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From millions of dollars to under a grand: The dramatic fall of the NFT
(english.elpais.com)
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this post was submitted on 11 Mar 2026
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Technology
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Oh, absolutely. But that's because the way we've always done the stock market is through centralized systems. If a company were to be formed today and only ever issue their stock tokens on a decentralized system such as Ethereum, then the Ethereum system would be the final arbiter of who does and does not have shares in that company.
Let's say I open a factory and issue shares on Ethereum. Then for whatever reason a judge orders the company to give up some shares. The shareholders, safely in cypherspace, ignore that court order. And then the state seizes the whole factory. In practice the original shares no longer mean anything.
Right, unfortunately you're really not going to be able to do that until such time as the state is defanged. You'll have to wait until there's a point where a state can't enforce a monopoly on violence.