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Valued at over $99.7 billion by 2023’s end, the global entertainment industry has started to dip its toes into NFTs — today’s newest revenue stream.
While the art world is primarily responsible for some of the most expensive NFTs ever sold, the NFT space is still nascent enough that there is plenty of room for household entertainment conglomerates like Warner Bros., Disney, Marvel, DC, and the like to find their place in what many have started to reference as the future of entertainment, or Entertainment 3.0.
By leveraging billions of dollars worth of intellectual property, production companies and entertainment studios have started to welcome conversations about how to strategically inject NFTs into their IP ecosystem. Perhaps even more crucial though are the conversations happening around that intellectual property and its licensing.
Enter the NFT License.The “6 Bundle of Rights”
What exactly is a prospective buyer acquiring when they mint an NFT? Does the buyer retain full ownership of their NFT? Meaning, can they do whatever they want with it — whether it’s for personal or commercial gain? Or is there some limitation or restriction to its commercial use?
U.S. Copyright Law grants copyright owners (or in this case, NFT creators/issuers) six exclusive rights over how their work is used and distributed:
Right to reproduce the work;
Right to create derivative works based on that work;
Right to distribute copies of the work;
Right to perform the work;
Right to publicly display the work; and
With sound recordings, the right to perform the work publicly via digital audio transmission.
Of these six exclusive rights, the NFT community has already stumbled across four of those rights as they affect copyright and trademark protection:
the right ‘to reproduce the work,’ as seen with the Nike/StockX lawsuit;
the right ‘to create derivative works,’ as seen with SpiceDAO;
the right to ‘distribute copies of the work,’ as seen with the ongoing Miramax and Quentin Tarantino lawsuit; and
the right to ‘publicly display the work,’ as seen in the ongoing lawsuit between Hermès and Mason Rothschild.
Let’s briefly explore how each of these rights has come about in the space, forcing the legal landscape to address the relationship between NFTs and IP law.Lawsuits and other legal issues with NFTs SpiceDAO
Back in January 2023, a collective known as Spice DAO made headlines for one of the silliest mistakes to occur in the NFT space. The collective spent a hefty $3 million on Alejandro Jodorowsky’s copy of an unpublished manuscript of the film Dune, mistakenly believing that the ownership granted them the film’s copyrights as well.
Upon the purchase, the DAO took to social media informing users of its then-intent to produce an “original animated series” inspired by the original book, to then hopefully be sold to a streaming service for which it would require copyrights.Miramax v. Quentin Tarantino
Miramax, the film’s distributor filed a federal lawsuit in California against Tarantino, arguing a myriad of issues, but as it relates to NFTs — copyright and trademark infringement. They alleged that Tarantino doesn’t have the legal rights to create and sell the NFTs without misappropriating Miramax’s goodwill, as well as creating a “likelihood of consumer confusion,” where consumers could believe that Miramax either created or endorsed the sale of those NFTs.
The case is currently in litigation.Hermès v. Mason Rothschild/MetaBirkins
Back in January, French luxury fashion house Hermès filed a complaint against California artist Mason Rothschild. In December 2023, Rothschild announced his “MetaBirkins” NFT project — virtual art that depicted Hermès’ Birkin bags and trademark. The fashion house argues Rothschild’s misappropriation of Hermès’ Birkin trademark, while also profiting off of Hermès’ goodwill on over 100 digital collectibles.
The case is currently in litigation.Nike v. StockX
In February, Nike filed a lawsuit against online sneaker resale giant StockX for selling its “Vault” NFTs without permission.
The complaint alleges that StockX intentionally and knowingly used Nike’s trademarks without authorization to market and subsequently mint the NFTs, arguing that this project is “likely to cause consumer confusion,” as Nike never authorized nor participated in the project.
The case is currently in litigation.The NFT license
In most cases, NFT creators have specifically restricted all commercial use of NFT artwork, prohibiting buyers from commercializing their NFT.
However, we have seen a few instances in which NFT projects — such as CryptoKitties, CryptoPunks, and Meebits — have adopted the “NFT License.” The license provides buyers with a “limited license” to use, copy, or display their NFT art “for the purpose of commercializing their own merchandise.” The “catch,” however, with the NFT License in most cases, is some annual gross revenue cap, such as CryptoKitties’ $100,000/year gross revenue cap.
