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NFTs are speculative mania in its purest form. An NFT confers zero legal ownership over the underlying JPEG - without an intellectual property contract attache
by VHRanger 5y ago
NFTs are speculative mania in its purest form.
An NFT confers zero legal ownership over the underlying JPEG - without an intellectual property contract attached, you have no claim. You own the pointer to the image, and that's it.
Moreover, it's fairly clear that the NFT isn't about the art, either - the most popular NFTs are just series of procedurally generated crap, from 400pixel avatars to literal rocks.
- notabanker 5y agoYou own the pointer to the image but the pointer can never be dereferenced.
- throwaway2016a 5y agoLooking to educate myself here... I know the pointer cannot be removed from the blockchain but does it contain a hash of the contents? Couldn't someone change what is at the URL.
- hammyhavoc 5y agoWhat is at the URL could disappear altogether.
- Joeboy 5y agoLike this? https://twitter.com/moxie/status/1448066579611234305 https://twitter.com/moxie/status/1448066579611234305
- ToddWBurgess 5y agoThis. I know an intellectual property lawyer and was told without a legal contract in place there is no way to assert your property rights in a court of law. Legally speaking, you own nothing.
- gruez 5y agoThat seems like a specific problem of how copyrights are assigned than the legal/NFT system itself. Bearer bonds are a thing. Are bearer assignments a thing? ie. "I assign the copyright of this work to whoever bears a certificate, or whoever bears a NFT?"
- hammyhavoc 5y agoWhat's to stop someone from minting another NFT pointing at the same piece of data?
- gruez 5y agoThe same thing that prevents you from minting another deed that says you own the same piece of land as someone else.
- ferdowsi 5y agoA centralized authority and hundreds of years of legal tradition to resolve property disputes?
- gruez 5y agoI was thinking of more "the courts". That's not in line with the crypto-anarchist narrative people like to think must be associated with NFTs, but I think having NFTs replace the complicated system we use to assign ownership today (eg. title searches/insurance) is a pretty attainable goal that doesn't require replacing the entire government with blockchain.
- hammyhavoc 5y agoNot true. Someone could take an image that I've created, stick it on a server, create an NFT with a URL pointing at it, then sell it. Likewise, others, including me, could then create an NFT with a URL that points at that piece of data. The original creator (me in this situation) wouldn't have created the 'original' NFT. NFTs don't solve counterfeiting when anybody can create a 'counterfeit' at any time.
- hortense 5y ago> You own the pointer to the image You own a pointer.
- thinkingemote 5y agoHow is it different from the Buy A Square Foot On The Moon products?