this post was submitted on 30 Mar 2024
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I'm out of the loop here, how does ownership actually impact the world in these cases? If I buy an nft image do I own the copyright to it? Do I get legal control over its use? What's the deal here? I see a lot of talk about ownership of a digital asset but I have thousands of digital images stored and I don't get why a blockchain is needed in the situation?
Good question! In almost all cases, you ONLY own the NFT "wrapper" around the content
For example, if you own an NFT of a picture, you only own the NFT. You do not own the picture or any kind of rights to it
Did you ever buy any movies from itunes?
I did not no, I'm an ardent believer that proprietary file format is a bad form for media as it relies on a single entity to maintain its support.
Yes and another reason not to was it relied on a centralized database to prove ownership which Apple shut down.
A decentralized proof of purchase system provides the means for addressing this problem.
I get that part, the crypto stuff is just a fancy way of getting the paper receipt when I buy a movie at the store. Where I get lost is the product. From what I understand of the nft system, the code isn't in any way related to the image, it's just a receipt of purchase. Does buying this monkey image give the buyer copyright? Does it allow the buyer to distribute the image? Does it work like album art, where the band buys the image from an artist to use as album art making all future usages of that image the property of band? Or are these just a cool sticker that comes with the purchase of a unique string of code that people are using to speculate?
If you're questioning the value of digital receipts for monkey images I'm not disputing that. For me that's on par with beanie babies, postage stamps and other odd things people collect. I don't have to be excited about the current application to be excited about the fact that it works and what that means it could be used for in the future.
And of course, it would make sense that such a system wouldn't be used for something significantly important like property deeds or car registrations right away. NFTs are just another phase of demonstrating the capabilities.