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“Should art be regulated by the SEC?” NFT artists file lawsuit (arstechnica.com)

submitted 2 months ago by Xatolos@reddthat.com to c/technology@lemmy.world

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[–] FiskFisk33@startrek.website 32 points 2 months ago (13 children)

the NFT is not the art itself, it is at best a proof of ownership.

[–] sugartits@lemmy.world 24 points 2 months ago* (last edited 2 months ago) (11 children)

It's not even that.

There is a huge lack of insight into who owns the copyright of an NFT. This confusion likely stems from the fact that an NFT comprises two things: (i) the identifiable, non-fungible, non-replicable, and transferrable cryptographic asset recorded on the blockchain, and (ii) the creative content. The creative content is separate and distinct from the actual asset recorded on the blockchain. As such, the person or entity that created the creative content owns the copyright. The content creator continues to own the copyright, even if the NFT is sold to someone else. It’s analogous to Jeff Koons selling artwork he created—Koons can sell the art to one person to hang on their wall, but since Jeff also owns the copyright, he can sell that same artwork as an image on t-shirts.

https://bpp.msu.edu/magazine/nfts-what-you-need-to-know-to-protect-copyrights-june2022/

NFTs are literally just URLs, pointlessly stored on "the blockchain". URLs that point to servers which can be switched off at any moment.

[–] FiskFisk33@startrek.website 6 points 2 months ago (10 children)

wait, what are you even buying then?!

I thought (i) at least served as a proof of ownership for (ii)...

[–] vithigar@lemmy.ca 4 points 2 months ago

At best you're buying into a collective agreement of ownership among those also participating in the NFT ecosystem. You own a thing because a large enough group of people agree you own it and respect the authority of that token.

At worst you've been scammed and are trying to convince yourself the above is true and that said "large enough group" includes anyone at all capable of enforcing said ownership. Spoilers: it does not.

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