What do I have after purchasing NFT?
When SDChian recently approached its partners about digital assets, NFT was mentioned in the same breath. As of now, the total market value of NFT digital artworks is about US$490 million, and the transaction size is still growing rapidly. As a result, there has been a lot of attention and discussion, among which people are concerned and especially curious — what do you own after purchasing NFT?
From a technical point of view, the digital data is created by using blockchain smart contracts to write and cast (Mint). From the initial artwork to the music and animation that follow. As a kind of blockchain application, NFT has a record on the chain from the moment of casting. From the perspective of long-term sound development, the feature that NFT has a record of transactions that cannot be tampered with will potentially improve the way digital assets are identified and defined in terms of claiming power and value in practice.
In legal practice, it is currently only possible to claim that a buyer holds an NFT by reference to a blockchain transfer record, but it is not yet possible to claim that the buyer owns the artwork. For example, if a digital artwork is distributed by a well-known artist or gallery and sold on the NFT platform, the buyer will receive “ownership” of the work. However, the copyright, trademark, intellectual property rights, and copyright of the work are still actually owned by the artist or gallery.
Digital artworks are essentially works of art that are completed using technological tools such as NFT. Art is an investment in the spiritual enrichment of human beings and continues to exist in various vehicles. For the collector, each piece of art has its own reasons for willingness to pay money to acquire it, including the creator’s concept, the medium used, the creativity of the work, the story of the work itself, the memorable moment, and so on. The point is to buy what you like, what is memorable, and what enriches the collector’s spiritual life. Art and technology are so different and yet can meet each other through NFT, a meeting that is full of value and imagination in itself.