• Best investment in 2021 for small wallet
No Result
View All Result
  • Login
  • Register
NEWSLETTER
Clubets
Join the club
  • News
  • Personal Finances
  • How I Made
  • Cryptocurrency
  • Stock Exchange
  • Venture Capital
  • Real estate
Clubets
No Result
View All Result

NFT: The future of intellectual property

Imagine being able to make money for every instagram post printed and resold. That's the debate that's been playing out recently.

23 July 2021
in Cryptocurrency
Reading Time: 3 mins read
NFT: The future of intellectual property
170
SHARES
896
VIEWS
Share on FacebookSend to a friend on Whatsapp

The arrival of non-fungible tokens (NFTs) makes it possible to sell digital works while ensuring control of intellectual property. What is the dimension of intellectual property.

For several weeks now, NFTs have been making headlines in tech news. These cryptographic tokens that are traded at a high price are used to authenticate any object as unique and unfalsifiable, thanks to blockchain technology. The promise has definitely been convincing, as NFTs have gradually spread to many fields, such as art, music, (virtual) real estate, and even sports. Nevertheless, these NFTs regularly raise the question of copyright. Can we “tokenize” an existing work that does not belong to us and reap the benefits of its sale? What happens in case of a “composite” image, featuring different elements protected by different copyrights?

Copyright in the world of NFTs

The subject of copyright in the world of NFTs is at the heart of this sale. The model and actress Emily Ratajkowski has announced the release of an NFT to reclaim her image. It is a photograph of her posing in front of a work sold by an artist and representing a photograph of her from her Instagram account, itself from a magazine image. Didn’t you understand anything? That’s normal, and it will be more telling in pictures.

Resale rights and the NFT

Visual artists have long called for a revision of the Copyright Act to introduce a resale right. The introduction of this right has even been recommended by the House of Commons Standing Committee on Canadian Heritage.

This type of copyright, which does not exist in Canadian law, would ensure that artists receive a share of royalties on the resale of their works, particularly in the context of auctions.

The application of this resale right could be facilitated by NFTs and other blockchain-based technologies. By associating an NFT, the artist will know to whom his work is sold and for what amount, and will be able to program and automate a percentage of royalties on these sales.

Without an effective Copyright Act to enforce their copyrights, digital artists would have the ability to enforce this copyright themselves. Small consolation limited only to a sub-market.

Multiple big players

IPwe has announced plans to represent patents as Non Fungible Tokens (NFTs) by working with IBM (NYSE: IBM) to create the infrastructure to represent patents as NFTs and store the records on a blockchain network. Tokenization of intellectual property (IP) will help patents be more easily sold, traded or simply exchanged and bring liquidity to this asset class for investors and innovators.

 

Non-fungible tokens, digital certificates of authenticity: a boon for artists with opportunity for fraudsters

Just like an electronic signature that certifies a .pdf file, the NFT contains both the coveted digital file and its certificate of authenticity. Moreover, backed by the blockchain, the date of creation, the transactions, and the current portfolio owner are publicly traceable.

This timestamp characteristic of the blockchain makes it a desirable alternative to the Soleau envelope allowing the artist to demonstrate his anteriority [1].

Aware of the power of these characteristics, coupled with their speculative nature, several platforms were then proposed to allow artists to create the NFT of their works.

On these well-named websites such as Super Rare or Known Origin, for 20 or 30 euros, the pretenders deposit a digital file in order to obtain the NFT signature, this precious token.

Occasionally, they can also include additional rules to the token, such as a right of resale: for each transaction the token is used, a percentage will be paid to the depositor.

Thus, as a certificate of authenticity, a traceability solution, and a manager of economic rights, the non-fungible token contains so many features of intellectual property rights that are extremely interesting for artists.

However, a major problem tarnishes the process: not all platforms take the trouble to ensure that the depositor of the digital file is the creator !

 

Previous Post

How to buy NFT

Next Post

The ultimate dictionary of crypto currency

Related Posts

Terra-USD crash: the future of decentralized stablecoin

Terra-USD crash: the future of decentralized stablecoin

by clubets
15 May 2022

On Twitter, there are countless messages from investors ruined by the stablecoin TerraUSD and its "sister" cryptocurrency, Terra (also known...

MOBULA – BEST decentralized data aggregator (CRYPTO & DEFI)

MOBULA – BEST decentralized data aggregator (CRYPTO & DEFI)

by clubets
1 April 2022

The crypto world needs data. Data on the price of assets, data on the quality of those assets (volume, liquidity...),...

MOBULA – BEST decentralized data aggregator (CRYPTO & DEFI)

Investing in DeFi safely – Avoid scams with StaySAFU.org

by clubets
15 January 2022

Investing in cryptocurrencies and crypto-tokens can contain a lot of risks. For beginners in cryptocurrencies, crypto-tokens are cryptocurrencies that are...

Cryptocurrency and Virtual Reality – The opening of a new economy

by clubets
15 July 2021

Virtual reality could save Bitcoin. That's the opinion of the creator of the Coinbase application, according to whom cryptocurrencies will...

  • Category
  • Personal Finances
  • Stock Exchange
  • Venture Capital
  • Cryptocurrency
  • Real estate
Anyone can become investor contact@clubets.com

©2020 Clubets, All rights reserved. Legal Notices

No Result
View All Result
  • News
  • Personal Finances
  • How I Made
  • Cryptocurrency
  • Stock Exchange
  • Venture Capital
  • Real estate

©2020 Clubets, All rights reserved. Legal Notices

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?