Content creators can now include in the NFTs of their works the copyright information thanks to Safe Creative
Safe Creative, a company that provides technology systems for generating and managing evidence of authorship and related rights, and developer of the first worldwide online intellectual property registration service, today announces that it is the first company globally to enable NFTs that include detailed copyrights information. Thus, authors can create NFTs of their works indicating which permissions or rights to the work the purchaser acquires, as well as enabling the automatic collection of a royalty percentage on future sales of the NFT.
Marketing Technology News: MarTech Interview with Chris Leong, Chief Marketing Officer at Schneider Electric
An NFT, is a digital piece elaborated from codes that make it unique, with information contained on blockchain technology in which it is registered who is its owner and all changes of ownership that it may have had. The latest standard for managing transfers of NFTs (ERC-1155) also allows the assignment of percentages of remuneration derived from all NFT purchase and sale transactions, which are automatically paid into a specific virtual wallet.
Safe Creative’s innovation solves the legal question as to what rights over the work the purchaser of the NFT acquires. It is a novelty that transparently incorporates the information in an unalterable way.
Until now, in order to know what rights are granted by the purchase of an NFT, it was necessary to go or search if they were specified in any external source, with all the doubts about its validity and unalterability that, being an information unrelated to the NFT, could have disappeared or been altered.
With today’s announcement, Safe Creative incorporates the means for the NFTs, in addition to identifying a specific item of the work, to provide information of authorship and copyright that provides its possession.
Marketing Technology News: VMware Recognized for ESG Leadership with Invitation to Dow…
In this sense, Juan Palacio, co-founder of Safe Creative explains it this way; “NFTs are perfect for recording purchase and sale transactions with the guarantees offered by the decentralization and transparency of blockchain, but they have a weak point: they do not make it clear what the owner can do or what rights the author grants on the acquired work. As this information is not included in the NFT, its transmission in subsequent sales is not guaranteed. It may even be altered or disappear. To solve this legal question, at Safe Creative we have developed the creation of NFTs with a link pointing to an unalterable content web address (IPFS) containing the information declaring the authorship of the work together with the description of the rights assigned to the owner of the NFT”.
Safe Creative’s proposal comes to solve an existing legal dilemma in these works, which is that any NFT demonstrates who owns the digital item that represents the work, but not who the author is. The focus of the NFT is the commercialization of the work, not whether the person who makes it is the author or has the copyright to do so.
Until Safe Creative’s contribution, it was not possible to incorporate information about the conditions of purchase, or sale of the goods and services that an NFT may represent. Nor about the way in which authors wish their works to be consumed. Thanks to Safe Creative, this shortcoming of NFTs is a thing of the past since, when registering a work, it is possible to create an NFT at source, which not only allows this type of information to be indexed using IPFS technology, but also guarantees its unalterability and traceability.
As the IPFS information link is integrated in the NFT itself, the conditions and rights are known and accessible at all times – they are not lost or forgotten in future transmissions that may be made by future buyers of the NFT – so that any consumer of content can already consult the indexed rights.
Shedding light on the rights-acquired by purchasers of NFTs
Until Safe Creative’s innovative contribution, NFTs did not include information about the terms of the purchase and sale. In relation to the freehold ownership of an asset, the owner of the NFT is the owner of the asset, but if it is intellectual property, a photograph, a drawing, a book, a song, etc., what does the buyer of the NFT acquire? Thanks to Safe Creative, buyers of NFTs also have easy and transparent access to the information provided by the content creators.
According to Mario Pena, Safe Creative’s operations manager, “the possibilities that open up for the application of this technological solution are almost infinite. That is to say, with this innovation, it is now possible to buy photographs, drawings, songs, designs, in which it is clear and transparent which are the rights-acquired on the work. Thus, you can already sell rights of particular use for books, or songs, or distribution rights for certain geographic areas, media or time windows etc”.