NFT Problems And Opportunities Dominate Web3 Summit At MIT

Following a three-day event in Manhattan, NFT.NYC’s 15,000 enthusiasts, a small gathering of top NFTs, blockchains, cryptos, movers and shakers will meet at the MIT Media Lab in Cambridge on June 30th. Spent a fierce day of panel discussions and networking. Link Ventures At the Imagination in Action Web3 Summit founded by John Werner’s managing partner. Despite the generally enthusiastic mood, much of the NFT (non-fungible token) debate revolves around intellectual property, copyright, and other issues facing the still-early industry. I did.

Reach Chris Swenor’s CEO and founder believes that “no one really provided the added value of blockchain yet,” but the power of NFTs is that NFTs “have the ability to create their own rules.” I admitted that it is in the fact that it provides “ownership of self-sovereignty”. A panel on Web3 innovation.

NFTs are often associated with artwork and profile photo collections (called PFPs). However, the panel covered a range of applications that transcended art – games, entry into the Metaverse, and the use of NFTs in the sports sector.

The gaming industry in particular seems a bit reluctant, but especially ready for NFT adoption. Game NFTs totaled $ 5.17 billion in 2021, according to a nonfungible.com report. Web 2 interactive world-building games have already created an environment for users to own and exchange tokens in-game. Combining this with Web3 and blockchain technology, there is more play to win blockchain-based games.

“You have trained the entire generation to build and train in these virtual worlds. It’s like training wheels in the Metaverse,” said co-founder of the Animoca brand Yat Siu. Animoca hosts some of the most popular blockchain-based games such as The Sandlot and REVV.
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Motor sports.

In sports, NFTs have been discussed as a greater tool for fan involvement. Major leagues in both the United States and the world are using technology to bridge the gap between fans, teams, and players. The NBA’s top shot collection is ranked as a top collector’s collection, with a volume of over $ 951 million. DappRadar.. The NHL, MLB, and NFL have all partnered with various markets to create their own NFT collections, and the F1 team has launched a limited edition NFT with their respective crypto and blockchain sponsors.

Todd Cooper, CEO and co-founder of NuArcaLabs, said:

The panel’s big questions focused on the potential Web3-driven team-owned structure. By integrating NFTs with DAOs, Decentralized Autonomous Organizations, speakers were cautious about giving fans too much decision-making power.

Moderator Khalid Jones jokingly pointed out the “cost of cheerfulness” as the main reason for limiting off-chain decisions to professionals. “I think we see things like” d “,” a “,” o “,” he adds, adding to the team structure that features partially decentralized ownership. Mentioned.

However, the main NFT panel focused on the legal aspects of token ownership. Creators and legal scholars discussed the current rights of NFT creators, owners and markets.

“How do I actually encode intellectual property rights into tokens?” Asked NFT artist and legal scholar Primavera de Filippi. Currently, intellectual property rights vary from token to token and are not always clearly defined within smart contracts.

Questions about legal ownership of digital assets are now at the heart of the NFT world as Yuga Labs, creator of the Bored Ape Yacht Club (BAYC), the largest NFT collection by Floorcap (862,828 ETH).
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). bring the action Critic and self-proclaimed “conceptual artist” Ryder Ripps sought to reduce the value of the brand. The proceedings allege that the rider used the original BAYC artwork and sold the “RR BAYC” NFT as a BAYC product. BAYC has one of the most generous approaches to ownership, giving owners unlimited commercial rights to boring apes, including the right to create derivative works.

After Yuga Labs acquired CryptoPunks and Meebits and other popular NFT collections, Yuga Labs came to have a market capitalization of $ 8.1 billion in March. Dapp Radar..

However, this generous approach to NFT rights is not standard. Other large NFT collections often stick to limiting ownership to licenses, even if they exist explicitly. With CryptoKitties and Doodle, owners can commercialize NFTs as a commercial product, but their revenue limit is $ 100,000 per year.

“Neither rights nor rights are inherently good or bad,” added NFT artist Nacho Gonzalez, adding that the industry is concerned about the ambiguity about what rights will be transferred during the sale of NFTs. I pointed out again.