> Sotheby is no longer needed to do art deals, you can buy directly via smart contract.
Sotheby's was never about the actual transaction, there has historically been little technical barrier in this area - the real barrier has been grift, fakes, and limited market pools. Crypto doesn't solve any of these things, so they will remain the real barrier.
> for instance the original artist could get a cut of every resale of his art. People can own parts of art, music etc. Artists can go directly to their fans.
There is no technical barrier to any of these things now, other than the difficulty of setting up contracts. You can speculate that making the contracts easier to set up will result in lots more of it; but that is a pretty strong assumption that this is the "real" barrier. Like the fine art case, it may well not be. I suspect that in some areas it will result in some interesting things that are low enough value (at least per transaction) that nobody bothered to figure out an agreement on them, particularly across borders. But this has a huge risk of being shut down for being at minimum tax-evasion adjacent, even if useful.
> I could send you euros and you receive in usd, it passes through a defi smart contract on the way without any of us knowing.
This is easily done now by traditional financial transactions, the only problem is the FX risk and transaction fees may be a) higher than you want and b) unpredictable.
Neither of those things are "solved" by using defi, you are basically hoping that the fees are/remain smaller, and possibly handwaving about the FX risk on some future with the underlying is useful to both parties.
Sotheby's was never about the actual transaction, there has historically been little technical barrier in this area - the real barrier has been grift, fakes, and limited market pools. Crypto doesn't solve any of these things, so they will remain the real barrier.
> for instance the original artist could get a cut of every resale of his art. People can own parts of art, music etc. Artists can go directly to their fans.
There is no technical barrier to any of these things now, other than the difficulty of setting up contracts. You can speculate that making the contracts easier to set up will result in lots more of it; but that is a pretty strong assumption that this is the "real" barrier. Like the fine art case, it may well not be. I suspect that in some areas it will result in some interesting things that are low enough value (at least per transaction) that nobody bothered to figure out an agreement on them, particularly across borders. But this has a huge risk of being shut down for being at minimum tax-evasion adjacent, even if useful.
> I could send you euros and you receive in usd, it passes through a defi smart contract on the way without any of us knowing.
This is easily done now by traditional financial transactions, the only problem is the FX risk and transaction fees may be a) higher than you want and b) unpredictable.
Neither of those things are "solved" by using defi, you are basically hoping that the fees are/remain smaller, and possibly handwaving about the FX risk on some future with the underlying is useful to both parties.