Over the past couple of years, there has been a rise in NFTs in the decentralized economy.
Many creatives have gotten popular and become richer because of NFTs they own or have sold. For example, six Cryptopunk series (which are basically pixelated heads of artistic figurines combinely sold for $61.05 million.
A renown art maker called Beeple sold his HUMAN ONE for $28 million, and Cloc, Everyday and Park sold their art pieces for a whooping 52 – 69 and 91 million dollars respectively. The sales made many begin to wonder what these NFTs are and their impact on the digital creative industry.
According to market research, the Non-fungible token market will continue to grow at an astonishing CAGR of 23.9% between 2022–2028. I have also observed the rise of NFTs in the blockchain economy through my years of experience and its potential is one of the reasons Bridge Network has included an NFT bridge in its offering. We recognize the impact NFTs are having in digital rights management and are becoming a dominant player in the field.
NFTs are Non-Fungible Tokens that represent a unique asset. Examples of such assets include a piece of art, digital content, and media.
“Non-fungible”, in this case, refers to the fact that NFTs can’t be copied or reproduced, or substituted because they are recorded in a blockchain that can be used to confirm ownership.
If you’re very familiar with the creative industry, you’ll understand the importance of having copyright laws and the consequences of flouting them. It is blatantly illegal to lift or reproduce other creatives’ works as yours.
You can find yourself in a very long legal battle and at the end of the day be made to pay a fine. The rise and rise of NFTs are looking to change the face of this game.
In 2019, Nike applied for a patent to be allowed to merge physical and virtual sneakers. Hence, they are able to make money on both. The owners of virtual shoes (NFTs) can have them manufactured in real life.
Jack Dorsey’s first-ever tweet was minted as an NFT and sold for nearly $3 million. These are different ways creatives are making use of NFTs.
There are two ways to think about copyright for NFTs. One gives you control and exclusivity as a creator such that you can use your NFT to generate revenue outside the blockchain.
The other – a creative commons license – allows you to retain copyright whilst letting others copy, distribute, and make use of your work non-commercially.
Both ways have one thing in common – they are made with the creator in mind.
At Bridge Network, leading a team of over 25 experts made of engineers and product designers, among other tools, we have created an NFT bridge which enables creators to swap tokens and NFTs.
Operating a platform with over 1.5 million transactions and hundreds of thousands of users is the very reason why we are very concerned about how safe these assets are.
As a result we ensure we keep up to date with copyright practices to ensure that they are not easily vulnerable to theft. We have adopted the highest level of copyright protection to make this happen.
With the changing face of copyright protection and digital rights management, some things are certain about the era of NFTs.
- Creators are able to properly verify ownership of an asset on the blockchain. Even though assets are easily duplicated, there can never be two “originals”.
- The copyright laws that are currently in place have put the power in the hands of the creator to be able to enjoy the dividends of ownership.
We understand this space directly and are determined to always put the creator first when it comes to protecting their assets and copyrights to their creatives. Our over 12 years of combined experience make this easier. With every day passing, we are working towards helping creators be protected from copyright fraud.
About the Writer:
Favour Uzoaru is the Co-founder/COO Bridge Network, a trustless ecosystem of cross-chain applications powering seamless transactions across various blockchains in the world of defi. Bridge allows users to transfer native tokens & NFTs cross-chain, manage assets, trade, earn & access opportunities in the multichain-verse from one easy to use platform.