Yeah, it only works if they agree to honor it, which they have no obligation to do. If the government wants to step in and force them to, there’s still no need for NFTs. There could just be a central authority that the government controls that handles it. Why would NFTs need to be involved? NFTs are only as useful as the weakest point in the chain. As soon as whatever authority (the government, Steam, whatever) stops working or stops honoring it then it’s useless.