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News 8 spoke with copyright and intellectual law expert Steven Fox by phone to break down how NFTs apply to copyright law, but let’s establish what copyright actually is. Any rando can now turn your tweet and by extension, your artwork into an NFT by tagging this account this guy /JeHXwcoYFV- RJ Palmer MaCopyright Prominent and the most valuable cryptocurrency Bitcoin and others, are registered in an online database through technology called Blockchain - a remarkably safe system that only allows the addition of information, in form of “blocks” of information.Ĭool new scam artists should be aware of. It is a kind of currency that is traded online instead of in person. This has concerned many artists that their digital art will no longer belong to them, and that their copyright will be null and void.īefore we get too deep into this, let’s backtrack with some key terms: Cryptocurrency
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Once the art has become a token and its information is inscribed in a block on the Blockchain, it can theoretically be bought, and someone owns the token. However, a dark side of this has emerged, as a number of prominent digital artists have seen their work claimed as a NFT on Twitter without their permission. It was spurred by a recent announcement that indie band the Kings of Leon would release their latest album, “When You See Yourself,” as a non-fungible token. (WROC) - Following a recent rise of Bitcoin, not to mention the “dogecoin” touted by Elon Musk, one of the hottest terms for investors is “cryptocurrency.”īut now, another related term, “non-fungible token” (or “NFT” for those short on time) is making waves.