Nft, what makes it a valuable subject

According to DappRadar data, In the first half of 2021 sales of nft reached $2.47 billion Compared to just 13.7 million for the entire previous year. Among the content for sale in recent months in nft format are Jack Dorsey’s first Twitter post ($2.9 million) and artist Beeple’s work (sold by Christie’s for $69.3 million).

But the list goes on and on. Industry experts say they are Multiple development opportunities can be envisaged. And we are already seeing the transition from the marketing of “native Nft” or digital items designed and created for the nft market, to the coding of analog businesses that were then digitized, or in any case born in a different technological context and originally intended for different distribution channels. Think nft from Lebron James dunk’s video footage or digitizing the screenplay of Pulp Fiction, announced by director Quentin Tarantino at NFT.NYC that will sell on Opensea.com, the most popular nft marketplace. Fans of this cult film will be able to purchase excerpts from some of the script excerpts, along with unreleased clips, cut into the movie shown in theaters.

As mentioned, the list of different types of NFT can be quite long. On the other hand, nft is Kind of smart contract that certify the ownership of digital business, Or rather certify the ownership of a digital object, i.e. case, and not necessarily a “work” within the meaning of the copyright law. The case It is compressed into a fixed-size binary string called hash, with a non-reversible process known as hashing. At this point, this compressed sequence is stored on a software platform that uses blockchain technology – the most widely used being Ethereum – thus completing a process encoding case. NFT can later be exchanged between users and circulated on the blockchain platform that will save each subsequent step. In other words, the smart contract on which the NFT is based keeps track of the steps it includes, allowing you to keep track of the chain of transfers, in this way back to the first owner of the NFT.

denied

Non-fungible tokens are used to prove ownership of a digital work — from a tweet from the founder of Twitter to a work of art. And they became a millionaire market

Arrow

Author’s case

Too often we read that this technology, in addition to providing proof of ownership of the digital object in question, will be able to guarantee the uniqueness and authenticity of the work – if it is a work – as it allows a return to its work. author. In fact, the technology as briefly described above, Allows you to go back to the first NFT creatorThis is the person who first encoded a file casebut this topic can Does not sync with the creator of the digital workbooknor with the subject legally authorized for economic exploitation, including its conversion to nft.

For example, in July this year it was The nft version was auctioned off by riseBanksy’s work. The physical copy of the work, created by the famous street artist in Palestine, is still owned by tenor Vittorio Gregolo, co-founder of Valuart, the platform that sold the nft version of the work by auction. The person who won the digital work for $150,000 apparently bought the original digital NFT copy, but did not buy ownership of the original physical work. The NFT in question is a unique digital object certified by blockchain technology, which represents one of the possible digital copies of the original physical work. But will cloning be authorized? In fact, the Italian copyright law recognizes the author of the artwork The exclusive right to reproduce his work, or duplicate it in copies for profit, in any manner or form, including, for example, photography, or other methods of reproduction, and therefore also NFT. This right shall remain with the author of the artwork even if it is sold, unless otherwise agreed upon.

Leave a Comment