Usage of NFTs and its associated copyrights.
NFTs are primarily digital assets with certain set of copyrights associated according to the NFT licences. NFTs being based digitally and on blockchain provide a safer platform for various digital assets.
A few digital assets that are commonly associated with NFTs are as follows:
The NFT verse is probably flooded with digital art. High-profile auctions of the NFTs linked with digital art have always been a huge attention grabber. An art entitled Merge by artist Pak was one of the most expensive NFT, auctioned at a price of US $91.8 million.
Games like Cryptokittes, Axie infinity and The Sandbox, provide a wide platform for in-game collectibles and items. These items can be controlled ‘by the user’, meaning the in-game items could be found or acquired within the game and it could be sold by the user without the knowledge of the game developer.
Beginning of 2021, bought music into the NFT world. Famous artists such as Lil pump, Grimes and Eminem published their own music work as a NFT token with a license that secures their ownership of the work. NFTs alone in the music industry generated around US $25 million in a single year.
Film and Media:
Produces started using NFTs as a way to promote their films and making a little extra income. In 2018, 20th Century fox released limited edition Deadpool 2 digital posters to promote their film.
However, after the NFT market got its push in early 2021, producers even considered releasing their films and documentaries as a NFT itself. In 2021, Adam Benzine's 2015 documentary Claude Lanzmann: Spectres of the Shoah became the first motion picture and documentary film to be auctioned as an NFT.
NFTs became a lot popular among people who loved collecting trading cards from basketball and football. However, including the digital trading cards, with time sports NFTs grew to sporting moments, digital memorials and other types of sport items. In 2021, ‘Statue of Lebron’ NFT was put up on auction for a whopping price tag of US $21.6 Million.
The list of the usage of NFTs is growing at a rapid rate, however the above-mentioned fields still acquire a large portion of the NFT world.
As we now know, that NFTs have a wide usage throughout the world. This demands a secure policy for preventing copyright usage, right? Not actually. NFTs come with different licenses, and an artist or a user could choose a license according to their needs.
For music definitely artists would like to have their music protected by all the copyrights they could and still make money, whereas, for digital art an artist won’t be necessarily needing to have their ownership over their work and might be looking forward to selling it as a whole.
Music Artists might want to protect their ownership and still let people use and listen to their music. Whereas, other artists might be okay with selling off their artwork completely and collect their royalties. While others might be comfortable with having multiple ownerships and take a little credit.
That’s why NFTs are one of the most flexible forms of handling digital assets and securing them if you are an artist. The NFT world is still improving with newer technologies and newer and better ways of protecting your work.
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