What's the point of physically backed NFTs? I don't get it.
What's the point of NFT's in the first place?
I am with you on the physically backed NFT's though. Why not just FedEx the fucking thing? You don't even need to get out of your house. Call the company, give the item to them and they'll transfer it to its new owner. You can use a 3rd party service like Ebay to list your item.
Welcome to 1998.
No need to thank me.
Based off of what I’ve read about them, this is how it works:
1. Send them the item
2. They authenticate, insure, and store the item
3. Issue you an NFT that you can use to buy, sell, or leverage it in defi
Even if you sell it, you have to pay shipping, worry about authentication delays, astronomical fees, and the hassle of insuring a high ticket item.
What you’re saying applies to normal items but definitely not high value collectibles. Every step of the way there’s friction and I haven’t even touched on auction houses.
This is the post they sent me when I asked the same thing:
https://medium.com/@richard4k/4k-com-launch-announcement-3ed8b52ffab