Bitcoin logo copyright transfer

Nonfungible tokens NFTs are the latest cryptocurrency craze. These one-of-a-kind-collectibles have dramatically risen in popularity and have penetrated mainstream marketplaces. Since NFTs are often associated with images, videos, music, and other content, the relevance of copyright law is critical to this evolving marketplace, and it likely will take time to learn exactly how copyright law will apply to this new technology under different circumstances. Many other interesting examples are in the news, spanning from tweets to sports cards to memes. The financial backing to support this fledgling form of cryptocurrency has the attention of investors as well. An NFT is a digitized, authenticated token linked to a digital asset, and the NFT is recorded on a blockchain, most commonly the Ethereum blockchain.



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Third-Party Reporting of Cryptocurrency Transfers in 2023


The most likely reason is in context to a series of high-profile NFT sales that have taken place over the past week. Then there have been some of the negative stories too. Those include artists being upset that indie developer Jason Rohrer is offering NFTs based on their commissioned work and artists reporting their work turning up on NFT websites without their permission , much of it being done by bots.

All of this seemed to have come out of nowhere and has raised a lot of questions about what NFTs are, why they are seen as being so valuable and what, if anything that can be done about. What this means is that it is a unique token to the person who bought it, acquired it or made it.

That said, it is a digital token, so it can be copied. However, the ownership of that token is marked in a ledger, usually the Ethereum blockchain, so the owner has a record that they own that token. However, that ownership is not very practical. In many ways, buying an NFT is far more akin to buying a limited-edition poster or an autographed copy of a book. It confers to you no rights that others have, you just have a slightly more unique connection to it.

The NFT gold rush has, predictably, brought with it spammers and infringers. This is possible because anyone can create an NFT for anything. The only practical downside is that an NFT not from the original artist is worth less money. Other markets are only allowing verified works, making them less worrisome in this area. To be clear, NFTs are not new.

However, this most recent boom is only weeks old and the courts have not even begun to address the issues this raises. Artists are allowed to create derivative works based on their creations and sell them. William Shatner is an interesting example. Back in July , the actor offered a series of trading card NFTs based upon his career. The sale netted him an estimated , dollars, roughly one dollar for each token he put out there.

However, by March his tone has changed. Authors, actors, models photographers, etc.. But it will likely be years before the courts significantly address the issue of NFT infringement. By then, the fad may already be over and done with. One of the common threads about blockchain technology is that many espouse its usefulness for tracking copyright ownership and maintaining records of creation.

So this raises a question: Can NFTs be useful to rightsholders and creators? The answer is yes. In addition to giving artists a new potential revenue stream by selling unique copies of their work, it can also keep track of copyright ownership. Theoretically, an artist could create a work, tokenize it and keep that token both as proof of creation and proof of copyright ownership.

They could then transfer that token as part of any copyright transfer. For right now, this is something that creators need to explore both as a potential business opportunity and as a potential piracy threat. It pays to monitor your work and file notices to get it removed when and if it appears on NFT sites.

Every time I find myself speaking with someone into cryptocurrency or blockchain technology, they always get excited when I say I work in copyright. According to many of them, blockchain is the perfect tool for resolving questions of copyright ownership and providing proof of creation.

Instead, through NFTs, blockchain technology has provided creators with a fresh new piracy concern. In the end, NFTs are an attempt for digital creators to try and capture some of the uniqueness and scarcity that producers of physical works have naturally. Artists can sell original paintings that are one of a kind; authors can sign books to make them more valuable and so forth.

If NFTs want to create artificial scarcity, the too need to be scarce and not just something anyone can conjure up. Jonathan Bailey March 16, Close Search for.



Blockchain and IP Law: A Match made in Crypto Heaven?

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy. With the explosive growth of the cryptocurrency market, companies operating in this industry must consider how best to protect their intellectual property rights. As new cryptocurrencies are offered, each with unique names, an important question is whether the name of a cryptocurrency can function as a trademark.

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Dirty cash and crypto: how the booming cryptocurrency market is open to exploitation

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Is the future of football financing in cryptocurrency?

bitcoin logo copyright transfer

The most likely reason is in context to a series of high-profile NFT sales that have taken place over the past week. Then there have been some of the negative stories too. Those include artists being upset that indie developer Jason Rohrer is offering NFTs based on their commissioned work and artists reporting their work turning up on NFT websites without their permission , much of it being done by bots. All of this seemed to have come out of nowhere and has raised a lot of questions about what NFTs are, why they are seen as being so valuable and what, if anything that can be done about. What this means is that it is a unique token to the person who bought it, acquired it or made it.

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The property-contract duality of Bitcoin

As the legitimate use of digital currencies grows, there has been a comparable rise in abuse, cybercrime experts say. When the cops arrested scammer Evan Leslie McMahon in March they found a lot more than just the bootleg Netflix logins that enabled his clients to watch The Witcher on the cheap. Also in the possession of the earlys hacker were nine electronic wallets containing an alphabet soup of cryptocurrencies — bitcoin, bitcoin cash, ethereum, digibyte, XRP, stratis, bitcoin gold and litecoin — that he bought with the proceeds of his crimes. PayPal declined to comment when asked how McMahon had managed to open accounts with the company and what this said about its anti-money laundering systems. Overseas enforcement agencies have also seized large amounts of crypto.


An Introduction to Dogecoin, The Meme Cryptocurrency

The best year in the history of the top cryptocurrency was also extremely volatile. Today, I want to dissect its recent dip and discuss how crypto investors should react in the early weeks of The price of Bitcoin dropped to its lowest point since late September in the second week of January. Indeed, most analysts and experts have chalked up the turbulence in Bitcoin to the hawkish statements coming from the U. Federal Reserve and other central banks around the world. Goldman Sachs recently projected that the Fed would pursue no less than four rate hikes in , more than previously expected.

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Cryptocurrency and the Property Question

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Non-fungible token

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Professor, Indian Statistical Institute, Kolkata.

Around the world, bitcoin has a mixed reputation. Owning and using the cryptocurrency is legal in a majority of nations, tolerated in many others, and outlawed by a relatively small number. El Salvador has just become the first nation to formally adopt the cryptocurrency as legal tender, and a handful of other Latin American leaders have indicated that they would follow suit. And El Salvador clearly has a need to receive funds fast. Currently, remittances are delivered by Western Union or other money transfer services which are necessarily centralised and highly regulated. Although there are over Western Union offices across El Salvador, those living in rural areas of the nation are particularly inconvenienced.

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  1. Saktilar

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  2. Xenophon

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