I am a law professor who thinks a lot about digital property and about decentralized systems, and I think the idea that NFTs are about to revolutionize property law misunderstands how property law actually works… If you want NFTs to actually control ownership of anything besides themselves, you need the legal system to back them up and say that whoever holds the NFT actually owns the thing.

Right now, the legal system doesn’t work that way. Transfer of an NFT doesn’t give you any legal rights in the thing. That’s not how IP and property work. Lawyers who know IP and property law are in pretty strong agreement on this.

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