Intellectual Property Is the Entertainment Industry’s New Priority in Web3

One of the main topics of discussion for ETHDenver 2022 attendees during the four-day conference was “property”, as well as the intellectual property that NFT owners actually receive when they make a purchase.

With the dominance of social media, especially the Twitter space, today’s entertainment landscape has opened its doors to integrating Web3 and NFT into its historically fragmented backbone.

Needless to say, our traditional media landscape is in a bad state, which is why industry professionals are suddenly flocking to the metaverse.

However, for those who believe that Web3 is a second chance to raise the bar, starting with correcting the imbalanced relationship between creators and consumers, intellectual property (IP) is proving to be an important response that could allow the sector to improve. on your past.

From TV to wacky NFT characters

Since 2015, horror television studio Crypt TV has been using its own intellectual property to transform it into terrifying and entertaining content for television, live streaming and video games.

However, the studio has now decided to use this content and offer its fans a form of power through NFT for its storylines, while continuing the mission of empowering its nearly 4 million supporters for their Web3 and metaverse adventures.

With the launch of its NFT Monster Fight Club collection, the company is encouraging fans to not just own the monster, but to recognize that intellectual property is realized within the community and for the benefit of the creators.

In an email to Jack Davis, co-founder and CEO of Crypt TV,[In]Crypto said:

“Hollywood loves what it already knows, but nobody really understands NFT yet.”

Referring to other collaborations such as Reese Witherspoon’s partnership with World of Women, Jack Davis believes that more such partnerships are needed for the entertainment industry to promote NFT’s intellectual property.

“All genres and types of content can thrive as NFTs if close attention is paid to scripting, production, and storytelling,” he noted.

Monster Fight Club owners will be able to use their NFT as a profile picture or avatar for use in the metaverse. Crypt TV’s investors include NBCUniversal, Blumhouse Productions, Lerer Hippeau and Advancit Capital.

Below you can find a teaser of the new project:

Free licenses to collect NFTs

With regard to the issue of “ownership”, we are already beginning to see some of the more complex complexities involved in understanding the attributes and rights that NFTs transfer from their creators to their owners.

The legal environment is currently facing the same challenges, forcing courts to consider a direct link between trademark protection and NFTs. This is something that is seen in particular in ongoing disputes such as the Miramax/Quention Tarantino, Nike/StockX or Hermès/Mason Rothschild cases.

Generally, most NFT creators do not seek to transfer basic intellectual property rights to future owners, but rather transfer some exclusive rights to display or use the creation in question, allowing people to show their NFTs as a profile picture avatar or display them on their clothing or electronic devices .

However, much of the confusion seems to be related to the rights that are actually transferred to the holder upon purchase, which raises the question of the complexity of the underlying NFT smart contracts compared to what the issuer has indicated to its community.

Under US federal copyright law, any copyright owner is granted six exclusive rights, which also include the right to reproduce, create derivative works, and, of course, the right to distribute the work.

If the majority of NFT holders are not eligible to market fully the tokens they have purchased or create derivative works from them, however, some believe that this is possible thanks to a free license and partnership with digital copyright protection and anti-counterfeiting technology known as REV3AL.

Earlier this week, a crypto project called ZINU announced what it claims is the industry’s first fully animated 3D NFT collection and the first free license. In addition, according to the project, it will be “the most authentic form of decentralized intellectual property” that can be found today, allowing its owners to use their NFTs in almost any way and without fear of legal problems.

Dubbed the “Zombie Mob Secret Society”, the collection of NFTs grants each owner a free license to their own zombie character “Zena”, allowing both owners and creators to use and commercialize their respective NFTs in their respective industries, according to the press release. .

The press release states, “Whether they own a small business or are just starting out, NFT ZMSS owners will be able to introduce their own Zinu to their customers and benefit from the intellectual property that the entire community is working to develop.”

Behind ZINU are experts who have worked at Amazon, Google, Intel and Microsoft, who are convinced that fully animated 3D NFTs that can “walk, walk, run, jump, dance and fly” can radically change the way of life. these works are used in clothing, toys, comics and films.

Below is a teaser for the upcoming release of the NFT project:

Thereafter ?

The entertainment industry is really ready to welcome the power of animation and intellectual property while recognizing that NFTs are still in their infancy.

However, the discussions needed to promote this technology require a good understanding as well as a solid understanding of copyright laws. This means that both NFT creators and owners need to be on the same wavelength when it comes to supporting each other in such creations.

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