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> a in-game asset, a digital license

Neither of these are good examples: the real value comes from the outside legal relationships. If you have an in-game asset, what matters is whether EA thinks you own it and you get what they choose to implement. Similarly, a Windows license key is valid to the extent that you have a legal agreement with Microsoft — if you transfer it and the license doesn’t cover that, the blockchain doesn’t mean anything. If they do allow transfers, you don’t need a blockchain since their SQL Server database is what matters and it does the job faster and so much cheaper.

Very few NFT concepts are different than this: the legal weight comes from the outside world and the cheaper alternatives are likely to win out once the VCs drop the subsidies and start trying to get money out of the system.




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