Copyright and NFTs: Are we in front of a legal revolution thanks to technology?
With the surge of the NFT phenomenon, many people, including creators and users, have looked back to the old system and to the existing laws for content protection and copyright.
In this short article, we will analyse how NFTs can reshape the way we perceive creators' ownership. How content ownership can completely replace content availability as a way to monetize art and, virtually, any piece of original creation internationally.
Could NFTs be the end of the copyright outdated system?
The prevalent copyright system intends to protect authors and creators from people viewing and using their work without paying creator royalties. Yet, the laws of this system are outdated. The creator or copyright owner must keep track of where and when those rights are infringed in order to keep their rights over their work and to claim legal actions against those infringing their right.
This approach is obviously cumbersome mainly for three reasons:
- Constant monitoring actions must be taken by the creator or creators agencies to avoid the use of the content without previous royalties payment.
- Subsequent royalties after the resale of the content rights are many times not paid to the original creator but to the subsequent owner of those rights. The fact that these laws are different from country to country adds a layer of complexity to this issue.
- The same laws that protect the authors from losing potential revenue prevent their work to be publicly enjoyed by everyone. Avoiding many times what creators aim for; the admiration and enjoyment of their work by the most quantity of people possible.
So, how do NFTs change the rules of the game?
NFTs — Decentralising and liberalizing content and international monetization
In opposition to traditional ways of strict control for content release, NFTs advocate for the opposite approach; free distribution of the content and monetization of ownership instead of consumption. Below we will list the attributes that make NFTs the natural substitute of many of the problems and controversies of the copyrights:
- With NFTs, monetization is driven by ownership instead of consumption. Meaning that everyone can see and enjoy the content of creators without harming the artist's potential earnings.
- The rules of NFTs hold within the blockchain regardless of borders.
- Artists don’t rely on third parties or governments for defending their rights over their content, the blockchain keeps a record, hence protecting authors.
- NFTs allow for royalties to get accrued during subsequent resales of the art piece.
- The variables of the item to be monetized can be decided by the creator. Just like Soltype offers, scarcity, collaboration split, and royalty percentage can be decided by the authors.
- The origin of the NFT can be traced back to the author, making it impossible to create unauthorized copies of the content. It must be mentioned that it is the responsibility of the buyer to verify the origin of the NFT referred back to the creator.
If you think about other advantages of using NFTs comment on the article, please. We are eager to listen to your voice and feedback on this topic.
Let’s go NFT enthusiasts and Soltypers, let’s continue revolutionizing the whole literary industry!
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