Lately, it seems as though everyone's talking about NFTs. So lucrative for some that they regularly come with a six-figure price tag, non-fungible tokens are the trend taking the art and tech worlds by storm. But what are they?
Is an NFT just a copyrighted image? If not, how do the two differ? That's what this article is going to be getting into.
Have you been wondering about the differences between NFT vs copyright? If so, read on for your ultimate NFT guide and to learn a little bit more about how this premise works in practice.
What Is an NFT?
Most likely you've seen NFTs in the form of images. In fact, an NFT can be any digital object. To make things more confusing, it can also represent real-world items like artwork and real estate.
How can this be the case? Think of it like this: an NFT is a unique digital code that is stored on a secure blockchain.
It's this code that entitles the person in possession of it to ownership of whatever object it represents. The person has exclusive rights to said object and in this way, it is similar to copyright.
What Is Copyright?
Copyright is a type of licensing. When you own the copyright for something, you have the exclusive right to copy, distribute, adapt, or display, a given creative work. Copyrights usually only are valid for a limited time.
Are They the Same?
In short, no. Copyright and NFTs are not the same. As we've mentioned, when you own the copyright to something, you have the right to alter it, distribute it, and do whatever you want with it.
An NFT can be thought of more like a digital certificate. You never actually physically own the piece of art, audio, or whatever else the NFT might be tied to. You actually own a piece of code that verifies the authenticity of the object.
But there are still infringements. If somebody else replicates an NFT you've bought and paid for then they're infringing upon your rights. There have been countless cases of copyright breaches within the NFT industry
Your NFT Guide
If you're looking to get into the NFT game yourself then there are some things you should be aware of. Be ready to have to fight against people who are using your NFT without permission. It's possible you can successfully sue such people but this is a new area of the law so it could be tricky.
If you're looking to buy an NFT, you want it to be one that will appreciate in value. Consider checking out new artists whose work you may be able to get at a lower price point and you might be able to make some money on.
NFT vs Copyright
We hope this explanation of NFT vs Copyright has enlightened you on the topic. If you want to, you should be able to take advantage of the NFT market. But continue to adhere to licensing laws as you would with any piece of art.
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