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NFTs

What are NFTs and how do they work? | Video

TokenTalk Staff

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Tyler Spalding, CEO / Co-Founder, Flexa, 2Chainz and Zack Seward, Deputy Editor-in-Chief, CoinDesk

The time has come for an open forum in this segment, we take your questions from social media about any specific topic that we publish around the world and find answers for you. Remember, there are no dumb questions here. So if you have any questions and want us to find an answer for you, send me ad M on X and we will try to select you for that segment. We want to thank Drear blockchain and research analyst Sarah Galis for helping us answer these questions. Let’s get straight to the point. All questions in today’s segment are about NFTS. The first comes from walking on clouds. They said I want to know more about how NFTS is applied to real-world assets rather than pixel images riding in the clouds. NFTS has definitely become popular through various PFP collections. But there are many other complicated use cases for NFTS that people are exploring right now. You hear us do interviews about them on the show all the time. Sarah told us that the applications of NFTS to real-world assets represent a shift in the way we tokenize and trade physical assets and rights. Let’s take a look at some examples to help us understand this a little more and start with physical art. OK. Artists and galleries are using NFTS to certify the authenticity and ownership of physical works of art. In these use cases. NFTS are linked to the piece and can provide details about the work’s origin, previous owners, and verify its authenticity. The same principle can be applied to any luxury or collectible item. The next use case we’ll look at here is property titles and transactions. Yes, you heard me right. Even your home can be tokenized and that is your physical home in the real world, not your digital home in the metaverse. Although this can also be tokenized. Sarah tells us that when properties are tokenized, it can help simplify the process of buying, selling and transferring property titles. The method also promises to reduce fraud and make real estate ownership more accessible. Now you might be wondering how could it be more affordable? Well, if a house is tokenized, you can now own part of a house or a fractional part of a property, making it more accessible to people with different incomes, music and media rights are the last use case. Let’s take a look here. Musicians and content creators can use NFTS to sell rights to their works, including songs, videos or other media. Take Rihanna, for example, if she creates an NFT that represents ownership of one of her songs, each holder of that NFT will be able to share in the profits from that song over time. And now I said this was the last example we were going to look at. But I couldn’t eliminate tokenized securities, even stock securities and other traditional financial instruments can be represented as NFTS, mixing the old world with the new, this is similar to real estate and could potentially open up new markets and make these types of assets more accessible to a wider range of investors. I hope this answered your question. Walk on clouds. Let’s now move on to our next question. Sirpa Burt asks: can data be freely transferred between different digital platforms without any restrictions or limitations? Okay, NFTS can theoretically be transferred between different platforms, but the process is not always straightforward and may depend on a few things such as compatibility between different blockchain platforms or market policies, smart contract stipulations, and technical infrastructure to support the transfer. Sarah tells us that TS are typically created and linked to a specific Blockchain. So that means a Blockchain like Ethereum or Solana. If an NFT is created there, they can sometimes be linked to that ecosystem so that the NFT is transferable. Your NFT platform must support the same Blockchain network. Now, some platforms may have their own policies or limitations that restrict NFT transfers outside of that ecosystem. Some reasons for this could be the existence of proprietary technology licensing agreements, intellectual property, or the desire to maintain control over the assets traded on your platform. And smart contracts come into play. Now, the ability to transfer an NFT may also be limited by the parameters set by the smart contract governing the NFT. A smart contract is something that resides on a Blockchain and defines the rules and parameters in which you can interact with an asset. Some NFTS may be designed with restrictions on transferability or may only be transferable when certain conditions are met. Sir. Well, I hope it helped you. I hope you understand a little better how when and if an NFT can be transferred. Let’s take a look at our next question. It’s from Barons Audrey. They asked: Can anyone explain how NFTS are created and what makes them unique and valuable compared to other digital assets? OK. Let’s analyze this. NFTS are created through a process called minting. This is where digital art or digital file is published on a Blockchain. As you remember, Blockchain is the decentralized ledger that records all transactions of cryptocurrencies and other digital assets. See how the process works. First, you select the Blockchain and ensure it supports NFTS. Some examples include Ethereum Tasos or flow next, you prepare your digital file, so you get your photo, your video, your file, maybe your digital art ready. Then you choose the NFT marketplace where you want to mint your NFT. Therefore, an example of an NFT market is open sea minting. NFT involves uploading the file, setting up the sales process. So, this means deciding whether the sale will be at a fixed price or by auction and then defining the parameters of the smart contract. So, for example, if you want to receive royalties, every time the file is traded, you can stipulate that in your smart contract during the minting process, a unique smart contract is generated that makes the NFT distinguishable and provides information such as royalties from ownership and metadata. So what sets these tokens apart from other digital assets? It’s their non-fungus. Fungi is when something can be exchanged for something exactly the same. For example, if I have a $5 bill and exchange it for your $5 bill, I will still have $5 with NFTS. They are unique or distinguishable, which makes them non-fungible. This non-fungible piece is then secured by a Blockchain that provides proof of ownership, Blockchain inputs, certifies ownership and makes it verifiable. And blockchains also provide providence, meaning the history of the NFT is permanently recorded. The last part of this question, where does NFT value come from? Sarah tells us that by unlocking tradition, the digital files that can be copied without loss of quality from the NFTS ensure that there is an original version that increases the value of the collectible value. It also comes from the fact that NFTs can confer ownership rights and other digital assets cannot include proceeds from future sales. And the NFTS market is driven by collectors who demand exclusivity and reputation. Unlike other digital assets which may be more fungible. We received so many great questions about NFTS that we couldn’t fit them into this program today. We just covered three of them. I think it’s about 10, but don’t worry, we’ll incorporate them into future open forum segments. So if your question wasn’t answered today, it will be answered. Hang in there and keep watching the show and we’ll get those answers for you. Thank you to everyone who submitted their questions and please keep them coming. Remember, there are no dumb questions here. We’re here to help you make sense of this crazy digital world we live in, one step at a time. Thanks again to our Blockchain Research Analyst, Sarah Galis, for helping us with the answers to these questions.

