In contract law, we are allowed to add custom rules, but we aren't allowed to do the same in property law. Property (both real and virtual) has a limited number of forms. One explanation given by academics is that new forms of property would degrade the market for everyone else, because buyers would have to research what kind of strange rules were attached to the particular property they were considering.
NFTs — non-fungible property defined and transferred by smart contracts — might allow us to define custom properties in ways that don't degrade the market in the same way. This is not a talk supportive of specific NFT projects (unfortunately, as is often the case in the blockchain world, many of the projects are scammy), but rather an attempt to connect traditional property law with the new affordances of smart contracts.
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