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3 sats \ 2 replies \ @l0k18 30 Jul 2023 \ parent \ on: The ICANN Problem, Solved With Bitcoin bitcoin
What is befuddling in all this is that for some reason NFT bros only talk about secondary markets but the most visible primary market for NFTs is domain names.
Problem isn't solved without the mechanism to pay the nodes that store, relay and propagate the current state of the registry.
Wouldn't the incentive be that they'd be rewarded with those naming tokens and they can:
- use them themselves (use incentive)
- sell them (financial incentive)
- get network fees as people update their tokens (financial incentive)
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Making a reward for spending sats to make an NFT doesn't need another reward.
The reward is nobody else can use that private key to authenticate the name.
That's what the cost of a DNS record is based on, and why it is a speculative asset, and has been a form of savings for decades now (Mark Jeftovic has many stories as this was his thing).
Secondary markets are irrelevant to the base ledger. People wait days for domain name transfers currently. I doubt that waiting for a bitcoin confirmation is gonna be onerous.
Price discovery is in the remit of those operating the order books, it does not have to touch the chain at all, and we already have a type of NFT record, among several options that have existed since someone figured out you can put arbitrary data on chain with OP_RETURN.
And I'm pretty sure that robosats, and similar, don't have any blockchain behind them but function perfectly well as marketplaces. Neither would any market in Bitcoin NFT based DNS registration protocol.
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