One of the many conversations ETHdenver 2022 attendees had over the four days of the conference involved discussions about “ownership” and the intellectual property NFT holders are actually getting when they make their purchase.

With the prevalence of social media, particularly Twitter Spaces, today’s entertainment landscape has opened its doors to incorporate Web3 and NFTs into its historically fragmented skeleton.

There’s no question that our traditional media landscape is broken, which only makes sense because industry professionals are suddenly and impulsively migrating into the metaverse.

However, for those who believe that Web3 is the second chance to get things right, starting with fixing the imbalanced relationship between creators and consumers, intellectual property (IP) proves to be a powerful solution that can enable the industry to be better than before in the past.

From TV to Scary NFT Characters

Since 2015, horror television studio Crypt TV has leveraged its internal IP and turned it into spooky and fun content for television, live events, and video games.

It has now turned its attention to taking that content and empowering fans with NFTs for its stories, while continuing its mission to continue empowering its nearly 4 million fans as they journey to Web3 and the metaverse.

By releasing its Monster Fight Club NFT collection, the company encourages fans to not only own a monster, but to accept that intellectual property should be leveraged across the community and in favor of the creators.

“Hollywood likes what it knows and no one really understands NFTs yet,” said Crypt TV co-founder and CEO Jack Davis.[In]Encryption in an email.

Referencing other collaborations such as Reese Witherspoon’s partnership with World of Women, Davis believes there needs to be more partnerships like these for the entertainment industry to be able to take NFT IP forward.

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“All genres and content types can thrive as NFTs if there is deep thought and care in plot, creativity and lore,” he noted.

Monster Fight Club holders will be able to use their NFTs as profile pictures or as a monster avatar to use in the metaverse. Some of the Crypto TVs investors include NBCUniversal, Blumhouse Productions, Lerer Hippeau and Advancit Capital.

You can watch a teaser of the upcoming release here:

Royalty-free license NFT collections

Returning to the issue of “ownership”, we have already begun to see some of the complexities in understanding what attributes and rights NFTs carry from issuer to holder.

The legal landscape is currently grappling with these issues, forcing courts to address the direct relationship between trademark protection and NFTs, as seen in the ongoing Miramax/Quentin Tarantino, Nike/StockX and Hermes/Mason Rothschild litigation.

Typically, most NFT issuers do not intend to transfer the underlying rights to the intellectual property to the future owner, but rather to transfer certain exclusive rights to display and perform the work – which allows individuals to display their NFT as a photo avatar of profile or rocking them on your clothes and outfits.

However, much of the confusion seems to stem from what rights are actually being transferred to a holder on purchase, raising the question of how sophisticated the underlying NFT smart contracts are versus what the issuer is communicating to its community.

Under federal copyright law, there are six exclusive rights granted to any copyright holder, which also include the right to reproduce, prepare derivative works, and of course, the right to distribute the work.

While most NFT holders do not have the right to fully market their acquired NFTs or prepare derivative works with them, some believe there is a way to do this – in this case, through a royalty-free license and partnership with an anti – counterfeiting and copyright protection technology known as REV3AL.

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Earlier this week, a cryptocurrency project called ZINU announced what it says is the industry’s first fully animated, royalty-free license-free 3D NFT collection, demonstrating “the truest form of decentralized intellectual property” seen to date, where holders can use their NFT any way they want without fear. of legal problem.

The NFT collection, dubbed the “Zombie Mob Secret Society”, grants each holder a royalty-free license to their specific Zinu zombified character, empowering owners and creators to use and market their respective NFTs within their own industries, in accordance with the Press release.

“Whether they already own a small business or are just starting out, ZMSS NFT holders will be able to introduce their own Zinu to their customers and take advantage of the IP that the entire community is building,” explains the press release.

Behind ZINU are senior members who have worked at Amazon, Google, Intel and Microsoft, who believe that by leveraging fully animated 3D NFTs that can “walk, parade, run, turn, dance and fly” can truly change the landscape of how these works are used in clothing and toys for comic books and movies.

You can watch a teaser of the upcoming release here:

Where do we go from here?

Indeed, the entertainment industry is ready to embrace the power of animation and intellectual property, recognizing the early stages we are still in with NFTs.

However, the conversations needed to advance this technology require a strong understanding and appreciation of federal copyright laws – which means NFT issuers and holders need to be on the same page when it comes to supporting each other with these types of issues. works.

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