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New Research Paper on BuyEssayfriend Blog. Why Does the Internet Talk about NFT?
The next economics student’s research paper may go easily about an abnormal popularity burst of Non-Fungible Tokens. But what’s all the mess about? Educational blog for students with writing tips and lifehack tips and research which helps students with university life.
NFT storage can be compared with an art gallery. To say, it showcases original Picasso paintings, trendy art installations, and Ancient Greek statues. What do they have in common?
They have no analogs in the world. That means, if the collector buys Banksy’s Morons (White), this person becomes the only legal owner of the painting. Not counting copies, which depict the same image but have no Banksy’s signature.
And if this person burns the painting, the world can say farewell to one more unique masterpiece. Or not, if it’s digitized and converted into a one-of-a-kind Non-Fungible Token, preserving its initial originality.
That’s how the token of Morons was sold in March 2021 for four times as much as its canvas ($95,000 vs. $380,000). Digital painting is still possessed by only one collector in the world, so technically, nothing has changed.
But it raises a series of questions.
Where Did It Suddenly Come From?
The first NF token was created seven years ago, in 2014. But the surge of an Internet addiction during the lockdown and the development of cryptocurrencies have made them a profitable holding for crypto millionaires. Recent legendary stakes of more than $100,000 for clips, digital art, and music tracks raised the popularity of this blockchain feature in days.
The blockchain (or database) token is pinned to one owner and cannot be exchanged for any other token. However, it’s not prohibited to sell it. In this case, either all money goes to the seller, or the author who created and uploaded the token gets additional royalties.
Primarily, NFTs are occupied by collectors and artists. But sometimes, even more curious things take place: for example, when CEO specialist Jack Dorsey sells his first tweet for $2,9M (which he then transfers to Africa Response Fund).
What Does It Mean for Copyright?
Non-fungible tokens allow famous creators to get millions of dollars from things they would never sell in normal conditions. They are, for example, Gucci Ghost hypnotizing gifs for $1,000 or a Nyan Cat remastered gif that has been sold already on its anniversary for $600,000.
But what about the ownership? Internet privacy rights are quite vague. You can buy Beeple’s video for six million bucks, and millions of people will still watch it freely on YouTube.
Plus, what if you bought a piece from a fraud who just stole someone’s art? Would it count as if you were owning an original? And what if one of numerous blockchain platforms turns down? You will lose all links and proprietary rights merely in a second.
Opinions have divided. Some intentionally invest in prospective, fast-growing NFT platforms, while others seem to have fun trying out new features of cryptocurrency. People take tokens as the opportunity to support the thrive of digital art and receive a pleasant bonus while in fact donating cash to charities. Other investors are devoted gamers, sports fans, and various collectors who hunt rarities of their specific interest.
How Far Can It Go?
NFTs have the giant potential for real. Given the extension of e-market and services, files tied to only one person on the Internet can give birth to lots of ideas. For example, providing virtual diplomas, certificates, and papers that cannot be forged. But that’s only assumptions that are yet to be proved. And if you’re interested in this state-of-art topic, why not give it a piercing look of researcher?