NFTs Demonstrate Growing Need for Copyright on the Blockchain
Non-Fungible Tokens (NFTs) have been skyrocketing in the cryptocurrency space over the past year. With over $44 billion worth of cryptocurrency spent on NFTs in 2021, it’s not something you can ignore anymore. However, there are still some skeptics out there that think NFTs are just “downloadable JPEGs.”
According to copyright.gov, “copyright is a type of intellectual property that protects original works of authorship as soon as an author fixes the work in a tangible format.” However, not all countries automatically grant copyright or uphold copyright infringement rights for artists, especially on the internet.
As NFTs continue to gain more and more popularity, we will see more projects revolve around digital asset protection and copyright. For instance, there are new creator-first platforms, like Algogems, that put content and digital ownership at the forefront.
Algogems has integrated supporting asset protection platforms like AlgoGlyph, which was developed by Headline, where users can create a real signature to solidify their digital identities. These signatures and identities are then stored on the blockchain forever. This provides a place where on-chain data can be stored and accessed by everyone.
Algogems is prioritizing data protection and copyright in their updated NFT Marketplace. At the time of writing this article, they are the first and only project on Algo utilizing AlgoGlyph in their mint process. They’ve also developed their own UI and added additional features to fully incorporate it into their mint process.
When creating content with Algorand, users also have the option to include 1KB of data in the memo field of the transaction. This helps ensure copyright information is clearly presented in the metadata of the NFT. Overall, this is a best practice when it comes to digital ownership.
Algogems recently launched its governance, which allows users to moderate content and flag copyright infringement. This increases protection against buying stolen art on their platform. Governors are rewarded for their quality participation. Algorand also has a commitment to transparency and publishes Transparency Reports on a regular basis. They’re also environmentally friendly and maintain a carbon-negative environment.
Thank you to Algogems for sponsoring this article. This is not financial advice. Please do your own research before investing. Make sure to subscribe to the VoskCoin YouTube Channel to stay up to date on the latest cryptocurrency news and reviews.
