Galaxy Digital Report Highlights NFT Copyright Concerns
One of the common benefits touted for NFTs is the ability to transfer ownership of the asset being sold. But according to a report from Galaxy Digital, this benefit is actually being utilized a lot less than we would imagine.
In a report that analysed the copyright and ownership rights attached to major projects including the Bored Ape Club and World of Women, Galaxy Digital found that only one of the top 25 NFT collections offers anything close to intellectual property (IP) ownership for asset holders.
The report concludes that most NFT projects don’t actually give users ownership of the IP attached to them. For a long time, this was seen as one of the benefits of buying an NFT from a top collection because it would represent an investment in its intellectual property. Consequently, several NFT holders have certainly leveraged IPs, launching things like restaurants and comedian Seth Green even said that his own Bored Ape would be featured in an upcoming TV show.
But Galaxy Digital said in its report that it is likely that some other deals were negotiated by those who commercialize their NFTs.
“It’s hard to imagine that Seth Green and his production studio didn’t negotiate a separate deal with Yuga,” the report says, referencing Yuga Labs, the parent company of the Bored Ape collection.
Read the full report >> Here
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Tokoni Uti has written extensively on blockchain and cryptocurrency for years. Her work has appeared on sites like BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.