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We are the editorial team of TokenTalk, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on TokenTalk, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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NFTs

Vatican Library Adopts NFTs to Preserve Manuscript Collection

TokenTalk Staff

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Vatican Library Adopts NFTs to Preserve Manuscript Collection

Vatican Library Adopts NFTs to Preserve Manuscript Collection

Future Application and Vision for Accessibility

A proof of concept in Open sea shows that PolygonNFT-based NFTs have been distributed to 419 owners so far.

NTT DATA Italia has collaborated with the Vatican Library since 2014 to preserve its historical documents, using its digital archive service, AMLAD, which includes more than 2 million assets.

Don Mauro Mantovani, Prefect of the Vatican Library, recognized the role of NTT DATA Italia in conserving the library’s cultural heritage and shared possible future applications, such as immersive experiences to visualize historical assets through extended reality.

Ludovico Diaz, CEO of NTT DATA Italia, emphasized his objective of making the cultural heritage of the Vatican Library accessible through this initiative. “We will continue this important work of conservation and dissemination of cultural heritage, aiming to connect institutions holding valuable digital content with users around the world, extending the use of digital blockchain technology to other sectors such as education and entertainment,” he said. declared according to a translation Press release.

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NFTs

INTA: NFTs must be protected as ‘commodities’ in Bored Ape case | Trademarks

TokenTalk Staff

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INTA: NFTs must be protected as 'commodities' in Bored Ape case |  Trademarks

Association archived friend brief to Ninth Circuit in support of plaintiff Yuga Labs | The Lanham Act does not limit the definition of goods and services, INTA said.

Non-fungible tokens (NFTs) must be considered “goods” under the Lanham Act, in accordance with the International Trademark Association (INTA), which stated that this approach would maintain the protection of trademarks registered on digital platforms, in line with the expectations of consumers and brand owners.

INTA provided its opinion in an amicus brief filed yesterday with the U.S. Court of Appeals for the Ninth Circuit, regarding Yuga Lab’s allegations that two defendants made millions of dollars from counterfeit versions of its ‘Bored Ape Yacht Club’ NFTs.

