How NFTs can protect creators and strengthen their legal rights

The Internet has changed the landscape of creativity and intellectual property forever. With the explosion of digital art, music and literature, creatives have been empowered to share work on a level never seen before.

As new technologies such as blockchain-based non-fungible tokens (NFTs) expand further into the digital asset space, artists and other creators must understand when and how to use these tools to protect and enhance their works.

In an age where digital content is extremely easy to copy and distribute, creators need to find a better way to leverage the benefits of digital distribution. Relying on government copyright laws will not be enough to ensure that value is not lost along the way.

Digital creativity and intellectual property

Digital creativity, intellectual property and new technologies are rapidly changing how we interact with and consume media. Creating content digitally has enabled us to express ourselves in ways never before possible. We can now easily create graphics, music, videos and text that can be shared across multiple platforms. This gives us access to a variety of creative works from around the world without having to physically visit the place where it was created.

It should come as no surprise that copyright laws were only established in the 18th century after access to the printing press became reasonably available. Similarly, copyright laws for digital content, such as the DMCA, were not approved until 1998, when 147 million users were already “surfing the web.”

Yet more than $225 billion is lost each year in the United States alone to intellectual property infringement, according to estimates by the Commission on the Theft of American Intellectual Property.

Today, with over 5.2 billion people online, this shift in content sharing has also changed the way we think about intellectual property rights. Although they have been poorly enforced, laws have been created to better protect digital creations and help ensure fair compensation to creators of original works.

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It has become increasingly difficult for creators to protect their works as they spread across multiple platforms and devices. This is incredibly challenging when it comes to digital piracy, where it is often impossible to trace who has downloaded or shared a particular piece of content.

NFT’s potential in intellectual property

Much has been said about the general role of NFTs for creators can be summarized in the following categories:

• Immutability: NFTs are stored on a blockchain, which is an immutable ledger. This means that once an NFT is created, it cannot be changed, providing a tamper-proof record of ownership and authenticity of the creative work.

• Income generation: NFTs can be bought, sold and traded on blockchain marketplaces. This allows advertisers to monetize their work in new ways, for example through royalties, rentals, subscriptions and membership models.

• availability: NFTs can be bought, sold and traded globally, allowing creators to connect with new audiences and expand their reach.

In addition, transactions involving digital assets can be executed almost instantly, reducing costs and friction. Because digital assets can be easily stored and transferred globally, they are accessible to many people, regardless of their location.

The programmability of digital assets enables the development of self-executing smart contracts that automate procedures and eliminate the need for intermediaries, reducing costs and facilitating the development of innovative use cases for decentralized finance and NFTs. Overall, digital assets are a better technology for advertising than anything we’ve had at our fingertips so far. Digital assets also provide additional value to the owners of the creator’s work.

Protecting creative works

Digital assets offer an exciting solution in an age where scarcity can only be artificially enforced.

NFTs can be used to create new business models and incentivize consumers to source their content from legitimate distribution channels rather than going for pirated or unofficial ones. Companies may offer special rewards for purchasing a digital asset, such as access to exclusive content or limited edition products. This is because digital assets can “track” each real customer for the entire customer journey and deliver a personalized experience and additional rewards that cannot be done otherwise. Creators can reward their fans at any point in their journey by setting specific criteria that can be tracked on the chain or otherwise. NFTs offer access to unique experiences and can create a customized value proposition.

In addition, digital assets create a common basis for partnership and interconnection between IPs. The transparency of this technology makes it perfect for brands to collaborate with each other and scale their value proposition to their communities.

Finally, it is important to note that while cryptocurrency and blockchain technology have the potential to provide a secure and efficient way to protect creative works, it is still a relatively new field and the legal implications of digital assets remain unclear.

A tool for creative professionals

Digital piracy cannot be fought by laws alone, and NFTs offer an excellent solution to protect creative works in the digital age.

Only by providing a superior experience can creators secure their work. Fans will be encouraged to pay for a premium experience that can only be accessed through ownership of a specific NFT.

This technology also provides an easy way for creators to secure their assets and ensure that they can be rewarded for their efforts. NFTs can lay the foundation for new business models for creators and many traditional businesses.

Digital assets are poised to revolutionize the creative industry as the digital resource space continues to expand. They provide a secure and profitable solution for creative professionals, allowing them to protect and monetize their digital works while offering fans exceptional and exclusive experiences. Through NFTs, creators have the opportunity to assert control over their creations and explore new business prospects, ultimately leading to a more stable and sustainable creative environment.