Most Profitable NFT Projects Are Misleading And Offer Complicated Property Licensing Buyers Don’t Know Their Intellectual Property Rights, Says Galaxy Digital

Galaxy Digital, a leading blockchain company, has released a report indicating that the most profitable NFT projects are deceptive and offer complicated proprietary licensing. According to Galaxy Digital, creators and buyers of digital assets have no idea about the issue of ownership of digital tokens, which is why people are unaware of their intellectual property rights.

The blockchain company discovers that only one of 25 total NFT projects is working to offer buyers direct intellectual property rights to the core art or content. Some of the major NFT projects the company has studied include Bored Ape Yacht Club (BAYC), which is a collection of ten thousand Ethereum-based NFTs, another NFT World of Women project, VeeFriends, Gary Vaynerchuk’s Sandbox, and finally Decentraland. Sandbox and Decentraland are both metaverse community platforms.

An in-depth analysis of these major projects revealed that the lion’s share of non-fungible tokens carry no copyright on their actual content. Many traders appear to mislead NFT buyers about their basic legal rights. Additionally, some NFT projects have adopted Creative Commons licenses to avoid confusion.

Here, the Creative Commons license is the public copyright license that allows free distribution of a work. This is a legal permission given by the creator to allow others to share or use the art of their own volition. Returning to the topic, only a handful of projects have adopted the CC license, and some have properly released the NFT’s intellectual property rights, thus making it impractical for token holders to maintain special privileges for art.

That said, it reflects the sticking points of a review shared by Cornell University that Bored Apes is the largest and most impactful blockchain series isn’t exactly clear. Conversely, BAYC offers buyers NFT ownership but, in return, provides a skeptical license. Simply put, if you create something, you don’t need a license to use it.

However, Yuga Labs, a blockchain company that creates digital collectibles, has begun to inculcate terms of service for its NFT series to provide a personalized NFT licensing experience. In addition, the World of Women (WoW) also exercises copyright ownership of the art with its digital tokens. However, WoW does not explain how the sale of NFT confers rights on others. It is essential to remember here that when intellectual property rights are associated with the creators of NFT, they can change the terms according to their preferences, which is sometimes not suitable for buyers.

Galaxy Digital’s latest review places special emphasis on NFT copyrights. This would help those who want to legalize their NFT purchases. But for the moment it does not appear to be intellectual property rights.

Source: Digital Galaxy

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