Challenges and opportunities NFT is the chair of the Web3 Summit at MIT

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At the heels of NFT.NYC’s 15,000 enthusiasts, a three -day event in Manhattan, a small group of high -end NFT, blockchain and crypto, mobile and cloud computing gathered in Cambridge at MIT’s Media Lab on June 30th for a intense days of panel discussions and online. at Imagination in Action Web3 Summit hosted by Link Ventures co -founder John Werner. While interesting, most of the NFT (non-fungible token) talks about intellectual property and copyrights and other issues facing a profession in its infancy.

While Reach CEO and founder Chris Swenor believes “no one really contributes to the integrated value of blockchain,” he acknowledged NFT’s power in the fact that they provide the ” inherit yourself with the ability to make your own rules, ”he said. a class in the new Web3.

NFTs are often associated with art projects and image collections (called PFPs). But the panels covered a wide range of applications beyond the arts – sports, entering the metaverse and the use of NFT in the sports industry.

The gaming industry, meanwhile, has been widely considered for the introduction of NFT, although a little skeptical. NFT games will reach a total of $ 5.17 billion by 2021, according to Nonfungible.com. Gamers and the world on Web2 have already created environments where users can find and exchange characters within the game. Combine this with Web 3 and blockchain technology and we’ve seen an increase in game-to-find games.

“You have taught an entire generation to build and cultivate these worlds. It’s like training wheels for the metaverse, ”says Animoca brand founder Yat Siu. Animoca hosts some of the most popular blockchain games including The Sandlot and REVV
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 Car.

In sports, NFTs have been discussed as an important tool for wrestling. The big lions, in the United States and around the world have used technology to bridge the gap between fans, teams, and players. The NBA’s Topshot collection has been selected as the top collection and has a gross of more than $ 951 million, according to DappRadar. The NHL, MLB, and NFL have teamed up with various retailers to create their NFT collections and Formula One companies have created small print NFTs with their crypto and blockchain support.

“The desired developer is a good investor,” said Todd Cooper, CEO and founder of NuArca Labs.

The main question of the course was founded on the systems owned by the Web3 leadership team. The merger of the NFTs with the DAO, a separate independent organization, has made speakers wary of giving decision -making power to stakeholders.

Moderator Khalid Jones pointed out that “the cost of hilarity” is the main reason for keeping decisions out of chains to professionals. “I think what we’re going to see is something like a small‘ d, a small ‘a, a large‘ o, ’’ he added, referring to a corporate structure that reflects the Decentralized area owned.

The larger NFT class, however, has neglected the legal aspects of signal transmission. Manufacturers and legal experts discussed the current responsibilities of NFT manufacturers, owners, and markets.

“How do we really integrate IP rights into the brand ?,” asked Primavera de Filippi, NFT artist and legal expert. Currently, intellectual property rights differ from sign to sign and are not always defined in intellectual property agreements.

The question of the legal ownership of digital assets is at the forefront among the NFT world according to YugaLabs, makers of the Bored Ape Yacht Club (BAYC), the largest NFT collection on the floor ( 862,828 ETH.
ETH
) sued the critic and advertised himself as “artist” Ryder Ripps for seeking to denigrate the brand. The lawsuit alleges that Ryder used the original BAYC technology and sold the “RR BAYC” NFTs as a BAYC product. BAYC has one of the best avenues in ownership rights, giving owners unlimited rights to their Bored Apes, with the rights to do derivative transactions.

After YugaLabs acquired CryptoPunks and Meebits, other popular NFT collections, Yuga Labs grew to a market cap of $ 8.1 billion in March, according to Dapp Radar.

However, this kind of generosity is not uncommon in NFT claims. Other large NFT collections are often included in the registration of licensing rights, if at all clear. CryptoKitties and Doodle allow owners to sell their NFT for customers, but guarantee to earn around $ 100,000 annually.

“There’s no right or wrong right or wrong,” said NFT artist Nacho Gonzalez, again pointing to the ambiguity in the rights assigned during the NFT sale as a concern for the industry.

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