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The ‘Dune’ NFT Copyright Fiasco is Very Limited to Crypto Laws

Before Spice DAO reduced $ 3 million on a rare book by Alejandro Jodorowsky’s book Dune at Christie’s, the group tweeted its intention to “tokenize” the book.

It can’t do it.

The independent non-governmental organization has been backtracking, saying (probably) that it does not believe that owning the book would be tantamount to owning it, having the right to replicate the work in NFT format or to plan outputs. The event has attracted the attention of crypto skeptics, who point to the purchase of Spice DAO as an example of the potential disadvantages of crypto lovers.

Anyone assigned to the Spice DAO legal investigation seems to have been a bit confused, but many legal questions about NFTs are confusing because there are no clear answers. Because NFTs are just units encrypted data stored on digital media, usually Ethereum blockchain, they do not have any visual effects. They are symbols that simply refer to the functions of digital art in connection with them. Buyers of NFTs often do not get the real thing or digital copy. To have NFT is to have a pen without a guide.

The NFTs, or non-fungible symbols, emerged from anarcho-techno libertarian recesses on the internet where “normies” are the enemy and anything known as “law” should be considered suspicious. 2021 was the year that the NFTs began recognizing the masses, with artist Beeple’s NFT Daily: First 5000 Days selling Christie’s at a $ 69 million apartment – an unimaginable investment in the economy that, in a significant sense, does not exist.

For some, that is why NFTs represent the joy of apotheosis of cognitive skills. For others, the NFTs are a sectarian fraud, or one sign of apocalyptic capitalism. Confusing and confusing, NFTs are increasingly popular, attracting investors who are excited about the new team but do not share the ideas of crypto artists who have been working in the field for years. “There is a new group of investors who are attracted to NFTs and meme stocks because they love the news,” says business analyst Yuri Cataldo, “but I consider the NFTs to be very dangerous. It’s exactly like gambling.”

This makes many people feel uncomfortable, and the social crisis seems inevitable as lawmakers begin to look at the new market, thinking about laws that could strengthen consumer protection.

Matt Kane, a a former oil refiner who is now developing his own program, use the code as a medium for NFTs, recalled that “we who went in when there was no money had a cohesive spirit and a vision of an unselfish leadership team that this technology should enter.”

The idea was that “smart contracts” would replace traditional ownership laws. Customary treaties are agreements between parties, usually written in indigenous languages, which form the basis for legitimate qualifications. If one member violates a civil agreement, the other can go to court. The disadvantage of this old version is that the cases are often very expensive. In most cases, the rich of the two parties in the alliance may break without punishment because the other has no power to force the coercion.

Smart contracts, or self-made protocols, are programs. They are written in the official language of the code. Since they live on the blockchain, with the help of a large distributed network, one cannot break a smart contract in the way of a common contract; their words just work. Ideally, no court fees are involved. There is no fee for lawyers. There is no reason to trust another group or justice methods that are not always accessible. For these reasons, smart contractors tend to be attractive to other professionals, especially first-time athletes, who tend to have less money on the economy.

Artists like Kane have worked to ensure that many of the smart contracts that regulate NFT sales have the payroll of artists. In the world of analog art, the artist is paid to sell the artwork to a collector, and the artist costs as much as 50 percent. After those initial sales, even though the price of the picture has been praised over and over again, the artist finds nothing when the collector resorts. To address this injustice, NFT contractors often offer professional artisans to receive a 10 percent royalty on every second sale.

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