Let’s take a look at some of the ofter NFT projects that give users a license to their NFTs.Bored Ape Yacht Club (BAYC)
Yuga Labs, the creators behind the BAYC collection, allows for its holders to fully commercialize their individual Bored Ape, “owning the underlying Bored Ape, the Art, completely,” according to its terms and conditions. Additionally, Bored Ape purchasers obtain “an unlimited, worldwide license to create derivative works based upon the underlying art” with no cap on the revenue.
However, it’s worth noting that the copyright doesn’t immediately vest to the new owner of the BAYC NFT. Rather, a written assignment is required to perfect the copyright transfer, as there is no assignment provision in the underlying smart contract.
Based on feedback from the community, monetizing a Bored Ape’s commercial use rights is extremely difficult, as the buyer is ultimately competing with BAYC itself which maintains the sole, legal rights to use their logos and other non-token specific IP.World of Women (WoW)
Taking BAYC’s approach a step further, the World of Women (WoW) NFT project assigns all of the rights, title, and interest to the intellectual property underlying the art to the buyers of the NFTs.
However, it’s limited to non-commercial use. In its terms and conditions, the project speaks directly to trademark concerns, informing buyers that they are allowed to use the terms “World of Women,” “WOW,” or “WoW” when using the underlying art for non-commercial purposes.What are ‘Royalty-Free’ NFTs?
Similar to ‘royalties’ that are often made to a business or an individual for the ongoing use of their assets, the NFT space also requires a conversation about how royalties are assessed and distributed.
NFT royalties give a creator a percentage of the sale price each time the owner/creator’s NFT work is sold on a marketplace. In most cases, these payments are perpetual and executed through a “smart contract” or code that controls the distribution automatically.
However, NFT royalties differ from traditional royalty payments in that these are automatic payouts made to the NFT owner/creator on secondary sales, without the need for intermediaries. While not every NFT yields royalties, they need to be written into the terms of the smart contract; otherwise, the owner/creator has no claim.ZINU’s ‘Royalty-Free’ license
Something new to the industry is the notion of ‘decentralized IP.’ As a case study, let’s turn to ZINU, which recently introduced its 3D, fully-animated “original zombie” NFT.
ZINU claims to be one of the industry’s first true cases of decentralized intellectual property in the form of a ‘royalty-free ’ NFT license. ZINU grants every NFT holder a royalty-free license to their specific ZINU character —whereby they can then use their individually minted Zinu for both personal and commercial purposes, without any royalty fees owed.
The company has repeatedly stated to its community that members of its Zombie Mob Secret Society (ZMSS) NFT collection will be able to leverage their own personal ownership of their piece of the Zinu brand, as it creates toys, collectibles, merchandise, and countless other opportunities across many different verticals.Bottom line
The entertainment industry has a long way to go as it begins to dive into the NFT space, but it needs brilliant minds to help navigate its nascent waters to help rebuild an archaic infrastructure that is both welcoming and fair for all creators and their communities to enjoy.
Andrew Rossow is an attorney and journalist who focuses on fintech and intellectual property law.
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We were entranced recently by a report of a young snake that tried to eat an old centipede. It seems the snake managed to swallow the centipede live, but then the centipede fought back, attempting to escape by eating its way out of the snake’s body. Really. Read the full story at NBC News—and read the paper, too, which was published in the journal Ecologica Montenegrina. It’s only a page long and worth every sentence.
This got us thinking about other predators that have tried to bite off more than they could chew. We found a number of examples in the scientific literature:Snakes eating snakes
This coral snake (Micrurus ibiboboca) asphyxiated while trying to eat a cat-eyed night snake (Leptodeira annulata), which also asphyxiated because it was, you know, stuck inside the coral snake’s body.
