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A few questions: 1. What does "ownership" mean in this case? It seems that the NFT holder has basically no rights when it comes to the work. (since, as you poi

by maest 5y ago

A few questions: 1. What does "ownership" mean in this case? It seems that the NFT holder has basically no rights when it comes to the work. (since, as you point out, ownership of the NFT is different from owning e.g. the copyright on the work) 2. If the rights of the NFT holder are violated (whatever those might be), who would enforce them?

D13Fd 5y ago
1. You own the NFT, not the work. You can't copy, display, or otherwise control the work unless the author also gave you those rights. 2. I'm not sure how the rights of an NFT holder could be violated, as they only own the NFT--the cell in a shared ledger--not the work.
- CaptArmchair 5y ago
  Re: 2 NFT is blockchain technology. And so, there's wallets as well, which are just private keys to which a unique token on the blockchain is assigned. Pretty much like "having a bitcoin in your wallet". The difference with cryptocurrency is that the tokens are provably unique, and therefor non-fungible (tokens aren't interchangeable unlike gold, oil or money.) An NFT represents a digital asset (regardless of where the asset is stored), and so if you have an NFT in your wallet, you can prove, by extension, that you own that digital asset. An NFT is basically a certificate of ownership. In law, the equivalent would be a "deed" or "title deed" (common law) https://en.wikipedia.org/wiki/Deed https://en.wikipedia.org/wiki/Deed https://en.wikipedia.org/wiki/Title_(property) https://en.wikipedia.org/wiki/Title_(property) The rights of an NFT holder could be violated if someone were to break/hack their wallet and transfer the token to another wallet. Resolving this is hard since you proving the intent behind transaction isn't part of NFT technology. That's where you end up in the classic legal system for arbitrage. Doubts about the regularity of the chain of property, as recorded in the blockchain within crypto, are called "cloud on title" in U.S. property law. https://en.wikipedia.org/wiki/Cloud_on_title https://en.wikipedia.org/wiki/Cloud_on_title Now, imagine the difficulties of contesting ownership acquired across international borders in different jurisdictions. NFT's do not solve that problem. All they do is prove authenticity and record provenance.
  - D13Fd 5y ago
    Right. But if the NFT can be stolen or fraudulently transferred, and you have to resort to a central authority to enforce a legal right that exists outside of the NFT, what makes it better than a paper deed? At that point it’s just an artifact representing a legal right that exists independently, which could just as easily be represented by any of the existing methods (e.g., paper, PDF, etc).

by maest 5y ago

D13Fd 5y ago

1. You own the NFT, not the work. You can't copy, display, or otherwise control the work unless the author also gave you those rights. 2. I'm not sure how the rights of an NFT holder could be violated, as they only own the NFT--the cell in a shared ledger--not the work.

CaptArmchair 5y ago
Re: 2 NFT is blockchain technology. And so, there's wallets as well, which are just private keys to which a unique token on the blockchain is assigned. Pretty much like "having a bitcoin in your wallet". The difference with cryptocurrency is that the tokens are provably unique, and therefor non-fungible (tokens aren't interchangeable unlike gold, oil or money.) An NFT represents a digital asset (regardless of where the asset is stored), and so if you have an NFT in your wallet, you can prove, by extension, that you own that digital asset. An NFT is basically a certificate of ownership. In law, the equivalent would be a "deed" or "title deed" (common law) https://en.wikipedia.org/wiki/Deed https://en.wikipedia.org/wiki/Deed https://en.wikipedia.org/wiki/Title_(property) https://en.wikipedia.org/wiki/Title_(property) The rights of an NFT holder could be violated if someone were to break/hack their wallet and transfer the token to another wallet. Resolving this is hard since you proving the intent behind transaction isn't part of NFT technology. That's where you end up in the classic legal system for arbitrage. Doubts about the regularity of the chain of property, as recorded in the blockchain within crypto, are called "cloud on title" in U.S. property law. https://en.wikipedia.org/wiki/Cloud_on_title https://en.wikipedia.org/wiki/Cloud_on_title Now, imagine the difficulties of contesting ownership acquired across international borders in different jurisdictions. NFT's do not solve that problem. All they do is prove authenticity and record provenance.
- D13Fd 5y ago
  Right. But if the NFT can be stolen or fraudulently transferred, and you have to resort to a central authority to enforce a legal right that exists outside of the NFT, what makes it better than a paper deed? At that point it’s just an artifact representing a legal right that exists independently, which could just as easily be represented by any of the existing methods (e.g., paper, PDF, etc).