Understanding NFTs, blockchain, and copyright ownership in the new art world

In recent decades, the development and adoption of new technologies have accelerated surprisingly, although there are still some gaps in adoption in different regions of the world, especially the least developed countries. This rapid technological shift is affecting almost all areas of the economy, society, and culture. With the advancement of technology, the art world is constantly evolving. The technological change in the art world has drastically changed art production, display, security, commission, publicity, criticism, auction, and purchase.

The art market as we know it has completely transformed into a trustless and decentralized marketplace thanks to NFT’s. Before diving into what NFT is, let’s first understand what blockchain technology is and how it works.

What is blockchain technology?

Blockchain is a distributed ledger for all peer-to-peer transactions. This technology allows participants to verify transactions without a central authority. Possible use cases include money transfers, trading, voting, and many other sectors. Blockchain, the underlying technology of Bitcoin and other cryptocurrencies is an open, distributed ledger that can record transactions between two parties efficiently, verifiable, and permanent. The ledger itself can also be programmed to automatically trigger transactions. Thanks to the unique security measures of the blockchain and public ledgers, the blockchain has become a cutting-edge technology in almost all areas. Blockchain is a promising and innovative technology that reduces risk, eliminates fraud, and provides scalability for a variety of applications.

Blockchain technology holds great promise for changing centuries-old business models, increasing the legitimacy of different sectors, and creating new opportunities for shared prosperity. Like other cryptocurrency or digital assets, NFT also relies on blockchain technology.

As the global digitization process continues to evolve, NFT may become a viable solution for asset ownership and tokenization.

What is NFT?

On March 11, 2021, a JPEG image by Beeple was sold for a whopping $69.3 million. This amount is not only the highest price paid for digital artwork but also the third-highest auction price paid to a living artist for a work of art in any medium. This created the mainstream buzz for NFT’s, let’s understand it a bit more!

NFT stands for Non-Fungible Token. It has attracted much attention because of its absolute uniqueness. Anyone familiar with NFT has probably heard of encrypted images. There are so many stories on Twitter of crypto artists sharing the joy and change that comes with selling their work successfully.

NFTs are digital assets that represent real-world objects such as art, music, game items, and video. They can often be bought and sold online using cryptocurrencies, and they are usually encoded using the same basic software as many cryptocurrencies.

When Copyright meets Blockchain!

NFT is used in a variety of ways, which may affect copyright law. In this respect, this is the latest example of the perspectives and challenges associated with blockchain systems in this legal system. However, it doesn’t legally protect copyright but provides a certificate of ownership to the buyer of the artwork.

Picnab: The NFT marketplace for Photographers

While there is plenty of NFT marketplace focused on 3D and illustration arts, photography is still struggling to find its position in the NFT Artworld. The world of photography is waiting for evolution and Picnab is here to disrupt the photography space.

Picnab combines NFT and stock photography to create a blockchain-based imaging platform. Picnab provides a fast and secure platform for downloading free stock images and assigning NFT images to the images as unique signature creations.

What Picnab offers to photographers

• The global platform for artists
• Security
• Fair reward

Picnab helps photographers with a platform to secure their art with copyrights thanks to NFT technology. Picnab is the perfect combination of security and scalability to help photographers get the rewards and rewards they need to work hard and get creative. Photographers can upload their original work and leverage benefits with Picnab.

Get in touch

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For more information about the project, you can visit our website.