A tokenization of intellectual property on the blockchain
This non-fungible token platform (NFTs) named Digital copyright on blockchain and asset-trade (Blockchain Digital Copyright and Asset-Trade) is directly accessible on the Alibaba Auctions site.
NFTs launched through the platform will be issued on the New Copyright Blockchain, a technology platform centrally managed by the Copyright Committee of the Sichuan Blockchain Association.
The objective is to allow writers, musicians, artists and video game developers to sell their works as well as the intellectual property thereof.
The platform already offers several NFTs auctioned from September 2021. Those wishing to participate will have to pay a deposit of 500 yuan, around 65 euros. Each sale has a reserve price set at 100 yuan or 13 euros.
An attempt to protect creators
Buyers will be able to view their collections through the cryptocurrency wallet app, Bit Universe, integrated with WeChat. However, many NFTs offered for sale do not specify what rights are granted to buyers.
Digital items on offer include a Star Wars illustration and a painting of the Pearl Tower of the West, a landmark in Chengdu, the capital of Sichuan.
The NFT Star Wars on sale – Source: Josh Ye
“Although the technology itself does not prevent unauthorized copying. Sales include full ownership of works purchased through the platform, ”writes SCMP reporter Josh Ye.
This new platform comes in response to a demand as legal proceedings for unauthorized use of intellectual property by NFTs are increasing.
It is possible to take the recent examples of Larva Labs vs. CryptoPhunks, CryptoPunks looking to the left rather than the right. Or more recently the Sad Frogs project under legal action by Matt Furie, the creator of the Pepe The Frog meme.
👉 To find out more – NFTs and counterfeiting – What is the risk of the issuer of an NFT of which he is not the author?
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About the Author: Erwan Gallo
Hello there! Interested in the world of crypto-assets, I went from simple PowerPoint presentations to my friends to writing articles on the Internet. The crypto universe is so vast that it allows me to link many of my passions so why not share them with you?
All articles by Erwan Gallo.