[NFT status and future + focus on legal issues symposium]

Yesterday there was an interesting blockchain online symposium, which was attended by three blockchain experts: Lin Hongyu and Huang Yasen, two blockchain lawyers from Guoke, and Ryan, the founder of Fomo Dog.

As the title of this speech, Ryan introduced the current situation and future of digital avatar PFP (what is the meaning behind the hype?), and Arthur discussed what legal issues will NFT encounter at present?

I have compiled interesting and new ideas from the discussion, and I welcome you to share this article.

【Current status and future of digital avatar PFP】

1. What is NFT? NFT is actually just a record, not just a JPG file. Through distributed ledger technology, it is recorded on the ledger of 10,000 individuals, and the records on the ledger are recognized by consensus.
2. Before buying NFTs, in addition to paying attention to what you can see (price, transaction, display), you should ask what you can't see (how do you feel about what you own and what others have?)
3. The essence of buying NFTs and buying things: At least in the past six months, the buying and selling of NFTs has not been healthy. Everyone is very focused on how to sell it immediately after buying it, but in reality, we don’t do this when we buy bags and cars!
4. The meaning of avatar NFT: When people own things, they have the desire to share and communicate (during the epidemic, famous watches and famous cars may not be seen). But when you put on Crypto Punk and BAYC, people may think you are a coffee.
5. Power, status, business interests: CyberKongz has some Gamfi (eg Axie) bosses. When you also have one, enter the community, and be with a group of people with similar minds and status, the thinking will be changed and improved.
6. NFT value: In the long run, what values are these people together for, this is the key to determining value. Of course, in the short term, quantitative analysis can be used: floor price, number of holders, wallet addresses, etc., but this is Hype and will not last long.
7. Does NFT need to be empowered? As long as NFT and empowerment are tied too tightly, there is often no room for imagination! (Everyone will convert the price that NFT should have against what can be obtained by benchmarking. Empowerment should not be the most important, otherwise Sending NFTs for these functions is like taking off your pants and farting, and some can also use centralized credentials. You should think more about the meaning of blockchain.
8. You buy a book, what is the value of this book? It depends on how you use this thing. When you practice the content of the book and change your life, it is priceless (active value); you can also buy a book for 250 and sell it to a second-hand bookseller for 100, commonly known as break (passive value).
9. The value of NFT initiative is more important (the biggest gain today): If you buy an avatar-shaped NFT, you should take the initiative to build your community and network... If you spend 15eth to buy clonex, then you analyze a lot of nike, clonex, get to know a lot of people, and then create projects or find more investment opportunities in the future. In many cases, the accompanying active value is not only 15E of literal passive value.
10. If you only think about price, it's a zero-sum game: competitive thinking. With more creative thinking, you may be able to better understand the meaning behind NFT.

【Analysis of Legal Compliance of NFT】

1. The legality of NFTs is related to its essence: it is often said that NFTs are unique, transactions are recorded on the blockchain, and you buy NFTs to prove that you have ownership of the assets. But is it really so?
2. Ownership you know is very different from "legal" ownership. You have to first determine whether you are buying the NFT itself, or the subject matter connected behind it? Only by knowing the subject matter can you determine what rights you have.
3. At present, from a legal point of view, buying NFTs can at most obtain "creditor's rights" rather than ownership. Because legal ownership needs to be recognized by government agencies to be valid, but currently NFTs cannot be recognized.
4. Buying NFT does not necessarily obtain copyright property rights. Most of it still belongs to the creator.
5. Payment-related legal issues: If the stablecoin service includes the transfer of funds and the return of fiat currency, it may involve the regulation of banking laws and electronic payment. Be careful with coins, everyone)

【discuss】

I had discussions with three speakers at the conference that I found interesting:

1. NFT and Crypto emphasize "decentralization", but when seeking legal assistance when rights and interests are damaged, they seek justice from the "centralized" government with great power. I would like to ask what the speakers think about this conflict?

Ryan and Arthur: In fact, it is not a dichotomy, which side must be the best; this is actually a dynamic process: decentralization and centralization must have their considerations and reasons when they were originally developed, and each has its own advantages and disadvantages, so in the future Also find a balance in it.

My own thinking is that decentralization is sometimes more inefficient, and centralization is sometimes too restrictive. How to make up for the shortcomings on both sides and add the advantages to our life is the most important!

2. When you buy NFT, what you get is actually "ownership". But does the "copyright" still belong to the creator? If it is true, the copyright should have greater rights than the ownership. Wouldn't it be true that the actual rights of the NFT holder are not as big as he imagined? (Display rights, Erchuang right, etc?)

Yes, the holder has no copyright. And the rights of the holder also depend on how much rights the creator has declared to give you during the transaction. As for those who say that they want to share profits with the broker, most of them may be "topic > actual". Once the cash flow of fiat currency is involved, there must be tax-related issues, which are not that simple.

【Summarize】

Recently, the NFT market has been cold, and Opensea's daily trading volume has decreased by only 10% compared to the high point. But this is a good opportunity for us to return to examine the nature of NFTs.

NFTs shouldn't be just hype. The CEO of Clonex once said that now we only see 0.1% of the application of NFT.

At present, most of them are still the functions of social images and showing off their wealth, but in fact, there will be more interesting applications of empowerment and integration of virtual and real in the future, and even blockchain certificates, proofs and so on. I look forward to this technology bringing more changes and benefits to human society.

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