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That's quite an interesting question, and I think there's an answer within the world of NFTs and an answer outside of it. Disclaimer: I'm new to this, I could b
by Traster 5y ago
That's quite an interesting question, and I think there's an answer within the world of NFTs and an answer outside of it. Disclaimer: I'm new to this, I could be wrong.
Outside of the world of NFTs, you're just submitting a url to be hashed into a token, that's fine you can totally do that, it's technically possible and it'd be fine. Obviously people would know that yours isn't the original because the other is on the block chain too.
However, within the world of NFTs they contend that the NFT confers some kind of ownership over the underlying work, so since you don't own the work at the URL you don't have the "right" to mint an NFT of it and the copyright owner ?could? pursue you (I'm not sure if they really could successfully, not a lawyer but this is currently being tested by Tarantino[0]), and (much more likely) you'd be breaking the terms that OpenSea enforce (a centralized authority that determines whether you're allowed to functionally participate in the market) and ban your tokens from being bought or sold through their site. Since OpenSea and a few other exchanges account for almost all the trading volume, their (self-serving) enforcement of this interpretation of NFT ownership means you wouldn't make any money from minting these duplicate NFTs.
So what happens in this case is the people copy the NFT, literally mirror the image left to right thereby "transforming" it, and contend that they now have a new, unique, transformed peice of work which is their intellectual property and function as a parody of the original. This means they can then sell them on the market place. But oh no! The original owners of the images (copyright holders) go to OpenSea and go "They're infringing on our rights, take it down" and OpenSea, as the trusted central authority in this decentralized trustless system, delists the rip-off NFTs.
[0]https://www.hollywoodreporter.com/business/digital/tarantino-miramax-pulp-fiction-nft-1235052378/ https://www.hollywoodreporter.com/business/digital/tarantino...