Note that Bitcoin itself is based on the this concept. When you transfer bitcoins you are simply extending a signature chain.
However, the system proposed here has a problem shared with NFTs -- the system transfers only an abstract notion of ownership. It doesn't have the ability to transfer full ownership, by which I mean all of the capabilities, rights, and responsibilities commonly inferred by that term.
bitcoin transfers ownership of the coin by moving the coin whereby previous owner cannot then control the coin.
bitcoin is not about owning the previous address.
this scheme casino is trying to promote is owning elvis autograph although jeffs girlfriend only gets a letter signed by jeff.. thus no correlation of value transfer