Planning to Buy NFT Token Here are some warnings about ownership issues?

Dubai: Khansa Al Zubair
If you create your own cryptocurrency portfolio, join in an exchange and connect the two and aim to buy a non-exchangeable NFT token; You need to find out what buying one of these trademarks actually gives you and does it transfer any ownership rights to you? When buying a code from them, there are intellectual property risks that you should pay attention to, including the assumption that buying a code gives you all the rights, which is a mistake many make.

For example, you might buy a token for the Mona Lisa, but have you mastered anything more than a digital work of art that is not covered by an author’s value? Short answer: Depends on the vendor, platform, menu and terms of the intelligent contract (electronic instructions generated when cutting the token); These are the ones that regulate the sales process.

After purchasing the code, there are numerous rights that are transferred to the buyer; In addition to mastering the code, he has a license to use and even make money from creative work, full ownership of the work and its copyright, or other privileges. Buyers need to be aware of what they are going to get before they buy.

There are well-known examples of buyers not controlling their rights and obligations; For example, a group of people bought for $ 3 million a code for the book “Dunes”, which turned into a movie that did not succeed in the seventies, and the group believed that buying this code would give them the right to Create works derived from this novel, including an animated series, she described her plans online. Upon purchase, she discovered that she had only a token copy of the book and no intellectual property rights were transferred to her at all.

Do not assume that buying a code gives you all the rights

To avoid the Dune scenario, the buyer should not assume that the purchase of a land gives more than one right to display or resell it, unless a contract is made in the production of the land that includes a license or assignment of intellectual property , or the listing itself. includes such an agreement. So it was already said that it depends on the vendor, the platform, the list and the contract.

Purchasing a paper copy of a painting by Andy Warhol in a museum shop does not entitle you to create derivative works or to claim copyright ownership over the original, but the owner is free to hang it on the wall or resell it. The same goes for most other symbolic purchases. If intellectual property rights are not expressly granted (usually through an intelligent contract) do not assume that buying the token gives you all the rights.

On the other hand, non-exchangeable tokens are a good way to record intellectual property duties because the transaction is recorded in the blockchain, reducing the chances of disagreement over the terms of the agreement; But one of the issues with these transactions is how to find out if the seller of a token is indeed authorized to use the trademark presented on the token, or to sell digital art or digital music cut into a token; Counterfeiting is rampant on the internet.

A platform called Cent – the same platform that sold Jack Dorsey’s first tweet as a “non-interchangeable token” for nearly $ 3 million – has temporarily suspended trading due to concerns about possible unauthorized cuts or false. Similarly, OpenSea, the largest market for non-exchangeable tokens, reported in January that more than 80% of free cut items on its platform were plagiarism and counterfeit combinations. Not to mention the millions of arguments created based on the digital creativity of an independent artist without the artist or brand knowing about him. For example, stylist Mason Rothschild recently created the Metaperkins symbol chain, which luxury French design house Hermès claimed in a federal lawsuit that it was infringing on its Perkins bag brands.

Best practices in the purchasing process

As a best practice, the buyer should check with the seller and the sales platform, and if someone wants to buy a mark for a well-known or content creator brand, it is unlikely that the brand or content creator will sell their tokens. through an anonymous username on a major open platform like OpenSea.

In most cases, the brand or founder sells directly on its own closed platform or advertises the name of the platform with which it has partnered on its website or social media sites.

If a studio does not provide an image code for a favorite movie character, the seller may not have the right to cut and sell that code, which means it has little value (at best) in value and may end up being deleted from the platform. To this end, trademark and copyright owners should be aware that platforms are often willing to comply with trademark and copyright removal requirements.

There are additional difficulties when dealing with a freelance artist or a small brand, as one may not be able to know if the icon on the platform is provided by the artist himself or is simply fake. In such a case further investigation is required. For example, artist profiles on platforms are often linked to their websites or social media sites, which in turn are linked to their lists of immutable symbols, providing a way to check authenticity. For code that is not, a reverse image search on a search engine can reveal the original source and help determine if the code is being sold by the copyright holder.

Customers of the non-exchangeable tokens market should know that this market continues to evolve, so the landscape remains legally undefined and they need to make sure they understand all the terms before completing the buying process.

fixed laws

Irreplaceable icons are an evolving art form; Like other popular arts, like movies, shows, and any other previous media production, it will eventually be subject to the same fixed laws governing continuity, profitability, and mass attraction.

The intellectual property talk is based primarily on movie culture and major production companies like Disney earn billions from their ownership of precious titles like Marvel, Star Wars and animated classics.

As intellectual property has dominated large parts of the arts and entertainment industries, companies and CEOs have increasingly come to realize that real stories are often more difficult than imaginary worlds; Although the rapid growth of intellectual property may seem like a relatively recent phenomenon, it is in fact a long-standing practice. The ancient Greeks recounted their classic tragedies over and over again, drawing the attention of audiences who were familiar with the development of ancient works such as the plays of Oedipus Rex, Prometheus the Untied, and Agamemnon, and from this it is clear that even in 500 BC, property intellectual had a powerful influence on the masses.

Survival of the fittest

The OpenSea trading platform alone has more than 80 million individual tokens, dozens of websites have appeared that allow people to create their own tokens, and hundreds of companies have entered the digital asset space. While all of these are strong indications that immutable tokens have amassed a large amount of cultural momentum over the past year, they also hold the potential to flood the market to the point where value fixation becomes a turbulent exercise.

The obsession with these symbols can be compared to the madness of seventeenth-century tulip speculation; The supply of interest and economic activity is destined to decline after growth and the question that arises here is about the symbols that will remain after the bubble bursts.

If the market for these arguments sees a consolidation period sometime during 2022, there is no doubt that the assets will survive and retain much of their value, and their major brand groups, such as Boring Monkey Yachting Club, Cryptopunks, Azuki and Galaxy Women’s World, have created fan bases and millions of dollars in weekly trading volume. Moreover, it has entered the market in a certain width, thus ensuring its rarity and thus its popularity.

Like any art, these tokens are valued to the extent that people agree to continue to pay for them, and people with the most popular IP-protected addresses have the best chance of ensuring that digital clients continue to do so.

The question here is what does this have to do with intellectual property and the big argument for its inevitable dominance in the space for these symbols?

The answer is simply that only the most unique and popular combinations will instantly bring value to the mark when used as a personal avatar. It should be noted here that combinations of these symbols can become the basis of the new world of metaphysics; Therefore, it must be protected from intellectual property in what may be called intangible property.

Avatars

There are different categories of irreplaceable symbols and the most popular today are avatars, or “avatars”, and as these images become more and more embedded in particular corners of the internet, they evolve into something of a fine art and multiply into ” status symbol “, for example Twitter; Some users put their avatars in the profile place instead of their profile picture.

Of course, the rarer and more valuable the avatar with which they decorate their pages, the more prestigious and radiant is the status it gives.

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