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An NFT owner doesn t have any copyright or legal rights to the piece if there isn t a contract.
The digital artwork lives on the internet where anyone can still watch, listen to, or copy without paying.
When buying an NFT, the actual object isn t being purchased.
Non-fungible tokens have taken the world by storm, becoming the hottest thing in the cryptocurrency market within only a few months. They are touted as a way to revolutionize the way digital art is bought and sold. But a closer look reveals NFTs are no more than a pump-and-dump scheme designed to make a few crypto insiders rich.
NFTs and digital art blockchain: Is blockchain’s digital token new frontier its brightest?
So here we are. Two years on and a little deflated.
While unregistered or non-exempt token offerings were started with great fanfare, reaching their crescendo in 2017 with the wild-west of unregistered ICOs shot down O.K. Corral-style by the SEC, followed by the utility being sucked out of utility tokens, we have now arrived at the third blockchain marvel attracting ever-increasing interest, and, dare we say it, speculation.
Enter non-fungible tokens, now intimately called NFTs or Niftys or other variations on the acronym, with room after room on Clubhouse packed with aspirant or actual minters of the mainly digital art tokens, and platforms like Superare and Nifty Gateway minting, promoting, or creating markets in NFTs.