(Originally Posted July 31st 2023)
There are a lot of hype people saying ‘You’ll own everything you purchase on the Blockchain with NFTs!” but that isn’t necessarily true. Knowledge on this subject is vital to partaking in this space but knowing the difference between what is ‘owned’ and what is ‘borrowed’ is also important in the realization that not everything purchased from a digital retailer is actually ‘owned’.
When buying digital items such as movies, music, games, books, and art, from a retailer that usually means a license was purchased to allow the buyer access to the purchased content. The companies that own the licensed content have full control of the digital item and can restrict access, edit content, or remove the digital item from any account without reason. The term ‘Digital Library’ is often seen or used when accessing an application or program that contains bought digital items, ‘Library’ is generally known as a place to borrow items for a set amount of time but at the end of a duration is meant to be returned.
When physical items of the same genre are purchased they are added to a persons ‘Collection’, Collections of movies, collections of art, collections of albums, etc. Collection could refer to having ownership of a mass amount of related items in ones possession. Digital assets(Non-fungible tokens) on a blockchain are seen as an ‘Owned Asset’ by whoever holds it. NFTs are stored in a holder’s wallet or placed in a collection on an approved site that the holder can access and use at any time.
There can be a set amount of the same digital item sold by the creator as an asset and every holder is given a unique code that gives each holder access to that content, effectively making it theirs… Within the creator’s limits.
Like every aspect of Blockchain, there are things that need to be understood when participating in this space such as Understanding NFTs and how to access them once purchased, How ‘ownership’ is transferred from creator to holder or even from a third-party account, and similar related research questions. There is a reason why ‘NFTs’ are now seen as a scam, The space is still early and was thrust upon the general public too soon not many knew exactly what the hell an NFT actually permitted. Don’t get sucked in by the hype, instead just take a moment to research the subject and gain a clear understanding. This is a step that many fail to accomplish when getting into Blockchain and its related intrigues.
Helpful Links:
https://www.forbes.com/sites/digital-assets/article/what-rights-come-with-your-nft/?sh=65fb961d6fe7 – Forbes article discussing the different types of ownership associated with NFTs
https://www.coindesk.com/learn/nfts-and-intellectual-property-what-do-you-actually-own/ – Deeper look into what is actually owned when buying an NFT
https://decrypt.co/resources/nft-real-life-use-cases – Some use cases for NFTs to jumpstart projects