NFTs Excite Hollywood But Not Because They Can Solve Piracy
The Motion Picture Association (MPA) has shared its views on NFTs and related technology. Responding to a consultation launched by the Patent and Trademark Office and the Copyright Office, the MPA sees plenty of commercial opportunities for NFTs but doesn’t believe the technology will help to fight piracy or manage copyrights.
The fleeting non-fungible token (NFT) craze showed that some people are willing to pay vast amounts of money for digital assets that are not guaranteed to retain their value.
These digital entries are stored on a blockchain and allow buyers to prove that they are legitimate ‘owners’ of some underlying asset or right.
While NFTs don’t grant copyrights, NFT owners are ‘rights’ holders in a sense, although the specifics may vary from project to project based on the fine print.
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