How NFT copyrights work
In previous articles, it has been said more than once that NFT is a digital certificate for an item. For example, a picture, a video, and even a material object. But how does ownership work on the Internet, and is it true that the owner of the token is the full owner of what it is “tied” to?
Digitization for virtual and real items
A prime example is the first tweet from a Twitter founder that was converted and sold as NFTs. Isn’t possible to find it on the internet anymore? Of course, it is. Moreover, anyone will even find a link to the original tweet. So, what is the “trick” of the NFT token, and what are the rights to be bought?
The question is rather peculiar since the concept of tokens is relatively new. In the usual sense, NFT gives ownership of the purchased object within the blockchain and the virtual world. Bought a token of a handbag or new sneakers from the brand? Upgrade your digital avatar at some online event, or in a game with the help of them.
With Cifris, the NFT is tied to a real tangible object. For example, along with the token, you also acquire the physical sneakers or luxury item. This digitization and subsequent materialization is a new round in the development of NFTs and Cifris is at the forefront!
What features do people pay for when buying a token?
Let’s get back to the classic NFT view. What are you buying? The answer is — exclusivity and uniqueness. The feature of NFTs is that very few of them are from the same author or a brand. For collectors, connoisseurs, and fans — this is an additional item in the collection, and, subsequently — a great investment.
It is worth considering that some rare collectible NFT even after 1–6 months will increase in price simply because the entire collection is sold out. A striking example is the NFT collection called “Bored Ape”. In the spring of 2021, only 10,000 different monkey characters were released and all are unique. The initial price is 0.08 ETH (approximately $ 370). And they were sold out in 12 hours. Nowadays, it is possible to buy a monkey only in the secondary market. And their price starts from 70–75 ETH (already 300 thousand dollars). Particularly valuable specimens are valued at millions of dollars.
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By the way, there is another curious story related to them. The owner of the “Monkey” with the serial number 3547 mistakenly set the price for the lot at 0.75 ether instead of 75. Automatic bots immediately bought the lot, preventing the owner from withdrawing it from a sale. At present, this token is still available on OpenSea. As of March 2022, it is valued at 188.88 ETH, or a little more than 558 thousand dollars.
At what price should NFTs be sold?
It turns out that it is absolutely real to sell NFTs at any price that you set yourself. And it’s a good investment. Let’s get back to the copyright story. In the case of the same “monkeys”, token holders receive full rights to use them. For instance, they “give” an avatar for printing on T-shirts or other merchandise. And they also make money from it.
And what about tokens, for example, that were produced by the Hermitage? Does anyone own da Vinci NFT paintings? non-fungible tokens produced by this museum give ownership of the digital copy. You will have all the rights to exhibit a virtual picture in a digital art gallery. However, coming to the Hermitage and taking it off is not allowed.
Besides the rights to virtual property, you also get a specific item
There is another option for ownership — it is when a tangible item is attached to the token. It is, not just a virtual copy, but a real product. For example, along with Gucci NFT, you also get the right to acquire a real bag. The direction is new in the crypto market but is very promising.
But how to prove the ownership? Everything is simple here — all data about the owner of the NFT is stored in the blockchain. The algorithm of its work eliminates any possibility of data falsification. So you don’t need to additionally prove anything.
Go to the Cifris marketplace and choose your NFT. Become the full owner of a digital or material object, invest in the crypto market and get real benefits!
