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But does it verify ownership of anything other than the token itself? What are the typical contract terms, if any, related to NFTs? And are those terms enforcea

But does it verify ownership of anything other than the token itself? What are the typical contract terms, if any, related to NFTs? And are those terms enforceable in any given jurisdiction?

tlrobinson 5y ago
Any physical jurisdiction? Probably not. Digital “jurisdictions” like Twitter are starting to support displaying “verified” NFTs though: https://cointelegraph.com/news/bragging-rights-twitter-previews-verification-badge-for-nft-profile-pics https://cointelegraph.com/news/bragging-rights-twitter-previ... The next step in the chain is OpenSea, which sounds like they will enforce real world copyrights: https://support.opensea.io/hc/en-us/articles/4404423595667-How-can-I-report-fraudulent-content-on-OpenSea- https://support.opensea.io/hc/en-us/articles/4404423595667-H... So basically Twitter is outsourcing copyright enforcement via NFTs. Which actually doesn’t sound totally useless, but could also be done without a blockchain. Now, when many content displayers (websites, games, multiverses, etc) outsource their copyright enforcement to multiple copyright-enforcers maybe using the blockchain starts making more sense.
- littlestymaar 5y ago
  Copyright enforcers are centralized by nature though (if everyone can be one, then there is zero enforcement of copyright…) Blockchain only makes “sense” because it's hype. (And regarding Twitter, it's mostly because @Jack is a total crypto believer).
  - tlrobinson 5y ago
    Sure, if you only trust certain enforcers (which obviously you should) then it’s federated, not fully decentralized. I think a blockchain can still be useful in federated systems.
    - littlestymaar 5y ago
      > I think a blockchain can still be useful in federated systems. How so? As soon as you have to trust someone, you've lost the only benefit of blockchains and using one would only give the terrible performance characteristic of those for no benefit. Each trusted enforcer having its own database is a way better architecture.
arlcode 5y ago
That should be possible though shouldn't it? Tying a copyright license (at least non exclusive) to the NFT transfer sounds not that far fetched. It would be a little bit tricky to make that work globally but you could probably do that as well. The question is would courts accept it as a valid contacts and how to enforce them. How would NFT prevent infringement (aka mme creating the latest bansky NFT)?
- detaro 5y ago
  > Tying a copyright license (at least non exclusive) to the NFT transfer sounds not that far fetched. It's indeed what some artists and some of the NFT marketplaces do.
  - qeternity 5y ago
    You guys are approaching this from the wrong direction: you've taken NFTs and decided they are valuable, and set about trying to prove you can do useful things with them. All of the things you've mentioned already exist, with a lot less effort. Copyright law is well established on digital goods. Contract/IP law is well established. If NFTs have utility, beyond greater fool theory, then surely it will exist beyond having to go replicate all of these web2/tradfi/whatever concepts. Otherwise, what's the point?
    - detaro 5y ago
      It's funny how merely providing context apparently makes me a supporter when it comes to this topic.

But does it verify ownership of anything other than the token itself? What are the typical contract terms, if any, related to NFTs? And are those terms enforceable in any given jurisdiction?

tlrobinson 5y ago

Any physical jurisdiction? Probably not. Digital “jurisdictions” like Twitter are starting to support displaying “verified” NFTs though: https://cointelegraph.com/news/bragging-rights-twitter-previews-verification-badge-for-nft-profile-pics https://cointelegraph.com/news/bragging-rights-twitter-previ... The next step in the chain is OpenSea, which sounds like they will enforce real world copyrights: https://support.opensea.io/hc/en-us/articles/4404423595667-How-can-I-report-fraudulent-content-on-OpenSea- https://support.opensea.io/hc/en-us/articles/4404423595667-H... So basically Twitter is outsourcing copyright enforcement via NFTs. Which actually doesn’t sound totally useless, but could also be done without a blockchain. Now, when many content displayers (websites, games, multiverses, etc) outsource their copyright enforcement to multiple copyright-enforcers maybe using the blockchain starts making more sense.

littlestymaar 5y ago
Copyright enforcers are centralized by nature though (if everyone can be one, then there is zero enforcement of copyright…) Blockchain only makes “sense” because it's hype. (And regarding Twitter, it's mostly because @Jack is a total crypto believer).
- tlrobinson 5y ago
  Sure, if you only trust certain enforcers (which obviously you should) then it’s federated, not fully decentralized. I think a blockchain can still be useful in federated systems.
  - littlestymaar 5y ago
    > I think a blockchain can still be useful in federated systems. How so? As soon as you have to trust someone, you've lost the only benefit of blockchains and using one would only give the terrible performance characteristic of those for no benefit. Each trusted enforcer having its own database is a way better architecture.

arlcode 5y ago

That should be possible though shouldn't it? Tying a copyright license (at least non exclusive) to the NFT transfer sounds not that far fetched. It would be a little bit tricky to make that work globally but you could probably do that as well. The question is would courts accept it as a valid contacts and how to enforce them. How would NFT prevent infringement (aka mme creating the latest bansky NFT)?

detaro 5y ago
> Tying a copyright license (at least non exclusive) to the NFT transfer sounds not that far fetched. It's indeed what some artists and some of the NFT marketplaces do.
- qeternity 5y ago
  You guys are approaching this from the wrong direction: you've taken NFTs and decided they are valuable, and set about trying to prove you can do useful things with them. All of the things you've mentioned already exist, with a lot less effort. Copyright law is well established on digital goods. Contract/IP law is well established. If NFTs have utility, beyond greater fool theory, then surely it will exist beyond having to go replicate all of these web2/tradfi/whatever concepts. Otherwise, what's the point?
  - detaro 5y ago
    It's funny how merely providing context apparently makes me a supporter when it comes to this topic.