The global crypto market is going through CryptoWinter for a long time now. There seems no close encounter where watchdogs expect a rise in the market. However, even at such hard times the crypto market is showing tremendous openings for the users and investors in niches such as NFT and Metaverse.
The NFT market seems to be growing fast enough to lure not just the users but also the sharks in various industries. And why will they not! NFTs come with a strong commitment of “ownership” to the users. But some NFT creators and token holders have no idea of what “ownership” exactly refers to.
A review study from Galaxy Digital suggests that very few NFT projects offer users the intellectual rights to the art piece. Rest NFT projects only provide confusing nebulous licenses creating a discrepancy in the user-creator bond.
An Analysis Worth Intellectual Rights
Galaxy Digital reportedly conducted an analysis on some renowned names from the NFT market including Bored Ape Yacht Club (BAYC) and World of Women. The names also included metaverse projects such as Decentraland and The Sandbox. The report concluded noting that most of the NFT projects convey zero intellectual rights. The NFT projects related to these metaverse projects also mislead NFT buyers.
Where some NFT projects have followed the right protocol offering intellectual rights to the customers adopting Creative Common License. However, in the process some of the projects have effectively untethered the rights to the users to defend their rights to the art.
Not just Galaxy Digital, but some renowned names from the industry claimed that BAYC is one of the largest and most influential NFT projects. The BAYC project promises the users complete rights over the underlying art. But, they also offer a license that directly contradicts that.
NFT Projects Needs an Upgradation
Yuga Labs, creator of BAYC, recently introduced new terms of services for its CryptoPunks and Meebits series. Galaxy also claims WoW to be the only project that tries to formally transfer the NFT copyrights ownership of the art with its NFTs. However, both these projects could not explain how selling the NFT to users transfers the intellectual rights to the users.
There is no question that the NFT licenses must be improved over time. This will be helpful for the creators, users and experts who wish to sell their art through these projects. However, the current scenario looks slightly messy for everyone to blindly believe in the projects.
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