Who holds ownership of the NFT? Author or Buyer?
2021 is truly an outstanding year for cryptocurrencies and blockchain technology in general. Never before has the field attracted so much interest, and NFT is the driving force behind it. Definitely, 2022 will see a further boom in NFTs. However, before entering this potential market, you should have a good understanding of NFT and the issues surrounding it. In the article below, let’s find out with NFTBOOKS who will hold the ownership of NFT — buyer or seller?
NFT Ownership — What will you really own?
The NFT craze is getting stronger and stronger, and the source of this craze probably comes from the fact that NFT is tied to a new asset class that has never existed before, and speculators alike are excited about what this asset class can bring in the future. But when it comes to buying and dealing with NFTs, what exactly will the NFT creators sell and the buyers get?
What will you truly possess if you own an NFT?
The NFT craze is growing in popularity, and the reason for this is that NFT is linked to a brand-new asset class that has never been before, and investors alike are delighted to see what this asset class can bring in the future. But when it comes to purchasing and selling NFTs, what exactly will the NFT creators sell and the buyers get?
Understanding NFT Copyright and Ownership
The author of a work is defined by US copyright law as the person who generates the work’s original expression. This individual is also the owner unless there is a documented agreement that the author assigns the copyright to another person or entity.
Under this definition, an author who sells a book retains the original rights to that work (unless the copyrights are sold with it). The author can use these rights to make different versions of his work in substance or appearance, but still follow the laws that apply to selling copies of the original work. On the other hand, while the purchasers of these books have ownership, they do not have the right to produce and sell new copies of the book.
Understand what NFT you’re buying or selling
Authors and other content creators need to consider many aspects before selling their NFTs. The most important thing is the comprehension of the terms and conditions that authors and content creators agree to with the various NFT marketplace platforms used to sell their works.
Furthermore, authors and content creators should ensure that ownership is thoroughly interwoven into their work, emphasizing that all IP rights belong solely to them. Remember that while the buyer owns the original NFT work, he or she does not have the right to make and sell copies of it because NFT is created using digital technology. As the world accepts this digital art form, more innovative and modern approaches will develop.
Prior to acquiring an NFT, buyers should conduct the proper due diligence. It is important to search for prestigious NFT projects, be cautious in investing and find highly reputed NFT exchanges.
Despite the current difficulties and challenges surrounding NFTs, one thing is certain: NFTs are not a fleeting fad. NFT will be a key component of our digital future, allowing us to take advantage of novel opportunities in the digital age. Participants in the NFT market who are well-understood and lucky may be able to profit from today’s financial catastrophes in the future.