NFT’s, Blockchain & Copyright
Non-Fungible Tokens, or NFT’s are unique digital asset that is verified and stored on a blockchain network. While cryptocurrencies are interchangeable and can be divided into smaller units, NFTs are one-of-a-kind and cannot be divided, thus non-fungible. They can represent ownership of a specific asset, such as digital art, music, or other collectibles. More on this later.
I think NFT’s are pretty dumb. The majority are forms of useless artwork, some no bigger than the icons on a windows desktop that sell for hundreds of $’s. The “Pudgy Penguin #4066” shown to the right is priced at $8000. I don’t know anyone who would pay that for a digital cartoon, but obviously there must be many who will. Nor do I know what one would do with it since, unlike “Starry Night” and all “real” art that can hang on a wall, it exists as only bits. (My kids would point out that I am not the right demographic.)
`But then I considered that there may be other uses for NFT’s as an alternative, or adjunct to copyright, so I decided to give it a bit more study. Indeed, many NFT’s can be designed to transfer copyrights, but it turns out “ownership” it is not so simple. Here’s why.`Continue reading