Meta magnate and CEO of some of your favorite internet platforms, Mark Zuckerberg has newly announced that NFT’s (Non-Fungible Tokens) will be soon arriving to Instagram in the coming months. It seems the advancement of crypto currency has peak the interest of top elitists. The billionaire internet entrepreneur giant didn’t dive deep into the details of how it would unfold under the current system but did note people would have the option to display their current NFTs and brand new ones. Speaking at SXSW earlier this week, Zuckerberg said:
” We’re working On Bringing NFTs To Instagram In The Near Term. I’m Not Ready To Kind Of Announce Exactly What That’s Going To Be Today, But Over The Next Several Months The Ability To Bring Some Of Your NFTs In, And Hopefully Over Time Be Able To Mint Things Within That Environment. “
What can NFTs do? NFTs can be used to verify and track ownership of an asset, and for others that do not have not full ownership of your ” Intellectual Property “. This essentially, is a win for creatives who want to be paid for their original content; screenshots are not included in the payout. It can contain anything digital including drawings, photos, videos, audio, animated, GIFs songs, or items in video games. The ‘blockchain’ technology keeps track of who has the ownership of the original NFT file as well as the transaction of the history of each NFT whether selling, lending, or borrowing for partial use and time.
For Zuckerberg the solution in the current debate over the rise and power of crypto currency vs. the American dollar value could be to provide a testing measure that could show a greater financial promise. Their company has already established a crypto wallet entitled “Novi” and the plan is to add their NFT’s to it.
What is Crypto Currency? Cryptocurrencies are digital assets using computer networking software that enables secure trading and ownership. The term cryptocurrency comes from the cryptographic processes that developers have put in place to guard against fraud.
At this time the focus for Instagram is on your photos and profiles but Zuckerberg says NFTs could one day play a role in the companies eventual ‘metaverse”.
” I would hope that you know, the clothing that your avatar is wearing in the metaverse you know, can be basically minted as an NFT and you take it between your different places…. There’s a bunch of technical things that need to get worked out before that’ll really be seamless to happen ” – Mark Zuckerberg
What is the Metaverse? The “Meta” verse is basically two ideas combined as one; a virtual reality and a second life. This is a technologists dream to participate in an era where our virtual lives play an important role as our physical realities. Similar to how we now socialize with our friend, we can do the same virtually with an avatar of ourselves, and we spend money and have on our signatures outfits and style that make us unique in the metaverse just the same.
For Zuckerberg and techies alike, the metaverse computing platform provides you the chance to live a second life online. To join the virtual reality, you wear a headset that immerses you in a 3-D environment and carry motion -sensing controllers to interact with virtual objects and use a microphone to communicate with others.
It’s safe to advise that it’s time for us all to watch and or rewatch the movie Avatar and catch the gems from this film because the metaverse is underway. Creators listen up and pay close attention to what this means for you and your content in the digital landscape. The fashion law breaks it down in simpler terms.
Ownership of an NFT as a unique token – versus ownership of the content that such NFT may be associate with – is a critical distinction. When someone purchases an NFT tied to a piece of content, they have not automatically purchased the underlying intellectual property rights in such piece of content. Under Section 106 of the U.d Copyright Act, a copyright owner has certain exclusive rights to reproduce, prepare derivative works of, perform, display, and distribute the copyrighted work. As a general rule, the purchase of a piece of art does not transfer all copyright in such work to buyer. For example, when someone buys a painting at an art gallery for their home, they are requiring the physical painting itself which they can display, but not the underlying rights to reproduce, make derivative works of, or distribute copies of such painting.
In reality, the underlying copyright only transfers if the copyright’s owner evidences in writing that they intend to transfers those rights alongside the copy of the work. Unless the NFT owner has received explicit permission from the seller, the NFT owner does not automatically require the legal right to take pictures of the creative work attached to the NFT and make Tshirts or postcards for sale. Absent further documentation, the purchaser of the an NFT acquires through that purchase an implied non-exclusive license to display the related media in their token wallet for personal purposes only, but does not own the underlying copyright in the content the NFT is associated with or the right to display that media on third party products, websites, or platforms.
One Love Plums!