Intellectual property is things, goods and products created thanks to the human mind. Intellectual property includes works of art, music, literature and innovations.
The main problem associated with intellectual property is its protection, which is sometimes very difficult to provide.
Millions of people create their own content, which, thanks to the capabilities of modern technologies, the ease of copying and the availability of the Internet in all parts of the world, is becoming increasingly difficult to protect from copying.
Non Fungible Tokens is a technology that allows everybody to record (fix) intellectual rights to works in a single and immutable blockchain.
NFT can be used for a variety of works from baseball cards to music albums, from movie merchandise to works of art. The scope of their application is very wide and will only expand over time.
Problems of NFTs
However, NFT is a very new technology, in which there are many shortcomings and ambiguities.
NFTs are very often objects of theft. There are also a huge number of blockchains and it is possible to steal an NFT simply by writing down the ownership on it in another blockchain.
The legal status of NFT is not regulated and is not defined in many jurisdictions. This means that the right of authorship of NFT cannot be secured and guaranteed by the state authorities in many jurisdictions.
In addition, when buying an NFT, the buyer should study exactly what rights he is buying. Not all the creators of NFT, when selling them, transfer the right of authorship to the original work.
For example, many museums sell NFTs of famous paintings or other works of art. The buyer of the NFTs of famous world paintings is not the owner of the painting. He acquires the copyright to a digital copy of the painting. Moreover, there can be many such digital copies.
When selling the NFT, ownership of the digital copy may be transferred, not the original. The lack of legislation regulating NFT creates similar legal loopholes and tricks that experienced lawyers, not to mention ordinary users, do not always know about.
Abilities of NFTs
However, NFT creators such as Bored Ape Yacht Club transfer full copyright to the purchased NFT.
Thanks to this right, NFT owners (buyers) can rent their NFTs to other brands. NFT owners can rent out their NFTs to clothing manufactures in order to use NFT images in the production of clothing and other things.
Eminem and Snoop Dogg teamed up for a new music video clip where they transformed into their NFT characters. Actor Seth Green made a splash when he released his plans to create a TV show around his Bare Ape NFT.
NFT developers do not stand still, constantly improving the technology. New and improved approaches to the use of NFT provide more opportunities for confirming the authenticity of intangible assets, protecting their uniqueness and optimizing management rights.