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NFT: a symptom of the near future
[/vc_column_text][us_separator][vc_column_text] The global technological revolution continues to reach levels that surpass human understanding. It is no wonder that so many people find it difficult to digest new concepts and virtual realities; those that exceed our comfort zone and the conception of the world as we knew it. Our daily lives have merged with the digital age. The value of money is transcending its physical plane while consolidating in digital assets through cryptocurrencies, and the latest trend is collecting works in the virtual world. The concept is as disruptive as it sounds: these works (which can be of any type) only exist on the web. NFTs or Non-Fungible Tokens, like cryptocurrencies, are digital assets that are created in a decentralized database, commonly known asblockchain.Roughly speaking, technologyblockchainIt is a type of storage that stores verified information in blocks; these are connected to each other in the form of a chain and their encrypted collection of data is built in chronological order. NFTs are unique and irreplaceable codes (hence the nameno-fungible) that represent different expressions of art, music, or any type of collectible in their digital format, and use the aforementioned technology. Whoever acquires an NFT has exclusive ownership of the work or collectible they purchased, with the particularity that there can only be one official owner, who can be verified through the chain. As an example, in 2021, an NFT collection was launched through the OpenSea platform called "Bored Ape Yacht Club," which consists of 10,000 images of monkeys with unique characteristics, with a value per piece reaching USD 500,000. This collection has generated more than USD 750 million since its launch and has been a protagonist within pop culture, despite being a collection that does not physically exist. Now, it is important to emphasize that, if we speak from the perspective of Intellectual Property, the ownership of an NFT does not necessarily constitute a right of this nature. The questions arise: So if I create an NFT, do I no longer have to register my trademark? Does OpenSea grant me intellectual property rights? Can I stop patenting inventions and upload them to the metaverse? The answer is perhaps in the near future. Due to its innovative and avant-garde nature, the "metaverse" does not yet have a legal framework or jurisdiction that can protect the rights derived from its use in all its aspects; although it is estimated that a regulation under the name Metalaw is about to be created. While the use of NFTs as a representation of ownership over a digital asset represents an abrupt revolution in the issue of registration rights, defining its scope within national and international legislation is premature. The only certainty we have at this moment is that virtual reality is already a thing of the present. [/vc_column_text][us_separator][vc_column_text]
Written by: Sofía Paniagua Guerra
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