Quote from: larry_vw_1955 on February 04, 2022, 02:52:34 AM

Quote from: PrimeNumber7 on February 02, 2022, 08:26:31 AM

In order for an NFT to have value, the issuing entity needs to have some kind of ownership claim to the underlying asset. So if one entity sells the same underlying asset twice on two different blockchains, the buyers of those assets could come after the issuing authority in court.

why is that though? the creator of an nft can sell it anywhere and as many places as they want to. no one is going to come after them for doing that.

The issuer will need to make a representation of if the buyer is going to own exclusive ownership of the underlying asset. If the buyer is going to own non-exclusive ownership, the issuer needs to represent how many other others of the asset there could possibly be. If the issuer does not do this, there would be no reason for any buyer to pay anything of value for an NFT because the issuer could continue selling a similar NFT until everyone owns one.

Quote from: larry_vw_1955 on February 04, 2022, 02:52:34 AM

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The solution to the above problem is not technical, as it not technically possible to prevent someone from selling the same asset on two blockchains. The solution is legal, and is something that would need to be handled by the courts.

yeah but are they allowed to do that? anyone considering legal action will probably end up spending alot of money. but i guess that's relative. like if their nft is worth $200,000 vs $2.

As I mentioned, the issuer needs to represent if the NFT represents exclusive ownership of the underlying asset. If the issuer says the NFT represents exclusive ownership of an asset, then tries to sell a similar NFT on another blockchain, they are selling something they don't own, and would be committing fraud.