I can’t help but chuckle after hearing about how non-fungible tokens are advancing. Series of thoughts are arising after reading about Grimes getting millions of dollars for non-fungible tokens. Even the co-founder of Twitter put an autograph tweet for sale as a non-fungible token. He sold it at a price close to $3million.
Non-fungible token seems to go hail wire recently compare to when we have colored coin as NFT some decades ago. NFT now ranges from art to music etcetera and are fast selling like mad. Come to think of it, can we say NFT worth this hype?
Some expert says it is here to stay and reform investment view forever. This is not a parable, you might be wondering what Non-fungible token means.
Non-fungible means something that can’t be replaced or changed with something else. Bitcoin for example is fungible because it can be traded for another coin and you have the same value of the product. But a one of a kind artwork is non-fungible.
Etherium blockchain just like bitcoin or dogecoin is never the same as it was created many years ago. A lot of high-quality revolutions are taking place on the platform. So at a very high level, Non-fungible tokens are part of what ethereum supported.
Non-fungible tokens can be in form of music, art drawing, GIF etcetera. A lot of the current excitement is pegged at using the tech to sell digital art -an evolution of fine art collecting, only with digital art.
So what am saying in essence is that non-fungible tokens have taken the world by storm. It is an element or more like an assent that can be transferred from one digital wallet to another one through a decentralized distributed ledger called the blockchain.
Due to the recent traceable discovery of NFT and its link with blockchain, it makes it become a favorite for a digital artist who wishes to sell their work online and continuously making a profit without allowing the chain of custody and origin to mistakenly tied back at them.
HOW IS IT DONE?
For an artist to sell their NFT. They need to
Upload the image files of their artwork through a centralized platform like mintable etcetera. This mint the item to the blockchain and allow the artist to sell their NFT to the public. This upload will allow the artwork to carry the image hyperlink.
PROBLEM FACING NFT
As good as this NFT is to both artists and collectors. There are still some bothering problems on the platform restricting the ability of artists to unlock the true and normal potential of non-fungible tokens.
- Non-fungible Tokens don’t transfer the copyright of the respective artist to the buyer.
- Nonfungible tokens are not conducive to decentralization, file resilience, and permanence
- The files are vulnerable to attacks because they are centrally hosted by a top-level domain before they are mint to the blockchain
- Artist usually don’t get compensated for any subsequent third party sales of their work
- Buyers can’t notice when they bought a rip-off of existing art until it is too late.
TRANSFORMING NFTS BY HUP LIFE
Hup life comes into existence to fundamentally transformed the value of NFTs. This is done by introducing HUP.MARKET which is powered by $HUP.
Source
HUP. MARKET is the first platform in the world, enabling socially conscious artists from the world to mint and sell copyright–enabled NFTs through a structure obeying the security law and international copyright law.
On this note, five percent from every sale, resale, and licensing deal of work is donated to a charitable organization that is selected by the artist at the time of minting, and five percent of every resale and licensing deal by the purchaser is rewarded back to the artist as compensation.5%
REASONS WHY COPYRIGHT ENABLED NON-FUNGIBLE TOKENS (ceNFT)ARE CONSIDERED TO BE MINTED BY VISUAL ARTIST INSTEAD OF ONLY NFT.
- Artist get a cut of future resale and licensing deals by subsequent purchasers.
- ceNFTs transfer the full bundle of copyright to the purchaser(traceable through what we call its Ghost NFT)
- Art minted as a ceNFT runs through 2 layers of validation to determine authenticity and originality: a robust recognition engine and a consensus mechanism in which users can provide evidence of infringement
- The hyperlink contained in a ceNFT to metadata is resolved through our TLD on a decentralized, blockchain-based Domain Name System (DNS) service, in addition to being accessible on the world wide web through the global TLD system.
- That metadata file is hosted on a decentralized, immutable cloud file system facilitated by blockchain technology, with tens of nodes pinning the file at once, promoting redundancy and ensuring NFT permanence. The image file depicting the work of art is also uploaded to Arweave as a permanence safety net.
- Artist can sell the ceNFT without transferring the Ghost NFT if they wish to retain copyright and can then license it to 3rd parties using our licensing module built on Ricardian contract design principles.
HUP.LIFE is the only one with this solution. At least, that's my belief. In case you’re probably wondering about what type of art is allowed to be minted and sold on HUP.MARKET. this will ease your doubt.
- The artwork allowed to be minted on HUP.MARKET by the artist must be original, digital visual works.
- It must be static or moving for up to 30 seconds
- Must not contain elements that included text, audio, cinematography, trademark, or architecture.
- Artist must confirm that the work has not been made under any employment (hired work)
- The work must not be previously available to the public through an artist or third party.
HUP.LIFE is a game-changing Market ecosystem for Artists & Collectors.
This allows them to fully monetize their NFTs through internationally enforceable copyright.
Are you an artist or a collector?
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First off, you made a good choice. Am sure you are interested in NFTs because it gives you a way to sell the work that there might not be much of a market for. Did you come up with a cool digital artistic idea? Or you wanna be a contributor? Ah, yes. NFTs can work like any other speculative asset, where you buy it and hope that the value of it goes up one day, so you can sell it for a profit.
$HUP is building a marketplace for NFT to enable visual artists and collectors to authenticate their work. They will find copycats across the web, sell or license the copyright alongside their NFTs through an end-to-end solution that complies with international copyright & securities law.
$HUP rewards the holder of their token automatically and pledges a contribution to charity in every transaction.
By lending your work to art galleries, live broadcast, advertiser etcetera, you can earn $HUP.
This is a sponsored article written for a bounty reward.
Bounty0x username- Nice2you
reference : HUP.LIFE