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5min chapter
Kate Sills | NFTs and Engineering Property Rights
The Foresight Institute Podcast
The Differences Between Contract Law and Property Law
In the US, we have freedom of contract. You and I can make a contract about nearly anything. But property law is very different. There's a limited number of standard forms that will be enforced by the legal system. So for instance, if I make a deal with Michael Jordan saying that he's allowed to play basketball on high property at any time, even after a sell it, that will not be enforce by the courts. And because property right against the world affects everyone else negatively by increasing transaction costs, specifically search costs. It's at the intersection of law and economics in blockchain. NFTs, an engineering property rights.
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