While it seems too meta for a snake to eat another snake, apparently some snake species actively prey on others of their suborder. Lab studies show that when done successfully, the prey snake gets scrunched up in waves inside the predator snake’s body. Among other things, it’s possible the coral snake here failed to bend the cat-eyed night snake’s body into waves, the snakes’ discoverers wrote in the journal Herpetology Notes.Too big
Here’s a photo and an X-ray of an Oxyrhopus petolarius snake that tried to eat a house gecko (Hemidactylus mabouia). Researchers in Brazil actually received the snake alive one day in July 2012. They put the snake in a terrarium, where it tried, unsuccessfully, to regurgitate its too-large meal. Researchers found it dead the next morning.
Skin Damage On, and X-Ray of, a Snake that Ate a Too-Large House Gecko
Apparently, among snake researchers, it’s well known that snakes sometimes die trying to eat things that are too big for them. It happens most often to juvenile snakes. Scientists think the youngsters over-estimate their own abilities, or are forced to try larger prey when they can’t find anything small, perhaps because their elders have already gobbled up the good stuff. Poor young snakes.A spiny fish
And here is the body of a grass snake (Natrix natrix), pierced by the spines of a brown bullhead fish it ate (Ameiurus nebulosus). Biologists discovered the snake, along with some of its unfortunate comrades, in a marsh in Bosnia and Herzegovina. The snakes are native to the region, but not the fish.
If you’re renting a home or apartment, relying solely on your landlord’s insurance for your own safety and that of the belongings in your space is unwise. Yes, the property itself is insured and protected from damages; however, it doesn’t reimburse you for your possessions, damages to appliances, and injuries sustained in the rented area, just to name a few.What Does Renters Insurance Cover?
Renters insurance provides:
Coverage of your belongings in the event of theft, fire or water damage, vandalism, a windstorm, hail, and other listed perils according to your policy. This includes furniture, appliances, electronic devices, and clothing.
Loss-of-use coverage. If you are forced to leave the rented premises owing to damage caused by a covered loss, your insurance provider will reimburse you for living expenses while you stay elsewhere.
Personal liability. It protects you if another individual sustains injuries or damage that you are liable for (i.e., a guest trips and breaks their arm in your house). This will cover the injured person’s medical bills.
Renters’ insurance does not go beyond your policy limits and provides compensation without your deductible.How Renters Insurance Can Help You Even When You’re Not at Home
As much as we don’t like to think about them, unfortunate scenarios happen all the time. Theft of electronic devices is one of them, and it’s a relatively common occurrence.Your Computer or Phone Gets Stolen
Personal electronics theft is prevalent in airports, trains, public transport, and crowded places. Getting a similar replacement laptop can be very expensive, depending on how sophisticated and new your previous one was. Luckily theft is an included peril in renters insurance, no matter if it takes place inside or outside the property, so you will be reimbursed for your computer.
There are two ways in which personal property compensation can occur: payment based on actual cash value or replacement cost.
Actual cash value corresponds to the initial sum you purchased your laptop for minus depreciation over time. Meaning you will not be reimbursed for the full price of your possession.
If you are reimbursed based on replacement cost, you’re paid for the price of a PC with comparable quality and functionality to your stolen one.
The same can be said about stolen phones, scooters, bikes, and other property at risk of being stolen when you are traveling, commuting, running errands, etc.
Top 6 Tips to Stay Focused on Your Financial GoalsProperty Stored in Vehicle Gets Stolen
Even if renters insurance does not provide coverage for your vehicle directly, it may take care of property compensation if it was taken out of your car. Be aware of your policy limits and the listed perils to know for certain that you are covered for this scenario.Fire Damage
Fires don’t have to be huge in order to be damaging – a minor kitchen fire that’s quickly put out can leave the surrounding furniture charred and affected appliances unusable. Considerable losses can be caused by something as simple as setting the temperature too high for cooking with oil.
If you have defective plumbing in your home, or your neighbors upstairs left their water running, and it flooded your space, you’re at risk of significant water damage. Tenants’ insurance will reimburse you for your belongings if they are damaged as a consequence of this peril.Covering Medical Bills
If another person sustains damages or injuries in your home, you are liable for it. Renters insurance helps to protect yourself from potentially pricey medical bills.What Renters Insurance Doesn’t Cover
Renters’ insurance often does not cover regular wear and tear, as well as damage or losses that happened prior to the purchase of the insurance or that were caused by factors not listed on the policy (excluded perils). Items broken accidentally will not be reimbursed.
