The truth about NFT and copyright

The truth about NFT and copyright – Mail Bonus

Since 2021, NFT images have been popular among the masses – between 2020 and 2021, sales increased from $ 82 million to $ 17 billion – bridging the gap between modern art and modern technology.

You had Jack Dorsey, CEO of Block, sell NFT of his first tweet for $ 2.5 million; The NBA introduced its Top Shots platform and the NFT collage sold for more than $ 69 million.

After two years, apart from knowing that they are profitable, many people do not know much about NFTs. How do they work? Are they here to stay? And what does copyright have to do with it?

As more and more money is invested in NFTs, issues that may have been ignored in the past must be addressed.

The basics of the NFT world

For the uninitiated, let’s quickly go over the basics of NFT. The Non-Fungible Token is, as the name implies, a symbol that cannot be replaced by any other symbol.

To put it simply: Bitcoin is a variable symbol, which means that each Bitcoin is equal to the other. We could give you one Bitcoin, and you could give us one Bitcoin instead, and it would have the same value.

With NFT, however, each symbol is unique. So if we were to give you an NFT of a digital artwork, you could not give us an NFT of another digital artwork and expect the same value instead.

NFTs come in all shapes and sizes. They range from sports GIFs to cartoons, from tweets to digital artwork. Investors buy them for a variety of reasons – to show off their wealth, to take part in new developments or because they see potential for growth.

Now the NFT market is not perfect. In fact, it can be quite messy. For example, even in the scattered world of NFTs, copyright laws apply. Investors need to understand the importance of IP (intellectual property) law before taking any financial measures.

The U.S. Copyright Office recently released a summary of its founding principles. This is something that every potential NFT investor should read.

In general, all works – whether writing, music or art – are protected under federal law. The work of art must be registered with the Copyright Office in order to be legally protected. Once completed, the work belongs to the creator of the work.

However, it is possible to assign or assign part or all of the right to a work of art to any buyer.

Although the acquisition process and identification of NFT art is rather simple on Blockchain, the transfer of rights is a bit more difficult.

When you are buying an NFT, the seller does not tell you if you are buying a genuine, copyrighted work of art or simply a copy of someone else’s work.

We recently had the case of “Weird Whales”, an NFT mission that was said to be the next big thing in space. Although the Weird Whale films sold out quickly, it was later discovered that the author did not own the copyright in the film on which the work was based.

At the moment it is not clear whether this can be considered IP theft or not. If you build an NFT artwork on an existing copyrighted work, are you infringing?

This is still a gray area and what the NFT community needs to address.

Play Things Safe

So if you are a potential investor interested in the NFT community, what should you do? Well, before you buy something, you need to do some research.

Take a look at the artist and look for similar projects. Find out what IP rights you will be buying and whether they have been infringed before.

And finally, remember that the NFT world is still in its early days. The industry is expanding and evolving, which means there will probably be some bumps in the road. Be prepared for it and always invest responsibly.

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