In October 2023, a California federal judge ordered the defendants pay more than $1.5 million in damages for their copies of Yuga Labs NFTs, which they said was an art project aimed at criticizing allegedly racist images in Bored Apes tokens.

The case continued this year, with the California district court imposing a $9 million fine on the defendants in February, covering damages, fees and costs, and the defendants filing an appeal.

Opposing Yuga Labs’ motion for summary judgment on its false designation of origin claim, the defendants argued that the NFTs were ineligible for trademark protection because they were intangible goods.

They said the US Patent and Trademark Office rejected several of Yuga Labs’ applications to register trademarks because NFTs are not traded goods, and argued that the Supreme Court required tangibility for trademark protection in the case Dastar v Twentieth Century Fox (2003 ).

‘No limit on definition’ in the Lanham Act

INTA urged the court to avoid an “excessive extension of restricted participation” in Dastar, which it said dealt with communicative content rather than communicative products.

The association argued that the Lanham Act refers to the registration and use of trademarks in connection with any goods or services, without limiting definition – which therefore included NFTs.

The law focuses on consumer perception and the meaning of trademarks to consumers, INTA said, also pointing to the qualities that digital goods share with tangible goods, as noted by the district court.

“In summary, the district court here correctly held that NFTs, if understood as digital goods comprising a set of tokens that reference underlying digital assets through token metadata, are goods for purposes of the Lanham Act,” INTA told the court.

It stated that this approach would advocate for the protection of trademarks in new digital ecosystems in a way that benefits consumers and brands.

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NFTs

NFT Market Crash: Values ​​of Cryptopunks and Bored Monkeys Plummet Over 90 Days – Market Updates Bitcoin News

TokenTalk Staff

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NFT Market Crash: Values ​​of Cryptopunks and Bored Monkeys Plummet Over 90 Days - Market Updates Bitcoin News

https://news.google.com/./articles/CBMiYGh0dHBzOi8vbmV3cy5iaXRjb2luLmNvbS9uZnQtbWFya2V0LXNsdW1wLWNyeXB0b3B1bmtzLWFuZC1ib3JlZC1hcGUtdmFsdWVzLXBsdW1tZXQtb3Zlci05 MC1kYXlzL9IBAA?hl=en-US&gl=US&ceid=US%3Aen

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Bitcoin Blockchain Now Holds Third-Largest NFT Sale Ever

TokenTalk Staff

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Bitcoin Blockchain Now Holds Third-Largest NFT Sale Ever

The Bitcoin network is breaking records beyond its native asset, BTC, reaching prices never seen by other cryptocurrencies. It is now one of the top three NFT ecosystems in sales generated through historical sales volumes, reaching $4,271,928,280 and pushing the Ronin network into fourth place.

As protocols like Ordinals and Rune bring new use cases to the legacy chain, Bitcoin has transformed into an established NFT ecosystem. Enthusiasts turn to the first blockchain in droves to get their hands on NFTs, allowing it to surpass its counterparts that offered NFTs long before Bitcoin.

Ethereum, the network where NFTs first emerged, leads all blockchains in sales volumes for this type of asset, valued at $43,861,912,400. Solana takes second place with $5,603,556,704. Ronin, the third-ranked network until Bitcoin took over, recorded $4,271,677,108.

Just last month, Bitcoin NFT trading accounted for around $148 million, trailing Ethereum’s $157 million but outperforming Solana, which recorded $77 million.

Bitcoin’s rise in the NFT sphere is commendable, but the usefulness of its NFTs is limited. Unlike other chains supporting applications like gaming, where NFTs find crucial implementations, Bitcoin cannot do the same. Its design does not support dApps and smart contracts. Furthermore, NFTs on it are deployed differently than other networks. Thus, these assets remain tradable commodities that obtain value through hype.

On the other hand, Ronin integrates the asset type into games, ensuring NFT value through gameplay and in-game mechanisms. Axie Infinity, one of the most popular on-chain games deployed on Ronin, utilizes NFT collectibles, allowing them to gain value through gameplay. Additionally, other apps capitalize on NFT features and utilize its versatile functionality to back their NFTs with more than hype factors. NFTs on Bitcoin do not yet have this option.

Image by Pete Linforth in Pixabay

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