Some four randos made an NFT platform that scraped up every song on Spotify (including music from big wigs like Disney, Nintendo, Marvel, and John Lennon) and turned it into an NFT without the original artists' permission, promising that buying the NFT will magically give a piece of the profits to the original creators
within 48hrs of news about this coming to light, entire PROs and distributors have gone bugfuck insane, have used their connections to stop the website being hosted on AWS, and are sending their lawyers in by parachute to sue the absolute living shit out of the people who tried to pull this scam off.
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this completely ravaged any possible positive NFT sentiment from musicians.
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the guys running that platform (who put their identities on the open on LinkedIn) responded with absolute out-of-touch posts on Twitter, acting like all of this is perfectly normal, they are getting carpet ratios.
https://mashable.com/article/hitpiece-nft-music
https://web.archive.org/web/20220202041329/https://mashable.com/article/hitpiece-nft-music
PS: you can repost this on KiA1 on Reddit I can read there but I won't post on Reddit.
It will be revolutionary. You are correct. In many ways, it eliminates the need for a court to handle economic disputes.
Imagine the token representing your car is generated at the factory at the same time as the car is created, and that you could use the token to look up the car details rather than a model number, so it could include optional upgrades, as well as the list of owners, and all service records. It would all be in the same place.
Even the key that currently controls the car could be digital and unique, and included in the token. (the keys are already digital today, but aren't used to transfer ownership) Imagine that you buy the car from the owner and he doesn't even hand you a key. The key in your pocket is suddenly authorized to operate the car due to the contract, because your key ID was included in the contract, and his key no longer works, because his authorization was revoked the minute it was transferred to you.
How can anyone even defraud you? If they don't get the money, you don't get the key. If they do get the money, your key is automatically authorized to drive the vehicle. There is no opportunity to even scam someone because the whole process is automatic and programmed before hand.
I could think of crazy things you could do with this kind of technology. For example, imagine you are a dad and you want to let your daughter borrow the car. You could authorize her key to work with it for a day or so. After she returns the car, her key stops working, so neither she nor her friends can take it out for fun when you aren't looking. :)
It will take decades to get there, but it is coming.