3 ms·

I don't know much about NFTs, but I understand it as a sort of "certificate" (?). Like buying the rights of an old album; an album for which the original is lo

by scoutt 5y ago

I don't know much about NFTs, but I understand it as a sort of "certificate" (?). Like buying the rights of an old album; an album for which the original is lost. I might receive some piece of paper that says the songs are now mine. Of course, there are already thousands of copies of the songs, but (somehow) now the songs are mine, and I can certify it. > but at the end of the day, they are digital tokens I can simplify everything up to the point of saying that the 10 bucks bill you have in your pockets is just a piece of paper, but we all know it's more complicated than that.

Fellshard 5y ago
And yet, NFTs grant no 'rights to use': licensing, copyright, terms of use, or any other legal terms of the sort. At its heart, it's because blockchains are not widely recognized as legally authoritative. They /cannot be/, since there is no guarantee that an image is uniquely identified by one NFT across all blockchains, and therefore a court would be required to pick and choose 'winners' when considering which blockchain rightly determines ownership.
- rodiger 5y ago
  Individual companies/orgs can confer rights to holders through their T&Cs, but that's revocable and hard to prove. For example: https://boredapeyachtclub.com/#/terms https://boredapeyachtclub.com/#/terms BAYC gives full commercial rights to holders. Would be really interesting to actually see that challenged in a court.
  - im_down_w_otp 5y ago
    Back in the 1990's we used to call things like that "license keys".
- scoutt 5y ago
  As I said, I don't know much about NFTs and I was just commenting out of curiosity. I have no stakes in NFTs. But if the problem is legal (and not technological) then it may be just a matter of time, given enough adoption. Much like Bitcoins (now running as an official currency of El Salvador). Perhaps it's a matter of establishing we run on this or that blockchain to make NFTs completely traceable?

by scoutt 5y ago

Fellshard 5y ago

And yet, NFTs grant no 'rights to use': licensing, copyright, terms of use, or any other legal terms of the sort. At its heart, it's because blockchains are not widely recognized as legally authoritative. They /cannot be/, since there is no guarantee that an image is uniquely identified by one NFT across all blockchains, and therefore a court would be required to pick and choose 'winners' when considering which blockchain rightly determines ownership.

rodiger 5y ago
Individual companies/orgs can confer rights to holders through their T&Cs, but that's revocable and hard to prove. For example: https://boredapeyachtclub.com/#/terms https://boredapeyachtclub.com/#/terms BAYC gives full commercial rights to holders. Would be really interesting to actually see that challenged in a court.
- im_down_w_otp 5y ago
  Back in the 1990's we used to call things like that "license keys".
scoutt 5y ago
As I said, I don't know much about NFTs and I was just commenting out of curiosity. I have no stakes in NFTs. But if the problem is legal (and not technological) then it may be just a matter of time, given enough adoption. Much like Bitcoins (now running as an official currency of El Salvador). Perhaps it's a matter of establishing we run on this or that blockchain to make NFTs completely traceable?