2023-01-03 · timestamps by ADAtainment
UPD 01/03/2023
- On Bitcoin's fourteenth birthday, a discussion of NFT rights sparked by using a fan made NFT of himself as a profile picture.
- The right click phenomenon shows it is unclear what you actually buy with an NFT, since you own a digital object on a blockchain, not the intellectual property.
- NFTs need a standards process, like a Creative Commons style checklist that spells out resale rights, royalties, and who owns the original IP.
- This is where NFTs move from DeFi to RealFi, wrapping standards, certification, identity, governance, metadata, and regulation around the token.
- Explicit terms would also address rug pulls, royalty tails that could fund a decentralized treasury, and legal agency a court can understand.
- Because solutions become shared industry standards through the Smart Cow effect, the Cardano NFT community can lead and bridge to the music and art industries.
20 entries
Wishes Bitcoin a happy fourteenth birthday, proud to have been part of a technology that changed the world faster than anything in history.
Using a fan made NFT as a profile picture gives smaller artists exposure to a million followers.
The fan made NFT he used as a profile picture auctioned for about 10,000 ada and worked well for the artist, though some accused him of misappropriating it.
Physical art you own outright and can resell, but with an NFT you own a digital object on a blockchain, not necessarily the intellectual property.
As a Creative Commons advocate, these livestreams are released under a Creative Commons license allowing reuse with attribution and no misrepresentation.
The IP is unclear once art becomes an NFT: if a one of one limited edition sells, what stops the artist from making another.
The standards process should generate an NFT usage checklist, much like attaching a Creative Commons license to content.
As with a photographer who grants royalty free use but keeps the original, artists often retain the IP even when paid to make the work.
IP ownership is where NFTs touch RealFi, which wraps standards, certification, identity, governance, metadata, and regulation around a token.
RealFi's standards should be honored by smart contracts across Solana, Algorand, Cardano, and Ethereum as a ubiquitous multi blockchain standard.
Certification means third party firms verify the claims in an NFT, like that the issuer has the legal authority to make them.
Someone minting NFTs tied to Snoop Dogg or the Rolling Stones raises whether they have the legal right to that association.
Identity uses decentralized identifiers to prove ownership, and regulation is about whether a court will treat the NFT as lawful.
The wrapper taking an NFT from DeFi to RealFi should work like LegalZoom templates, so artists pick options without hiring a lawyer.
Rug pulls come from an implicit warranty of support, raising when abandonment after six, twelve, or twenty four months counts as a rug.
A royalty tail on every resale needs a Cardano CIP, and could route value not just to the artist but to a decentralized treasury.
If the blockchain is to be the source of truth, the industry must write objective, transparent, transferable standards.
Through the Smart Cow effect, once one project solves a problem it becomes an open industry standard others can adopt.
Already top three to five in NFT volume and value, the Cardano community could reach number one with a cohesive cross blockchain framework.
Enough legal agency and durability would let music, art, and entertainment IP businesses enter with low friction, driving first mover adoption.