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Would you spend $5k for the streaming rights to an mp4? Thats generally where people see NFTs going. Mark Cuban was talking about this yesterday on bankless po
by casi 6y ago
Would you spend $5k for the streaming rights to an mp4? Thats generally where people see NFTs going.
Mark Cuban was talking about this yesterday on bankless podcast, how an NFT can contain all the royalty payments for e.g. a film or tv show, director/producer/actors/editors, and when someone wants to show it they rent it for a period of time (or buy it to rent to others), their rent payment instantly divided across everyone involved. That utility saves a lot of time and money. His comparison is to how he still receives physical checks for $1 from some episode of a tv show he did that are barely worth cashing, saving time/money in that process is potentially big business.
- iamben 6y agoWhat rights do you own with an NFT? Say I bought a digital piece, can I print it on a million t-shirts and sell them? Or does the artist still retain the copyright etc.? I've seen people minting tweets as NFTs - again, how does the copyright work here. Genuine question - seen NFTs come up a lot over the last fortnight - don't really understand it at all (which makes me feel old!).
- TigeriusKirk 6y agoThese largely remain open questions. Or rather, as far as I can tell the default off-chain answers apply in the absence of explicit directions otherwise. Physical fine art has come up with answers (you don't get the copyright just because you bought the original), though, and I'm sure NFTs will eventually. There's also the possibility of putting code into the smart contracts to explicitly give you the royalties earned on-chain. Not really a thing yet, but it's obviously possible to do.
- iamben 6y agoThanks! So assuming this followed the physical art model, and in the absence of any kind of 'on chain' royalties, you're literally just buying to say "I own this"? Except you don't own the copyright, and, being a digital file, thousands of other people could have an identical copy? Am I correct in thinking this is kind of 'digital bragging rights'? Like - without a physical copy, short of us all living in a 'Ready Player One' style virtual world that someone made it explicit that "XYZ owns this art by ABC" - there's not actually much you can do other than own it (and maybe sell it later)?
- kobasa 6y agoHashmasks for example gave everyone copyright to their specific piece. And they're quite visually appealing too.