Written by Grace, Footprint Analyst
Date: 2021/11/11
Data Sources:NFT Dashboard
Data Sources:
What are NFTs? why is it hot
In July 2021, the Republic of San Marino issued the world's first national vaccine passport NFT.
In August 2021, the famous NBA star Stephen Curry announced that he had purchased an NFT Twitter avatar of a monkey with the content "boring ape" for $180,000.
There is a saying in the market: everything can be NFT. It is a "new explosive traffic" in the blockchain world this year. According to the latest data from Footprint Analytics, the total volume of NFT market transactions in the third quarter exceeded US$9.9 billion, an increase of 832% from the second quarter. From the perspective of the overall trend, the NFT market transactions in the past four months compared with the market in the previous two quarters. Being active means that more players have entered the NFT market.
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So what exactly are NFTs? NFT is the acronym for Non-Fungible Token, and the Chinese name is non-homogeneous token, non-homogeneous token. Because it is recorded on the blockchain digital ledger, each token/token represents a unique digital data and is unique. This means that the two NFTs are completely independent and cannot interact freely.
exist"exist"Footprint: How to find NFT projects with growth potential?
"In the article, it analyzes the collections and game fields that NFT mainly attracts attention at present, and how to dig out high-quality NFT projects from multiple angles.
Why can the NFT market become a tens of billions of existence? The reason can be attributed to the following three points:
The pursuit of "genuine" and scarcity by digital asset enthusiasts is that rare things are more expensive.
NFT technology solves the problem of financial intermediary costs. Some people believe that NFT is the materialization of metaverse power.
For artists, the payoff from this form of economy is a lucrative income. NFT is a better channel for content creators to "realize" their works.
What can I get when I buy NFT?
There are three parties involved in the casting and trading of NFT: the creator of the original work, the creator of the NFT, and the buyer of the NFT. Taking painting as an example, the creator of the original work created a painting, and the NFT creator cast it into an NFT on Open Sea and put it up for sale, and the NFT buyer bought it.
When the creator of the original work and the creator of the NFT work are the same person
The ownership of rights will be stipulated in corresponding terms and stated in the smart contract of the platform to declare what rights buyers of NFT works can obtain from creators.
Usually, the agreed rights are only the rights attached to the minted NFT works, not the rights attached to the original works in reality. For example, the contract of Christie's auction house indicates that the purchased NFT only obtains the ownership of the NFT, storage, sale, disposal, etc., but does not need to own the intellectual property rights of the original work mapped by the NFT.
Therefore, buyers who purchase an NFT cannot obtain any rights to the original work mapped by the NFT, unless the contract specifically stipulates otherwise.
When the creator of the original work and the creator of the NFT work are not the same person
If the minter is not authorized, there will be a risk of being sued for intellectual property infringement. At that time, if the minted NFT work is removed from the platform due to infringement, the NFT purchased by the buyer is equivalent to buying a loneliness.
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Obviously, buying an NFT does not get the physical work itself mapped, nor does it enjoy copyright or any other rights to the mapped work. Only the rights specified in the smart contract in the rights attached to the NFT work can only be obtained. For example, the common right to use is to convert the purchased NFT paintings into physical paintings by downloading, printing, etc., as a decorative painting for the room.
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