NFTs are the newest hype in the world of cryptocurrencies, according to NYTimes. While they were first introduced in 2014, they have recently gained popularity among the masses due to their usefulness and benefits.
An NFT is a digital asset that has brought art and technology together. Any digital work or even aphysical item that can be represented in digital forms, like a photograph or scans, can be used as an NFT. People can sell and purchase NFTs, much like selling cryptocurrency.
Copyright Implications of NFTs
NFTs are also subjected to copyright and IP laws like any other traditional art piece. When a person creates an NFT, they automatically become its copyright owner. It protects their original work from copycats, and gives them certain rights over their NFT. Some of these rights are:
- Only the copyright owner can create duplicate copies of an NFT
- Only the copyright owner can distribute copies of an NFT
- Only the copyright owner can showcase an NFT on a public website
If a non-copyright owner does the things mentioned above, they will be breaching copyright laws, and can receive a punishment based on local copyright laws. However, you are allowed to make copies of an NFT, if you have received a licence from the original NFT owner.
You can sell your NFT in a marketplace, either by creating an auction on your selected NFT, or displaying it with a fixed price on a marketplace. The buyer will first have to get a digital wallet to store the NFT, and then purchase cryptocurrencies that the seller accepts.
The New NFT Marketplace by Ayozat
Ayozat is a media and technology company that offers numerous services, including content creation, advertising, and broadcasting. So far, it has helped many businesses establish their TV channels, and achieve success in the entertainment industry.
Ayozat is now going to launch its own NFT marketplace for copyright trading, to help emerging NFT creators sell their tokenized licences around the globe.
Lately, the company has signed a copyright acquisition contract worth $50m (£38m) with the entertainment copyright specialist, Lumi AG. Around 100,000 songs by popular stars like Michael Jackson, Eminem, Snoop Dog, and the Bee Gees have been secured in this deal.
Ayozat is planning to use QuidCoin (QUID) to power its marketplace. The new NFT marketplace will host a wide variety of NFTs. It creates an incredible opportunity for Ayozat users to invest in music, cryptocurrency, and digital assets.
With the increase in the popularity of NFTs, it is expected that these digital assets will transform the music world in different ways in the coming years. It is a moment of pride for Ayozat to offer a specific kind of NFT that can revolutionise the music industry.
Ayozat encourages NFT creators from all over the world to use this platform to display and sell their work. The new NFT marketplace mainly hosts NFTs related to the entertainment industry, but there are plans to expand this further. From movies and video content, to thousands of in-game assets and skins, you can find a vast collection of NFTs in the Ayozat NFT marketplace. Check it out here – https://ayozat.co.uk/.