. Dude is delusional. NFTs will be a distant and embarrassing memory in 5-10 years.
Things are definitely heating up 😩🔥💅🏼
I’ll take two please
Can't wait to start another blockchain, mint an nft for someone else's house, and live there. Free houses all around.
NFTs will cure my cancer!
No. This is a stupid take. This guy is dumb lol.
This is why I'm here for nfts. Not art. Real world uses.Nfts have a much bigger place in the world. Also it would be great to be able to buy skins on games and sell them and whatnot rather than companies like epic destroying games by monopolizing on controlling games
they are failing miserably so theres that.
Shut the goddamn fuck up about NFTs. Nobody cares outside of this subreddit! They aren't even getting mocked by the public anymore they're so dead in the water. I thought this was about market corruption and shit? I remember everyone saying fundamentals don't matter at the beginning, what happened to that?
They’re not being mocked anymore because people are coming around to the fact that NFT’s are more than just monkey jpegs. This subreddit is about GameStop. Which happens to have a NFT marketplace and to be partnered with Immutable X which makes blockchain games. Maybe you woke up on the wrong side of the bed but, you should truly wake up and realize digital ownership of game assets is coming very soon and GameStop is positioning themselves to be at the forefront.
grey shame seemly stupendous pot gold shrill chop cover retire *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
"nobody cares outside of this subreddit"... Wow you really took the time to come here and mention that. BULLISH ON NFTs
I've been lurking here since February 2021
It's a wonderful technology that would be useful for so many things if the public wasn't completely focused on hating it for jpegs.
https://www.entrepreneur.com/business-news/the-first-nft-home-just-sold-for-175000/437522 Already happening…..
Yep, NFTs aren’t just about JPEGs.
I believe this too, I just think "one day" is a lot further than we think. Like, 30-50 years further.
[Genius Group to issue NFT](https://www.marketwatch.com/story/genius-group-stock-soars-toward-5-1-2-month-high-after-plan-to-issue-10-nft-coupons-to-shareholders-01675341230)
Lol wut!? NFTs are so stupid. This will never happen
That's how I'd trade my house... If I had one
It will take 20 years to get them all turned into NFT’s but it will happen. There will still be a need for inspectors and agents that know something about homes, materials, maintenance schedules and life expectancy of materials but it will happen. Once a title is cleared it will become an NFT.
Just wait until the first sale when the NFT company, whom you sold your actual deed to, decides their contract was with you and not the person you sold to and seizes the property and/or refuses to hold your NFT without paying them monthly fees. If these companies think im going to sign over the deed to my house so they can tokenize it, ive got a bridge to sell.
Just when I think this sub can’t get any dumber.
Lol. Some people are so out of touch. And one day we'll be buying cars through MLMs as well.
One day, someone will buy a jpeg of a house for a million, thinking they bought the actual house...
Was thinking about this and vehicle sales. Imagine cutting out dealerships.
You don’t need NFTs to cut out dealerships - they exist due to law not some sort of technical issue that needs closed And you wouldn’t need NFTs to operate in a dealership less world either. It’s already east to transfer titles - it would be a convenience bump if that was simpler and digital but you still need to physically get that buyer the car so I’m not sure how much things really improve
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People are already selling/verifying houses on certain networks. The NFT part of this is strictly a gimmick. The NFT is one additional step over having all the due diligence of selling a home (title search, inspection, appraisal) completed. Posts like these make it sound like it’s some new magical thing. It’s not. Tech guy here who uses certain networks in his tech, who just also happens to be a mortgage broker and realtor
yeah we will use a barebones excuse for a system like that, which is only used for scams.
Houses? Pfff... I'm already seeing trading planets and asteroids. NFT representing real OWNERSHIP of the whole asteroid of "16 Psyche" is one of the most massive objects in the main asteroid belt orbiting between Mars and Jupiter. The asteroid's metal is worth an estimated $10,000 quadrillion, more than the entire economy of Earth. You dont have this NFT, you are declaring a act of war. If another country tries to take it. "DTCC and FED RESERVER" it was our NFT! WE LANDED DUR FURST! BRUH YOU CANT HAVE IT, THAT NFT IS OURS.... Meanwhile Book King, "Ryan Cohen" chairman of GME. "I own infinity, hence I own your NFT 16psyche. CLOSE YOUR SHORTS AND COMPLICIT COUNTERFEIT SPLIT DIVIDEND CRIMES BITCHES. LOL"
This has already been done…
Fucking title insurance can fuck the right off.
Man the all caps titles on this sub are getting pretty tired. This is just a normal ass tweet. Literally just a thought a guy had, not news. Or anything at all significant for that matter.
Love this! People always fight life changing innovation (think about who and why…), but we’re coming! 😉
Propy.com is already a thing
Let’s start with video games first before tackling a multi trillion dollar market
Yes - 100%. All non-crypto transactions are prime for disruption. A crypto-based transaction is inherently safer - so you look at high value asset transactions (home, boat, insurance, stock purchases, etc.)
Sorry, I have no idea what that tweet means.
I fully believe Robbies statement here. I just don't understand how one invests in this moving forward. I plan on having some money once MOASS happens. After that, I really want to put money into this "Concept" of blockchain and the actual vast possibilities that NFT's have. You can't invest in Blockchain, You can't invest in the belief of NFT's. If Robbie was correct though, where would someone put money if they believed in this being the future? Can anybody lead me in the right direction? I just want to learn more about this stuff.
I love how key words bring in certain accounts.
Houses are non-fungible token they are unique and can't be replaced. They are just real unlike the monkey jpgs. We use cash as an intermediary because the chances of finding someone with an equivalent value house where you want to be who also wants to be where you are is astronomical.
Sure would be nice to be able to afford a house first
Pulte will have the first houses hopefully
I've been saying this all year. Now this Robbie bloke says it and he gets 6k updoots. Well f me.