Tenants’ insurance does not kick in for certain natural disasters, such as earthquakes.
If you have valuable items in your home (jewelry, collectibles, expensive gadgets), renters insurance will not suffice to protect them, and more coverage is required.
In short, renters insurance can protect you from serious losses and expensive replacements, repairs, and medical bills. It’s a very useful policy that can save you from trouble in common life situations. Get a quote and consider purchasing this policy to be confident in the safety of your belongings.
They say that travel is the only thing you can spend your money on that makes you richer. While that may sound like a cheesy cliché, it’s steeped in truth. Exploring the world opens people up to new ideas and perspectives, while enabling us to hone empathy and curiosity.
Before I embarked on a worldwide expedition, I was the textbook definition of an entrepreneur. I was overworked, overstressed, under-rested and couldn’t go five minutes without harping on the problems facing my business. I was entirely consumed by my desire to build a robust business, impress my investors, and achieve financial success. Like many other entrepreneurs who find themselves entirely consumed by their businesses, I hit the point of no return. After months of living like an irritable zombie I was forced to take a break.
Many entrepreneurs have found immense success and personal fulfillment from stepping outside of the daily grind and traveling the world. Some have even managed to make ongoing travel a part of their professional livelihoods. However, I wasn’t convinced I’d experience the same positive result. But despite my better judgment, I amused them and agreed to a month-long sabbatical; no laptop, no tablet, no smartphone, no email, and no social media. A month away meant not just physically spending time outside of my office, but also forcefully cutting myself off from the devices that consumed my time and fueled my obsession.Gaining Perspective
It’s easy to get wrapped up in your work. Our culture seems to celebrate workaholics, but this non-stop, obsessive attitude can start to warp over time. I used to lose sleep worrying about potential typos in investor emails or difficult conversations with investors. These daily challenges began to feel like the end of the world. But after visiting remote parts and seeing people live and thrive with limited means, I realized how inconsequential one bad meeting or failed design really is in the grand scheme of things.
I learned that it’s far more valuable to focus on the process of building a company than the end result. When I returned I began to have actual conversations with my employees – not just about current projects or industry trends – but about them and their goals. I went out of my way to show my employees I care and cultivate an open environment that values team and relationship building above sales goals and business wins. As the leader of my company, I saw that when I projected curiosity and happiness, company morale, as a whole, grew. When I started to actively engage employees, they took the initiative to build deeper relationships with the company themselves, which sparked some of their best work. Their own engagement and enjoyment in their work grew exponentially. Taking a step back to gain perspective enabled me to ignite a ripple effect throughout my company.Shunning Distractions
Our screens and devices facilitate almost every facet of our lives: we manage our money through online bank accounts, stay in touch with friends through social media, and communicate with clients and coworkers via email. If our devices were to suddenly stop functioning, it would feel like the apocalypse. Yet, for all of the efficiency they provide, there’s also a downside.
We are so tuned in to our screens, that we have tuned out from the world around us. Before traveling the world, I had a difficult time focusing on one task. I would start an email to a client, then check in on a vendor update, message an associate, or edit an investor deck. It wasn’t unusual for one email to sit in my draft box for an entire workday. All of the shifting back and forth fogged up my mind and left me incapable of fully concentrating. My mind was constantly jumping back and forth between items on my to-do list, and when I would finally accomplish a task it was often half-baked because my mind was elsewhere.
Traveling forced me to unplug, and the longer I went without a screen, the more present I felt in each and every moment. I was able to read a book (and fully retain the plot) without worrying about quarterly sales. I sat down to rewrite my company’s mission over one four-hour period – no breaks and no jumping back and forth between activities. Disconnecting enabled me to fully reconnect.
Since returning, I’ve made a conscious effort to eliminate screen time when possible; when I’m at the office my smartphone stays in my bag. Today, I step away from the office on a more regular basis and prioritize relationship-building. Experiencing the vastness of the world outside the confines of my office made me realize that getting too caught up in stress inhibits anyone from really living – and leading – to the fullest.
