The specialized media has given special prominence to NFTs. Non-Fungible Tokens are part of an abstract concept which, in the world of the Internet, did not take long to go viral due to the values involved in their commercialization.
This concept, however, began to be developed almost a decade ago through the use of blockchain technology. This technology is important in this context as it works like blocks that always carry a digital fingerprint, which is reproduced in the next block along with its own content. The blockchain is also used to enable the design of cryptocurrencies, with the aim of storing this digital file in a decentralized and secure network.
Initially, it should be clarified that a token is a term used to digitally represent a physical element. Thus, an NFT is a type of token that allows this digital file to be represented in a unique, non-fungible way. This means that an NFT cannot be exchanged for another, as is the case with money, being unique copies of digital files, equivalent to works of art and rare objects.
Thus, NFTs include, by design, the idea of a technical and verifiable digital scarcity, in order to prove the digital ownership of a given intangible asset, and are commonly used in the world of digital collectibles which, until then, were copied unlimitedly.
Consequently, an NFT registration transforms any creation in the digital universe into a unique, exclusive and authenticatable asset, through the use of immutable blockchain technology. In this respect, the use of a blockchain network to register NFTs guarantees the copyright of the creators of the most diverse intellectual works in the digital environment.
This operation makes it possible, in a more practical way, to visualize the commercialization of digital works of art, so that the author of the work can certify its authenticity, adding value to their creations. It also makes it possible for the author to earn on the resale of the work, giving even more value to their artistic contribution and creative effort. However, it is important to understand that NFT does not mean buying the work or asset itself, but rather its digitally authenticated version.
Other uses of the NFT involve applications with unique digital items, such as crypto-art, crypto-collectibles and crypto-games. In the latter, NFTs are used to represent the game’s digital assets, allowing them to be traded on third-party marketplaces, without the need for permission from the game’s developer.
Currently, the most “viral” use of NFTs, memes, involves million-dollar transactions. The most expensive NFT in history was the Doge meme, an image of a Shiba Inu dog, which sold for 20 million reais, according to NBC News.
Thus, for the creators of intellectual works, the advantages of registering their creations in this new format are diverse, including the guarantee of recognition of authorship, greater control over the use of the work and the guarantee of compliance with the resale right, which refers to the transfer of part of the resale value of the work to its author.
The use of NFTs can even expand the application of the resale right, insofar as, when the work is registered on the blockchain network, it is possible to establish rules for compensation for any future appreciation and participation in any transfer of ownership, in addition to registering the authorship itself.
It is important to clarify that submitting a work for registration as an NFT does not change the copyright in any way from a legal point of view. All the rights provided for in the relevant legislation remain protected for the author of the work.
In conclusion, the use of NFTs can be an important weapon in the fight against copyright infringement, since it makes it possible to identify and protect the author of digital work.