NFTs: Exciting Innovation, Money Scam, or Future of IP?

NFTs: Exciting Innovation, Money Scam, or Future of IP? April 18, 2022Leave a comment

Non Fungible Tokens (NFT’s) are certificates of authenticity for digital artifacts,

 

But doesn’t that mean…

 

they’re just digital receipts ?

 

Hmm…

That’s a lot money for fancy apes and other digital artwork…

 

A Bored Ape holder lost NFTs worth $567,000 to a scammer

 

Maybe NFT stands for New Financial Transactions…

 

As in new money for scammers?

 

SPICE DAO dropped $3 million on a rare copy of Alejandro Jodorowsky’s production book for Dune

 

then tweeted they would “tokenize” the book…

 

Only to later backtrack because they can’t do that…

 

Because you know…the LAW 

 

Copyright law, Intellectual Property ownership, etc.

But aren’t NFTs the new way of efficient IP ownership without all the government red tape?

 

According to Coinbase, an NFT (or “non-fungible tokens”) are

a special kind of cryptoasset in which each token is unique — as opposed to “fungible” assets like Bitcoin and dollar bills, which are all worth exactly the same amount.

 

Because every NFT is unique, they can be used to authenticate ownership of digital assets like artworks, recordings, and virtual real estate or pets…

 

Ok.  But then, what is the value of an NFT?

 

At the intersection of creativity and opportunity, there is usually innovation.

 

It takes time for the merits of innovation to come into play…

 

❓So where does an NFT fit?

Right now, NFTs are innovative ways to authenticate digital transactions.

 

Digital content creators have been able to exercise more control over their products and financially benefit from sales of digital content.

 

But there are lots of Scams with NFTs…

 

There are also lots of unknowns…

 

NFTs are fun and sexy investments for now, but the verdict is not out yet on what long-term value they hold and if they will be transformative and useful in the Web3 ecosystem and economy…

 

Time will tell ⏳

 

This will be the subject of a Patent Insider Secrets live webinar…stay tuned.  We’ll dive deeper.

 

#intellectualproperty #law #innovation #future #NFTs #NFT #scam #startup #patentinsidersecrets #patentinsiderstartup #patentinsider

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