The waves of time are so-called. Non-fungi tokens (NFT) –.I Portuguese, non-fungible token – but do you know what it is and what it is for? And what are the risks and benefits associated with it? If you don’t know, I’ll explain a little bit here, and how it is connected to “Metavers”, as well as legally what it is.
First of all, it is important to note that NFTs are digital representations of something that may be tangible or intangible (which we may or may not touch), but as the name implies, it is unique and Cannot be replaced with
Since it is a digital representation of an object, it is possible to divide it into tens, thousands, or millions of parts. It could be a digital representation of Pablo Picasso’s paintings, as it could be. Original lyrics of a song by the band Mamonas Assassinas Or an animation, a picture or some part of these works and even some parts embodied in them (rights related to these works or receiving money).
It can also be a complete digital art, housed inside a digital wallet, and the owner can enjoy it or publish it on his website or elsewhere, As is the case NFT I bought my little pony, meaning I have the financial rights, but not the copyright. Economic rights are the right to use the image, while moral rights are the right of the creator of the work to say at any time that he was the creator.
Since they are impossible to change, they are things, let’s say, “livable”, and since they are collectible, they have financial value, and so they have to be resold, rented, exchanged and Can be donated
But how do they become incomprehensible?
Tokens are digital representations connected within the blockchain chain, meaning they are a type of cryptocurrency. There are many chains. Blockchain, Such as Ethereum, Tezos, Chain and many more that can be used to make NFT. The most common to use Ethereum.
How does NFT work?
It’s all encryption. Quite simply, when a non-fungible token is generated, it finds a code inside the used blockchain chain, for example 0000232323. Essentially, China’s next block (something that comes after it and doesn’t have to be. One NFT) will be 0000232324, and the other 0000232325 and so on, which prevents any kind of fraud because it It is impossible to apply anything before or after. And inside the token contains the data that was purchased: the name of the creator, the date of creation, the name of the work, the price and other information that is placed inside the token by the creator.
Issues related to NFTs
Like virtually everything created and produced by blockchain networks, NFTs are not regulated or monitored by any institution or even governments. The consumer buys and uses at his own risk. This is quite speculative, as price and value can fluctuate without any logical or rational standard.
I created an NFT called Love dogs Which sells for 20, but I can charge a million dollars. What if someone buys? Is there a problem? No one. I set my own price and it is better for me if someone buys it, but once it is sold I can’t use it anymore and I can’t make any other similar price.
Many people buy these digital assets as a form of high risk investment, spend money on something that can be “completely broken”, but if the asset is defined then it is a “master move”. “It simply came to our notice then.
One example was the NFT photo of the first tweet posted by Twitter founder Jack Dorsey, which sold for 9 2.9 million, and is now being offered for $ 40 million, but has not even reached $ 10,000 in bids. ۔
Another type of NFT is weapons and other equipment purchased in online games. It is possible to purchase a variety of devices in electronic games to improve the performance of a player or team and, if applicable, to sell whatever they want in the future. Hardly anyone remembers, but there was an issue in the game. Second life Where Avatar sold for مل 1 million. Many people play for more than 20 hours to value the avatar and sell it.
Recently, the game F1 Delta Time, Which was based on NFTs, suddenly went into the air, leaving many people who bought cars, drivers, tires, etc. In hand, since the purchased items are no longer useful and Cannot be sold or reused.
it is to be clear: There are speculative products.. Its creator or owner can put it up for sale at any price. In addition, there are risks associated with its creation, as well-known works of art or well-known products and even personalities cannot be used to create NFT without the permission of the copyright owner.
That means I can’t make NFT of the Nike collection, for example, with all Michael Jordan shoes and put them up for sale. I am not authorized to use the industrial design of shoes and for example I am not authorized to use the brand associated with Nike brand or Michael Jordan.
I can’t make one. Neymar’s NFT He wore different jerseys for the football teams he played for, because it involves two rights. Neymar’s personality rights, which are protected in Articles 11 and 12 of the Civil Code. And Art Items II on the marks of football teams. 130 Industrial Property Law Determines that only those who have the rights to the mark can license its use. In other words, it is possible to create NFTs, but only with permission.
However, I can, according to Art, create an NFT of a work of art that is no longer copyrighted, with protection for the author’s life, and for another 70 years from January 1 of the year after the creator’s death. Is. Of 41 Copyright law. Hence, a painting by Van Gogh, a statue of Alejandro, or Mona LisaThey can be NFT, but then it is a matter of knowing who will buy.
What if you bought an NFT that Nike did not allow to use its brand, and the company filed a lawsuit demanding that all such digital representations of its product be barred from re-marketing? And be removed from trading platforms? These products are difficult to destroy because they can be stored anywhere, but you will not be able to sell them in the future, or if you do, you run the risk of paying fines or damages. Is it risky? maybe not.
Now, if I buy an NFT of digital works of art licensed with the permission of the creator, I believe that the work is mine and there is no risk of it being taken out of circulation, and that if I sell it So i won’t I run the risk of compensating the buyer because I sold a job that was not licensed. Before buying NFT, check all the risks involved and whether it is worth the investment. If it’s worth it, “send the pill”!
Rufus Elias FalhoColumnist for Take a shower, A geek and lawyer, has been passionate about technology since he was little. He was the first person on the street to access the Internet at home in 1994 and specializes in computer law in Brazil and Portugal. Today, he is a professor of the same subject at several institutions, having been the executive coordinator of the postgraduate course at ESA / SP. He is a partner of Elias Filho Advogados, who works for a number of technology companies in Brazil and abroad. Follow social media for more tips: @eliasfilhoadv.