Blockchain technology is making waves within the financial sector with digital currencies such as Bitcoin. However, another type of blockchain is recently sharing the spotlight: NFTs or Non-Fungible Tokens.
What are Non-Fungible Tokens?
Two common questions asked are what is NFT, and how is it associated with creative works? An NFT is a type of digital asset ownership and is now a popular way to take possession of digital art.
This type of cryptocurrency has been a big help to artists everywhere as it’s now being used to protect work.
What type of creative works are protected by NFTs?
To break it down, creative works can be any type of project you have put creativity into. Whether that’s a painting, poem, or sculpture, the list is endless. But it doesn’t just stop at tangible assets. Digital creative works cover a vast area, including websites, adverts, mobile applications, and much more.
Issues with digital theft
The Internet is a big place, and unfortunately, a lot of creative works put out into this space are vulnerable to digital theft. One of the main factors is proving that you own a piece of creative work and then going down the official routes to try and contest it. The process can be long and unfruitful.
If third parties publish content, there is normally support from these organizations if someone takes your work without permission. However, this is not in place in most cases, as most individuals share everything without this protection.
So how can NFTs help to protect creative works?
If you have a piece of creative work, an NFT can’t prove you actually own that document or file. But they do prove that you own a link. This link is an important aspect of digital asset ownership as it showcases the point in time when you held the creative work.
You might think that the Internet’s vastness will hide this detail. However, blockchain technology is available to all and can be verified without having to dig too deep.
Another bonus of NFTs is once they’re created – they can’t be erased or modified. So this ownership at the point in time is always there. This makes it an excellent way to protect any type of digital asset and avoid refutable issues in the future.
Is it worth creating an NFT for your creative works?
So much work is now shared publicly that the risk of it being used without your permission is high. Using an NFT can provide some protection for this, but it comes down to how much you value your digital asset. Plagiarism of artwork and digital creative works has numerous adverse effects on the artist or creators themselves. The effort and investment of time are one factor. But if someone profits off your creation, this can be difficult to prove if you have no backup. So, all in all, an NFT can be handy protection if you need it.