Cryptocurrency
NFT: Paying for air or an asset?
Published
3 weeks agoon
By
letizo News
NFT is the most discussed digital trend right now. While some users have joined the chase for the most unusual crypto-art, others do not understand the real value of tokens.
NFTs are incorrectly classified as digital currencies because they are digital certificates of ownership; that is, they are intellectual property objects, as they are the result of human intellectual activity.
Let’s deal with the concept of NFT
Often “token” refers to any cryptocurrency or crypto-asset, which, in fact, only creates more confusion. The closest to the truth defines a token as a certain unit of account, which itself is not a cryptocurrency. In fact, it is a special registry entry that certifies that a certain person owns the right to a certain asset.
The term non-interchangeable can also be replaced with the word “unique” – its specificity is that each token is specific and cannot be exchanged or replaced with another token of the same kind.
It turns out that NFT is a unique record in the registry, confirming a person’s right to a particular asset. As a rule, NFT is used to secure the right to unique objects from the virtual world, which are most often intellectual property objects.
NFT copyright. Is it real?
An NFT is only a certain record that confirms the right to a unique object – the token itself cannot be copyrighted.
This is because the non-interchangeable token itself, although it has its expression in objective form, was not created by creative labor, and this is the key criterion for recognizing a particular object as a copyright object. Also, the attribution of the NFT itself to intellectual property objects simply does not fit into the logic of its essence: the NFT – something that certifies the right to the object of intellectual property.
BAYC monkeys – a club for a select few
NFTs are now actively used to sell digital objects. For example, one of the most popular has become a collection of NFT BoredApeYacht Club (BAYC), which presents a collection of pictures of “cartoon” monkeys, which are procedurally generated by an algorithm. Why did the creators of these pictures decide to use NFT to distribute their works?
NFT contains information about the rights to the image to which it is “attached”. In the case of BAYC, this is exactly the situation: ownership of NFTs gives their owners access to a closed online club, exclusive in-person events, and also certifies their exclusive right to the said image and the character depicted in it.
In this case, non-exchangeable tokens are very much like uncertified securities, which also certify binding and other rights and also have no tangible medium.
Where are the borders?
For many people, it is not obvious that an NFT associated with a work or an object from the real world may not give the owner of a token any exclusive rights to that object. Unless the terms of purchase specifically state that an NFT certifying an exclusive right to an intellectual property object is transferred to the purchaser, it must be assumed that the NFT merely certifies ownership of a digital copy of a particular object.
By acquiring NFT, its new owner can not dispose of the rights for the work itself, to prohibit third parties from using or independently process the work without the consent of the right holder. He can only determine the fate of the copy he has inherited, without becoming the copyright holder for the work itself. The rights holder himself/herself is not restricted to create a few more digital copies of his/her work, issue new NFTs to certify ownership of them, and sell them to other purchasers.
It will work the same way in the other direction – if a person is not the owner of the exclusive right to a work, he is not entitled to issue an NFT certifying the right to such a work either.
Conclusions
It may seem that an NFT is just a risky investment which cannot perform any useful function. That’s not entirely true: in addition to selling images of monkeys and other digital art, NFTs can be used for more useful purposes
Recently the Japanese startup ABCRECORDS created a marketplace where anyone can buy NFTs entitling them to use a piece of music in their social networks and, subject to a special questionnaire and an agreement with the rights holder, the owner of the token can also obtain the right to use the music for commercial purposes.
If the NFT is resold, these rights will pass to another person, and the author of the work whose rights are certified by the NFT will receive a certain percentage of the resale amount.
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Cryptocurrency
The Balance: Bitcoin bearish trend hasn’t stopped Americans from investing more in cryptocurrencies
Published
4 hours agoon
August 8, 2022By
letizo News
Analytical resource The Balance posted a report stating that 39% of U.S. investors have become more invested in cryptocurrencies, despite the bitcoin bearish trend.
According to the report’s author, these Americans are looking for new investment avenues to preserve their savings amid economic uncertainty.
Meanwhile, 41% of survey participants said they invested more in stocks, and about a third of them invested more in exchange-traded funds and exchange-traded index funds amid market uncertainty. Thirty-four percent of investors reported no change in their investment habits.
Slightly more than a quarter of investors surveyed admitted to investing less in assets. Nearly 20% of those surveyed admitted to investing less in cryptocurrencies this year. The report’s author argues that investing in cryptocurrency in times of uncertainty is more popular among young people.
Nearly half of millennials and Generation Z investors (age 41 and younger) said they prefer cryptocurrency – as opposed to just under a third of Generation X investors and older. The online survey was conducted from June 30 to July 9, 2022, and surveyed 1,200 Americans over the age of 18 who at least partially manage their finances.
However, according to Bank Of America, the number of active cryptocurrency users is down more than 50 percent from its peak last November.
Cryptocurrency
Cumberland: institutional investors give bitcoin growth predictions as high as $32,000 as early as 2022
Published
4 hours agoon
August 8, 2022By
letizo News
US market maker Cumberland conducted a survey of institutional investors and found that most respondents were making bitcoin growth predictions as early as this year.
It is worth emphasizing that most of those surveyed are convinced that the crypto market will continue its decline in the near future. Analysts stress that the value of the main coin in the world of cryptocurrencies can fall to 16000 dollars. After that, Bitcoin should quickly recover the lost positions. At the end of the year, the value of BTC could reach $32,000. Cumberland experts point out that investors remain bullish.
“Even with the current bearish trend, these results are not surprising. After all, those surveyed are trading cryptocurrencies, which means they believe in bitcoin. If they didn’t have this attitude toward BTC, they would continue to trade forex,” Cumberland analysts said.
Respondents do not expect any success in the stock market, despite the significant correlation between the stock and markets in recent months. According to institutional investors, the crypto market, at least in the near term, will depend significantly on the U.S. Federal Reserve’s decisions on prime rates and “other Fed moves.”
Cumberland analysts have previously said that the recovery of the market will be determined by the rate at which assets move from insolvent to solvent companies.
Cryptocurrency
Is dogecoin a good investment? Elon Musk: Dogecoin is much faster than the Bitcoin network
Published
4 hours agoon
August 8, 2022By
letizo News
Is dogecoin a good investment? The CEO of Tesla again spoke out in support of Dogecoin. He stressed that the “meme cryptocurrency” network can process significantly more transactions than the Bitcoin network.
During a conversation with a podcast host, the head of Tesla and SpaceX said that the popularization of DOGE is paying off. The coin is increasingly being used as a full-fledged means of payment. As you know, coins can be used to buy goods and pay for various services of several large companies. The most important advantage is the high speed of transactions. Usually it takes no more than a minute to process a transaction online.
“To be honest, I mostly support DOGE because this cryptocurrency has memes, dogs, the developers have a sense of humor, they don’t take the project too seriously. And with all that being said, it’s strange that though DOGE was invented just as a joke, the actual throughput of the Dogecoin network is much higher than Bitcoin blockchain,” said Tesla’s CEO.
Ilon Musk also reminded that Dogecoin’s inflation model allows it to issue 5 billion coins annually, while Bitcoin’s number is limited to 21 million. And this makes DOGE much more suitable for use as a payment currency.
Recall that Tesla sold most of its bitcoin holdings amid falling cryptocurrency markets.
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