NFTs without copyright?

Good Morning, Switchers 🌞

👋Welcome to Switch Daily.

How is it going? We're racing into the weekend because it's party season! But, hey, it's not a party unless there's some steamy goss, right?

Get this, Cardano’s founder—Charles Hoskinson, has plans to buy the giant crypto media outlet Coindesk. Why? Coz he feels that mainstream media has gone off track, and he wants to bring integrity to the journalistic space again.

Wait, isn’t that the reason why Musk took over Twitter too?

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Here’s what we’ve got for you today:

• Market pulse

• You don’t ‘own’ your NFTs

• Steaming news

• Meme of the day

Market pulse 📈

The market is back on track 😎

The crypto market recovered after gained upward momentum. With most of the top cryptos trading in the green zone, the crypto market cap rose by $18.81 billion to end the day at $936.07 billion.

Among the gainers, XRP and ADA added 3.49% and 2.91%, respectively. BNB, DOGE, and ETH also found strong support, while BTC ended the session at $21,000 for the third time in four sessions.

NFTs without copyright?

What does owning an NFT actually mean?

Many ask this question, but only a few stay until the end of the answer.

For starters, owning any tokenized digital art does not give you a copyright of the given visual. Basically, upon minting, we become the legal owners of an NFT. But, this ownership gives you the license to use the image in a limited way.

However, for an NFT project, the copyright to the digital art is owned by the project’s team, including the artist who created it.

But what the heck is this “copyright,” and why do we want it anyway?

Copyright is part of a wider law branch called Intellectual Property (IP) which has other areas like Patents, Trade Mark, etc. Image Copyright can be transferred to another person through a legal contract called Copyright Assignment Agreement (CAA).

Now, since NFT holders don't actually “own” this digital art that you found really cool. All you can really do is, use the NFT image as allowed by the license.

And what are these licenses?

There are several different types used by different projects. But the two most common licenses used in NFTs are —

Commercial License - These allow holders to monetize the digital content. It can be a limited license in terms of the revenue cap, duration cap, etc. Example — Azuki.

Creative Commons (CC) License - This makes the use of an NFT open source. It is no one's exclusive right, and it is everyone's (public) right to use the NFT images as they wish. Example — Moonbirds.

Buying an NFT is like renting a house. You live in it, you eat in it, you sit it in, you sleep in it. However, you don’t “own” it. All you own is limited access because you are paying rent.

But hey, there’s nothing wrong with renting, just like there’s nothing wrong with buying limited ownership of digital art via NFTs.

Just make sure what you are getting into before you are in it.

Note: None of this is financial advice, and we’re not financial advisors. We’re merely your fellow investors who share information on the go. 

What else is trending? 📻

🚀Litecoin ($LTC) Hashrate Hits New All-time

Litecoin ($LTC), a cryptocurrency often referred to as the silver to Bitcoin's gold, recently saw its hashrate reach a new all-time high, as its price continues to rise ahead of its upcoming halving event.

🦸Trump NFTs Sales Surge by 800% again

Donald Trump's NFT collection encapsulated much of the wild volatility of the NFT space in its first five weeks: it faced widespread ridicule but eventually sold out, then saw prices and sales surge before quickly collapsing. Sales have recently resumed their upward trend.

💡Ransomware Payments 'Significantly Down' in 2022

According to a new report from Chainalysis, ransomware payments are down 40.58%.Ransomware attackers extorted at least $456.8 million in funds in 2022, up from $765.6 million the previous year.

Meme of the day

Thank You,

See you later, folks. 👋

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