Video: NFTs Are Legally Problematic

by LegalEagle ft. S. Mould & Coffeezilla

This video is very easy to understand.

Key points:

1. NBA Top Shots - this great NFT scam proves who promises NFTs might just take the money and run away with no responsibility
2. Bored Apes and the like - in reality are just links to public hosted images the buyer does not own
3. Click-Wrap Agreements - an NFT is equivalent to an hyperlink and you can't own an hyperlink
4. Smart Contracts - are programs and not necessarily real, valid contracts. They cannot be enforced
5. Copyrights - NTFs do not replace the copyright law and do not give the buyer copyright right, just a license to use something which might change at any time!
6. Art created by artificial intelligence - cannot be copyrighted as law says only humans can create "art", another extra reason Bored Apes and the like are not art and cannot be protected by law
7. NFTs - are a market manipulation to sell fake art by creating artificial scarcity in the market and people who buy them are getting nothing but a limited license, there is absolutely no consumer protection
8. IPFS - makes the scam worse as the destination resource of those ipfs links embedded in NFTs smart contracts can change at any time

Conclusion: a wise buyer should not invest in non-fungible tokens.

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Tags: #nft #nfts #crypto #market #boredapes #legal #video #ipfs #bitcoin #btc #ethereum #smart-contract #scam #fraud #tutorial #nonfungibletokens

#NFT Projects are just MLMs for Tech Elites

source: https://every.to/napkin-math/nft-projects-are-just-mlms-for-tech-elites

Let’s look at the math - in the past 30 days, the top 25 collections have done more than $2.3B in transactions. Out of this, 60% of that volume comes from just five collections - #Cryptopunks, #MutantApes, #ArtBlocks, #BoredApes, and #Loot. If you extend it to the top 50 collections, we’re looking at closer to $2.8B - but still almost 50% of that comes from those same five collections.

#mlm #business #economy #internet #hype #society #money #profit #art #collection