IP rights over NFTs
When the NFT frenzy hit the thin surface of mainstream, people got really dizzy by the fact that people are paying hundreds of thousands for a single jpeg. It’s completely understandable that anybody that would listen to this would be in shock…doesn’t make sense at all…
The thing is… time goes by and you see pop culture embracing NFTs and the hype over the “naive” jpeg that is worth a lot of money. You see banks, investors, celebrities and a lot of people buying this simple PFP jpeg.
A profile picture, or PFP for short, is a type of NFT that has grown in popularity. They’re tiny pieces of artwork that you might see as a Twitter profile photo.
We have Cryptopunks, Bored Apes and many more, rising in popularity, and we still do not get it.
Now, let’s talk about the key that connects it all. Intellectual property rights.
You have the role of the creator of the NFT which owns the moral rights. That means that nobody can deny that a particular piece of art was created by that specific artist, and the artist needs that to claim it.
At the other side of this, is the role of the person who bought the art. Now that you have, What you can do with your BAYC, cryptopunk or else?
We are seeing increasing demand for the buyers of NFTs that the creator of NFTs PFP collections, made it clear about the right over the art after the purchase. People want to understand what they can do with their characters.
You see great cases of implementation of the IP rights to create under your PFP, like Jenkins the Valet in BYAC, that has a huge community and an ecosystem of new NFTs under the image of the PFP itself, initially created as an image and now gaining life with the owner’s behalf.
Check more here: https://www.jenkinsthevalet.com/
In conclusion to this matter, we are on the brink of new applications over how to use and create under your NFT PFP. We are going to see avatars that are already kind of famous in their space in Twitter, for instance, debuting in the mainstream tv shows, starring advertisements and even books and films.
PFP NFTs are creating life itself after the rise of commercial rights over the IP that you purchase.
The commercial rights, its a license for you, to create under the image of the character that you have in your NFT. The owner is able to create a story itself, a background, a future, a life.
IP rights over the NFT is key for future development of the technology and we need to discuss this issue more in order to improve the user experience of having and creating under their portfolio.
Be aware, claim your rights and respect boundaries of how you can use them, and we are going to see a major shift in this scenario over 2022 and 2023.