To give some examples: (1) they are not legally binding; (2) even when a legal contract exists between the NFT issuer and the first owner, the terms don't carry over in NFT trades, unless additional contract terms are signed outside the blockchain; (3) as such, they don't solve any problem they purport to solve, as buying the NFT itself on chain is irrelevant, only the off-chain contract matters; (4) they don't even contain the item they are about, or at least since hash of it, in the vast majority of cases; (5) they don't even solve the real problem of fungibility, as while the token itself may not be fungible, the item that it represents remains trivially copyable. I am sure there are more.
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