NFTs are all the rage, and for good reason too. But while the idea may seem new and radical to many, gamers have been dealing with similar concepts for ages in the form of exclusive, rare, and one-of-a-kind items. So, what is the difference between an NFT and, say, a unique weapon skin in CS: GO? Let’s figure that out.
Non-fungible token (NFT) is a direct, but obscure, term that’s sure to send your head spinning. But it’s a very simple idea. “Fungibility” is a simple concept referring to many items we use every day, to explain that you can exchange an item for exactly the same thing. For example, if you were to trade $1 for $1 you would, without becoming all philosophical, have exactly the same thing. But a non-fungible object means that there is no other item that is the same; the item is unique and cannot be directly replaced. This is most easily understood in the art, as there can only ever be one original painting like the Mona Lisa.
Examples are rampant: from buying the works of now-world-renowned digital artist Beeple, the Nyan cat gif, or even a tweet off twitter. To put it bluntly, an NFT can be anything as long as it’s unique.
The way NFTs stay secure and actually prove ownership is that they are stored on the blockchain, providing a public ledger that proves ownership and any transactions that have been undertaken with the asset in question.
This means that NFTs are essentially proof of ownership of a digital, non-fungible asset—and that can be pretty much anything.
Virtual goods and games
While blockchain NFTs are relatively new, similar things have been around in games for ages. Exclusive skins in CS: GO, Path of Exile alternative art items, certain Fortnite outfits, Runescape Party hats and much more are pretty similar to NFTs.
However, there is one clear difference: these game-based items are not found on the blockchain but are instead found on gaming servers themselves. This drops their inherent value all the way down to the big old zero; given that the creators of the game could duplicate, delete, move or remove any of these items at will.
Thus, the value of these virtual goods comes from price tags placed on them either by the game-makers themselves or by players in online marketplaces. That is to say: the value is as much as anyone will pay for it. This can of course lead to purchases such as CS: GO’s infamous Howl skin which sold for $130,000 due to a number of reasons, the prime one being that it had a very low float value (which corresponds to the quality of the skin).
Of course, this isn’t too dissimilar from NFTs, as many NFTs also thrive purely on perceived value—but the difference lies in the blockchain which provides the public ledger that proves ownership, value, and the ability to make transactions.
Existing on the blockchain also means that these items have inherent value outside of any given system. For example, if you were to put your favorite CS: GO gun skin onto the blockchain you would theoretically be able to remove it from the CS: GO context and it would retain its value. Obviously, this isn’t possible due to how it’s all currently set up, limiting CS: GO skins to remain within Valve’s ecosystem.
That said, there are certain places where you can buy and trade skins, such as Eldorado. gg. Their players can buy and sell CS: GO skins, Runescape party hats, and much more with cryptocurrency. But, while the items themselves are outside of the blockchain, they remain inherently different from NFTs.
Will gaming move towards NFTs?
According to a survey by digital media consulting firm Vorhaus Advisors, 63% of gamers say that they would spend more on virtual goods if they had real-world value and could be traded and sold for that real-world value.
On one level this is obvious: players would spend more if they are not “spending” their money but “investing” it in the digital goods which could then be sold on to make back the money. Or, in certain cases, even make a profit.
So, this all sounds great: gaming companies will just jump on board, right?
Well, there will be a tonne of teething issues before NFTs find a real home in gaming.
First of all, selling NFTs in-game would inherently be taking away some profits from game developers. Not only would they now have to ensure certain items have inherent value, but they would be allowing players to sell their items on the Blockchain and away from in-game marketplaces. This means that those cuts that developers charge for transactions would be going elsewhere, resulting in a huge dip in profits.
Secondly, as NFTs work on blockchain, they require transactions to be verified. This incurs gas fees which would need to be paid to the miners facilitating the proof-of-work on the blockchain—hemorrhaging more money to outside sources.
At least immediately, implicating NFTs seems like a challenge for developers. But if the craze continues, we can be fairly sure that NFTs will come to gaming.
So, while NFTs and rare in-game items are quite different, it seems like we’ll probably be stuck with just the latter for now—leaving the control with developers. However, as DeFi becomes more and more mainstream, it’s fair to say that there’s a good chance we will see gaming utilizing the blockchain in the years to come.
