> Digital self-custody of scarce assets is a new thing
But what really are the "scarce assets" that Web3 is enabling self-custody for? A token on a blockchain that has metadata pointing to a digital file that anyone can view and reproduce? By definition, every NFT is scarce in that each one is non-fungible. But this scarcity doesn't mean there's any meaningful value. An NFT alone doesn't inherently give you ownership of or rights to anything except the token itself.
The minute you want to attach some meaningful rights to an NFT, like legal ownership of the digital or physical asset the NFT points to, or the rights to an income stream produced by such, you have to enter the world of our traditional legal and financial systems.
But what really are the "scarce assets" that Web3 is enabling self-custody for? A token on a blockchain that has metadata pointing to a digital file that anyone can view and reproduce? By definition, every NFT is scarce in that each one is non-fungible. But this scarcity doesn't mean there's any meaningful value. An NFT alone doesn't inherently give you ownership of or rights to anything except the token itself.
The minute you want to attach some meaningful rights to an NFT, like legal ownership of the digital or physical asset the NFT points to, or the rights to an income stream produced by such, you have to enter the world of our traditional legal and financial systems.