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NFTs: the digital assets
NFTSs are digital assets in the form of art, music, videos, and many more. Can be sold and bought online.
They are non-fungible means non-interchangeable. They are unique in nature. Their ownership is recorded on the blockchain in a digital ledger. NFTs are not like any other token which can be interchanged with the same values in contrast NFTs are interchangeable and remain non-fungible. They are sold at auctions. They are not new phenomena, earlier crypto kitties and pet games which were based on the Blockchain Ethereum which was really popular around the year 2017.
Whereas today these have generated sales of over $40 million. The coronavirus has played a vital role. The total value of the NFTs was increased by $ 250 million in 2020. And it made them use most of their time on the Internet and had fewer opportunities to cash. It promoted the Reddit board. The same happens with cryptocurrencies and bitcoin surged in value with the bitcoin which recorded the price which was high. Over $60,000 in March 2021. Many other currencies have hovered around $2000 in February 2021.
Many investors were buying the investments believing that they will receive a higher price than they originally paid for it.
Copyrights of the NFTs.
Owning AN NFT
The one who mints the NFT becomes the owner of it. And not always becomes the author of the work. Minting of an NFT for the other person who owns the rights can be considered a copyright violation. The creator must have the constitutional writes, to either be a creator of digital Assets or must have the copyright of the NFT. Or with some specific constitutional rights in order to Mint the NFTs.
Rights of the buyer and the seller of NFTs
They are generally sold by holding the auctions. Whereas the sellers can sell their NFTs in the market place and the buyers can buy from the same platform. Whereas the market focuses on the hype created around it.
The buyer after purchasing the NFTs will become the owner of the NFTs by acquiring the non-exclusive license which will apparently whelp them to display the NFT in their E-Wallet.
The sales of the NFT do not usually transfer the copyright. The cryptographic license of the NFT is one of the uncommon smart contracts. Tiamonds- an asset-backed diamond of NFT handovers complete ownership to the buyers.
Trademark
These are for the protection of the brand and it also says that any other person cannot use or copy it as their own. And the it is used to and distinguish the source of the good and service.
Conclusion
Henceforth, the NFTs (Non-Fungible Tokens) are type of digital assets. And have their own trademark policy and other copyrights of their own. Which is basically for the protection of the NFTs.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
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