NFTs: Were buyers cheated? – Financial Trends

According to investigations by Galaxy Digital, Bored Ape Yacht Club, Moonbirds and several other NFTs have misled buyers about intellectual property rights. The investigation highlighted two important projects, Bored Ape Yacht Club and Moonbirds, which the report said improperly marketed intellectual property rights to buyers. However, with the exception of these two projects, the vast majority of NFTs on the market have not transferred any intellectual property to their owners, according to Galaxy Digital.

The report states that Yuga Labs misled the purchasers of NFTs regarding the intellectual property rights to the content they were selling. Regarding the Bored Ape Yacht Club, the Yuga Labs license states, “When you buy an NFT, the basic boring ape, the artwork, is entirely yours.”

NFT owners do not own this art

The Galaxy report states that Yuga Labs “implicitly acknowledges that the NFT holder does not own the artwork.” Last week, Yuga Labs published extensive IP licensing agreements for CryptoPunks and Meebits. These agreements provide more clarity about the rights of NFT holders.

With regard to Moonbirds, the NFT group represents a more prominent case of misleading advertising based on discrepancies between public statements and the Moonbirds license agreement, according to the report. Moonbirds are the sixth most expensive NFT group by market value. Only one NFT group in the top 25 by market capitalization is even trying to transfer intellectual property rights to buyers of NFTs (Women’s World).

Property rights cannot be defended

According to Galaxy Digital, the CC licensing issue is a major area of ​​concern. From a legal perspective, this removes ownership of NFTs as the intellectual property moves into the public domain. Therefore, it becomes impossible for NFT holders to defend their property rights in court.

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Some other projects, such as artwork, such as doodles, restrict commercial marketing, limit the amount of revenue that can be made from derivative works and the ability to alter the original artwork, the report said.

Kevin O’Leary Says ‘NFTs Will Be Bigger Than Bitcoin’

Kevin O’Leary said on Twitter earlier this year that “NFTs are going to be bigger than Bitcoin”. The Shark Tank investor added a reason for doing it: NFTs’ ability to track ownership. With a market capitalization of around $40 billion, the non-fungible token market needs to grow by more than 1,000% to surpass the Bitcoin market cap.

However, given the wide range of applications of NFTs, this prediction is quite reasonable. While Bitcoin is primarily used as a store of value – and in some cases currency – NFTs can be used for intellectual property, art, games, identity and more.

The investor and crypto bull has always supported DeFi and NFTs

Amid the bear market, O’Leary made it clear that he believes in cryptocurrencies because there are many opportunities to take advantage of them in a bear market. In addition to Bitcoin, O’Leary also has Ethereum It also invests in Algorand, Solana, Polygon and many more.

To get more personal insights from Mr. Wonderful, the Cryptocurrency Conference will be held in Manhattan in December. Interested parties can meet founders and investors who are building on the future of crypto, NFTs, and DeFi. Tickets have already been activated. Also, NFT fans should pay attention to the Emoji “tube” NFT icons in the future!

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“Poop” Emoji NFTs are on the rise!

The famous emoji brand is one of the latest companies to enter the world of irreplaceable symbols. Here’s a look at how the company first tackled the world of NFTs with one of its most iconic emojis. The emoji company is partnering with RECUR to bring uric emojis to life on Web3. Group NFT “Poosonality” is led by Barry Dingle.

“Emojis are omnipresent in today’s world, and this partnership with RECUR will elevate the brand to even greater heights as they launch the first NFT suite of this emoji brand,” the company said. The first contribution from RECUR and emoji is an emoji that has 2,222 PFPs on display.

Starting shot on September 22nd

“To make this launch larger than life, the emoji company and RECUR enlisted the help of a special emoji brand icon called Barry Dingle.” “Emojis are an essential component of digital communication, from SMS to Twitter, bringing joy to our days and filling our world with color and personality,” said Zack Bruch, Founder and CEO of RECUR. “We are so excited to bring this strong brand to life. Web3.”

Recur card holders get exclusive access to coin

The Emoji Company is one of the most popular companies with more than 1,000 global licensing partners. The Emoji brand has been ranked as the third most important brand after Lego and Coca-Cola, ranked third in importance on the Powerlist and ranked 58th in the list of the 150 most influential licenses worldwide. RECUR offers multi-chain deposits and withdrawals for NFTs. The company recently launched the Avalanche blockchain, allowing users to withdraw NFTs to any Web3 wallet.

The emoji drop is part of RECUR’s current and upcoming NFT series of collections. Recent draws include Care Bears NFTs and Nickelodeon NFTs by Rugrats and Hey Arnold in partnership with Paramount Global and NFTU College Basketball NFTs. RECUR is also launching a batch of 10,000 Hello Kitty NFTs on August 25, 2022.

RECUR and its investors

RECUR was valued at $333 million in September with a new $50 million funding round, one of the largest Series A financings in the NFT space. Funding was led by DIGITAL, a Metaverse investment platform backed by Steve Cohen. Other RECUR investors include Gemini, Gary Vee, David Choi, Jason Derulo, and Ethereum co-founder Joe Lubin.

This post first appeared on Benzinga:

https://www.benzinga.com/markets/cryptocurrency/22/08/28577038/moonbirds-bored-apes-and-more-nfts-have-misled-buyers-on-ip-rights-report

https://www.benzinga.com/markets/cryptocurrency/22/08/28541942/kevin-oleary-nfts-will-be-bigger-than-bitcoin-what-else-does-mr-wonderful-think-about- The-

https://www.benzinga.com/markets/cryptocurrency/22/08/28529137/oh-st-poop-emoji-nfts-are-coming-here-are-the-details-and-how-you-can- buy one

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