In today’s digital age, creators need effective tools to manage their online presence and engage with their audience. One such tool that has gained popularity is chúng tôi This free, all-in-one toolkit offers a range of features to help creators optimize their online profiles and drive traffic to their content. If you’re new to chúng tôi and want to harness its power, follow these simple steps to get started.
See More : Is chúng tôi Safe? Is it Secure and Trustworthy
To begin using chúng tôi the first step is to sign up for an account. Follow these instructions:
Visit the chúng tôi website.
Choose the social platform you prefer to use for logging in to chúng tôi Options include Instagram, Twitter, YouTube, and Twitch.
If your email is not already linked, you will need to connect your Facebook or Google account to ensure chúng tôi can reach you effectively.
After successfully signing up, it’s time to create your profile on chúng tôi This step allows you to showcase your online presence and provide links to various platforms and content.
Log in to your chúng tôi account.
Navigate to your profile settings.
Customize your profile by adding a profile picture, bio, and any other relevant information you want to share with your audience.
Beacons.ai provides a convenient way to consolidate your online presence by adding links to your profile. This allows your audience to navigate to your preferred destinations with ease.
Access your profile settings on Beacons.ai.
Locate the “Links” section.
Add the relevant links that drive traffic to your desired destinations, such as affiliate links, content, or other platforms you want to promote.
Once you have completed the profile setup and added your links and social media handles, it’s time to leverage your Beacons link effectively.
Copy your unique Beacons link from your profile.
Share it across various platforms such as social media, websites, or blog posts.
Use it in your bios or descriptions on social media to direct your audience to all the important links and content you want them to explore.
Monitor the analytics provided by chúng tôi to gain insights into your link performance and audience engagement.
Also Read : chúng tôi Login: A Complete Guide to Accessing Your Account
One of the primary use cases for chúng tôi is by content creators, including influencers, musicians, athletes, and gamers. The platform provides them with an interactive way to connect with their fans and followers. Through chúng tôi creators can engage their audience by offering custom video responses to their fans’ questions. This direct interaction enhances fan engagement and strengthens the relationship between creators and their audience.
Beacons.ai plays a crucial role in the events industry. Managing an event involves the coordination of various activities and the dissemination of important information to attendees. With chúng tôi event organizers can efficiently handle these tasks. The platform enables them to provide attendees with essential information such as the event location, booth locations of brands, event schedules, and announcements. chúng tôi also helps in guiding attendees through the venue and sending alerts on scheduled events. It enhances the overall event experience and ensures smooth operations.
Beacons.ai finds applications in the transportation industry as well. It offers a convenient way to inform passengers about routes, schedules, and important updates. For example, in airports, beacons can be utilized to provide passengers with real-time information about flight changes, delays, weather conditions, and gate locations. This helps passengers stay informed and enables them to plan their journeys more effectively. Several international airports, including Heathrow, New York’s JFK, and Frankfurt, already utilize this technology to enhance the passenger experience.
In the hospitality industry, chúng tôi can be used to provide guests with a personalized and seamless experience. When guests visit a hotel, restaurant, or bar, the platform enables establishments to send them relevant information about their visit. This can include details about the venue, menus, special offers, loyalty programs, and more. Additionally, beacons can be used for site visits and guest management, allowing hospitality businesses to streamline their operations and provide exceptional service.
Another exciting use case for chúng tôi is personalized video shoutouts. Users can submit various types of content, including images, PDFs, audio files, and videos. Personalized video shoutouts have become increasingly popular, particularly in the realm of celebrity greetings and influencer engagements. With chúng tôi users can request customized video messages from their favorite personalities, creating memorable and meaningful interactions.
Read More : What is Beacons AI: Empowering Creators with Innovative Tools
Beacons.ai offers creators a comprehensive toolkit to manage their online presence efficiently. By following the steps outlined in this guide, you can maximize the benefits of chúng tôi and drive traffic to your preferred destinations seamlessly.
Q: Is chúng tôi completely free to use?
A: Yes, chúng tôi is a free toolkit for creators.
Q: Can I customize my Beacons profile?
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Q: Which social media platforms can I link to my Beacons profile?
A: chúng tôi allows you to add links from Instagram, Twitter, YouTube, Twitch, and more.
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