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BKopy protects NFT copyright with digital signatures
The legal side of NFT copyright has been in a fog ever since the NFT boom of 2021. This year, an ownership protocol called BKopy aims to change this by offering NFT owners legal rights to use their assets via digital signatures. In fact, NFT creators can include any legal agreement they need in their own NFT smart contracts. This new concept recently convinced Sotheby’s to use it for its first Metaverse sale of “Infocalypse” from their “Snow Crash” project on February 27 – but why?
What is BCopy?
Essentially, BKopy is a new company that helps NFT creators incorporate copyright or other legal obligations into their smart contracts. As a user, you can embed digital signatures with actual legal value in every NFT transaction.
In other words, this new system connects legal documents with intellectual property and the Web3 world. This includes, for example, the NFT’s rarity, authenticity, origin and other critical art-related aspects.
“The NFT boom has tempted artists and buyers alike. But there is room for improvement as the current system leaves artists vulnerable to exploitation by players who ignore the terms of ‘contracts’.” said “metaverse” pioneer Neal Stephenson. “BKopy gives artists and collectors the same protections they take for granted in the world of physical art, and I’m excited to be an early adopter.”
How might this system change NFT copyright?
Smart contracts always came as proof of ownership. However, the artwork itself and its rarity or royalties from the creator were never truly protected. This is precisely why so many NFT projects have stolen details from successful drops or collections.
If BKopy’s innovation catches on, the community could actually start facing legal charges if they don’t adhere to the copyright terms of each NFT smart contract. This could avoid NFT trademark litigation, such as the landmark Hermes vs MetaBirkin case. This move is definitely interesting to watch as BKopy will launch its services soon.
