Is NFT the spring of intellectual property protection or a scam of capital?

Recently, Christie's sold Beeple's NFT art "Every Day: The First 5,000 Days" for 450 million yuan. Canadian singer Claire Elise Butcher sold 10 digital singles in 20 minutes, and the total transaction price was close to After 6 million US dollars, NFT has been hotly hyped in China.

Especially in the field of art, NFT has been recognized by many creators as the most powerful weapon for intellectual property protection and an important symbol of the revival of art. However, is NFT really as good as imagined or advertised? Can it really bring about the spring of intellectual property protection in the field of art? Or is it just a scam in another capital game? Liu Lei's lawyer team would like to share some views on this.

What are NFTs?

Investment tracking platform AssetDash launches NFT asset reward platform DashDeals: On September 14, investment tracking platform AssetDash announced the launch of NFT asset reward platform DashDeals, allowing NFT holders to enjoy discount benefits in daily transactions in real life. The first batch of NFT included Projects include DeGods, Solana Monkeys, Magic Eden's Magic Tickets, Degen Apes, CryptoPunks, Bored Apes, Moonbirds, Doodles, etc. Holders of these NFT projects will be able to spend on platforms such as Unstoppable Domains, Amazon, or using Apple gift cards Get motivated. (globenewswire) [2022/9/14 13:30:04]

NFT (Non-Fungible Token), also known as non-homogeneous tokens, is indivisible, irreplaceable, and unique. In addition to having the characteristics of traditional digital currency, the most important feature of NFT is that it is irreplaceable. Simply put, if digital currency is regarded as money in real life, then NFT is the unique string on the money. coding. Although the money looks the same, the code is unique. This uniqueness is a feature that distinguishes it from other NFT tokens. For example, Bitcoin is like a coin, each of which has the same structure. But NFT is different. It is like paper currency. Although it looks the same, it has a unique code as an identity. From this perspective, NFT does have the function of becoming an intellectual property protection, that is, it can generate a unique identifier and thus be exclusive.

The DIG Foundation launched the WeAreUkraine NFT series for Ukraine: Golden Finance reported that the NFT series #WeAreUkraine launched by the DIG Foundation in cooperation with the international charity Save the Children and Women for Women International.

This charity-generated collection of 14,850 NFTs (unique digital collectibles) will be available for purchase starting Wednesday, August 10th for 6 months and can be viewed on OpenSea.

70% of all proceeds raised will be split equally between the two international charities partnering with the DIG Foundation: Save the Children and Women International, with the remaining 30% used for operating costs. (cryptonews) [2022/8/12 12:20:04]

What is intellectual property?

LooksRare launches NFT rarity ranking function: On March 2, the NFT trading platform LooksRare announced that it has cooperated with the NFT rarity ranking tool Rarity Sniper to launch the rarity ranking function. [2022/3/2 13:32:03]

So, after understanding what NFT is, let's look at what intellectual property is. First of all, intellectual property rights are exclusive and belong to the original creator of the work. They are absolute, that is, the right to directly control the object, which can be used, profited from, disposed of, and dominated by others (but no possession problem occurs. ); exclusive; transferable (including inheritance), etc.

The protection of intellectual property rights in the field of traditional creation is still very effective, but after the rapid development of the Internet, because of the anonymity of the Internet and the rapidity of information dissemination, the protection of intellectual property rights has fallen into a quagmire, especially in the field of artistic creation, such as Online novels, video, audio and video, and other fields have become a paradise for pirates, and various infringements have been repeatedly banned, which has greatly undermined the enthusiasm of literary and art creators and caused great economic losses for copyright owners. Although with the improvement of the judicial environment, citizens' legal awareness has increased, and efforts to combat piracy have increased, but due to the particularity of artistic creation, infringement cannot be effectively eliminated.

The average decline of the NFT concept sector today is 2.37%: Jinse Finance and Economics shows that the average decline of the NFT concept sector today is 2.37%. Among the 16 currencies, 4 rose and 12 fell, among which the leading currencies were: HDAO (+10.83%), GHST (+1.95%), ZXC (+0.00%). The leading currencies are: RARI (-9.35%), ATTN (-7.87%), MEME (-6.32%). [2020/12/5 14:07:09]

How does NFT protect intellectual property?

In this context, the emergence of NFT seems to be a guiding light, providing art creators with a brand new alternative to intellectual property protection. How does NFT protect intellectual property? In the framework agreement of NFT, it can be set that an NFT is generated from an artwork and turned into an NFT token, and then every time the token is transferred, the person who originally created the token can enjoy a fixed percentage commission.

For example, a literary and artistic creator creates an electronic painting, and then generates an NFT token with the electronic painting as the anchor object, and then sets that every time the token is circulated, the literary and artistic creator can get 20% commission. In this case, a collector buys NFT tokens at a price of 100USDT, and then resells them to a third party at a price of 1000USDT. At this time, the literary and artistic creator can receive a commission of 200USDT. Creators get a percentage of all secondary sales.

In the traditional art field, artists usually cannot get a share of secondary sales. This model has greatly enriched the wallets of creators, giving art creators great enthusiasm for creation, and because the circulation of NFT is traceable, it perfectly avoids the phenomenon of Li Gui pretending to be Li Kui. Holders of NFT tokens can announce to the public that I am absolutely genuine, which also gives art investors a sense of satisfaction in collecting.

The truth behind the prosperity of NFT

From the above perspective, it is indeed felt that the emergence of NFT can bring huge benefits to art creators. However, if you analyze it in depth, it will be a mess:

1. Behind the current prosperity of NFT we see is the impetus of a very small number of people with their own fame and social status. Their artistic creation itself has a certain value, and then through the operation of capital, it is auctioned for sky-high prices. However, if NFT is really promoted to ordinary art creation groups, it may not necessarily bring huge value to it. Because the essence of NFT is still a kind of digital currency, the basis for its value generation still requires consensus, and the formation of this consensus is uncertain, and if everyone is a creator, what is its value? To embody?

2. The protection of intellectual property rights cannot rely solely on technology, and more should be put into law. Although the artistic creation formed through NFT has a unique identifier, it is only a unique identifier, and it can also be widely copied and pasted. Copying and pasting is also the essence of the Internet. In this case, although I know the original holders, there will still be people who don't mind spending a lower price to hold pirated copies, because this artwork may be just a difference in identity. , no different.

3. Most of artistic creation is still physical creation, and a small part is virtual creation through computer. It is still too early to simply believe that relying on NFT can realize the spring of art creators. Not to mention the protection of intellectual property rights in a disguised form through NFT. The protection of intellectual property has a long way to go, and it does not happen overnight.

There are risks in the currency market, investment needs to be cautious

Finally, in the face of the surging bull market in the currency circle, both insiders and outsiders need to treat it rationally, and don't be blinded by desire. Behind the crazy pursuit of profit is always the drive of capital. Everyone has limited cognition. It is normal that wealth beyond cognition cannot be earned, but what is earned is abnormal. So, is NFT the spring of intellectual property protection, or another scam of capital, want to know the answer? Then let the bullet fly a little longer.

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