User illiarian wrote a good answer for you, but I want to add one more point:
IP rights aren't just for property deeds, they are relevant for every single digital or physical creation made by humans. So let's take a picture as an example:
There are NFTs and associated CDBs which supposedly allow trading pictures TODAY. No need to wait for any government or laws or technical advances. Supposedly NFTs allow me to buy and sell pictures in a decentralised way right here and now. The problem is that they can't do it. There is technically nothing inside NFT which can deal with IP rights for the pictures. You can't transfer IP rights completely, you can't do it partially, you can't do it with multiple peers, and of course you can't do any combination of the above. So current NFT platforms either ignore it or do it old fashioned way with centralised accounts, Terms of Service and other centralised stuff tracked on the platform and not on chain.
No need to wait for some far future and government adoption, NFTs has already failed at the much more simpler task and have no paths forward from this failure.
IP rights aren't just for property deeds, they are relevant for every single digital or physical creation made by humans. So let's take a picture as an example:
There are NFTs and associated CDBs which supposedly allow trading pictures TODAY. No need to wait for any government or laws or technical advances. Supposedly NFTs allow me to buy and sell pictures in a decentralised way right here and now. The problem is that they can't do it. There is technically nothing inside NFT which can deal with IP rights for the pictures. You can't transfer IP rights completely, you can't do it partially, you can't do it with multiple peers, and of course you can't do any combination of the above. So current NFT platforms either ignore it or do it old fashioned way with centralised accounts, Terms of Service and other centralised stuff tracked on the platform and not on chain.
No need to wait for some far future and government adoption, NFTs has already failed at the much more simpler task and have no paths forward from this failure.