| Orange Line - New Media |
Information:
The NFT Virtual Art Gallery by TorontoX (on OpenSea.io)
Toronto.uk.com About: The NFT Virtual Art Experiment by TorontoX (on OpenSea.io) on toronto.uk.com experiments the potential of NFT art. This open project explores the evolving field of intellectual property and licensing rights associated to the metadata of NFT Art (as determined by each artist). Subjects include discussions about where the actual metadata is stored or where it is available for download, archival information (if any), and data integrity markers (using SHA256 identifiers).
Metaverse Platform: Artists and NFT Collectors may meet in the Metaverse of toronto.uk.com to discuss issues pertaining to the art and its related IP licensing terms.
Areas: IP Rights management of NFT Metadata; copyrights, contractual terms, and licensing agreements.
Network Type: Polygon Network (Sidechain of Ethereum); Polygon Mainnet; (Gas: Polygon Matic);
Trading Platform: Opensea.io (TorontoX)
Compatible Wallet technology: MetaMask (Non-Custodial Wallet)
Metaverse Administrator: SigniumX (Second Life)
Metamask Wallet Address (Polygon Scan)
0x19cA9756061E4004D6e56Cd0a660
Technical Analysis: The metadata of an NFT is most often not stored on the blockchain itself if the relative size of the metadata is too large. By design, blockchains are meant to continuously record transaction data on its ledgers as they are updated. The blockchain verification process is not designed to verify and store large data files (such as image or video) because the blockchain is not meant to function as a cloud server. To address the issue of large data files, the blockchain commonly indicates (points to) where the metadata is stored on another file server (such as a cloud server or IPFS). Metadata is a term that includes jpeg images (art), videos, sound files, or document files (such as manuscripts). The NFT itself does not ensure the metadata's authenticity or lasting permanence on an internet cloud server. As to the question of the metadata's authenticity, copyright, or intellectual property rights which attach to it- none of these important legal considerations can be simply assumed as being uniform and readily ascertainable. It is necessary to delineate how NFTs are traded from the legal attributes of the metadata. The Intellectual Property Database of toronto.uk.com catalogues the legal terms and conditions associated to the metadata when an NFT is ready for sale, as stipulated by its content creator's wishes (the artist).
Authenticity of Metadata: The art sold in an NFT, its metadata, may look exactly the same as another one, or very similar - causing confusion among collectors who purchase art in the form of NFTs. This requires careful cataloguing and documentation to establish its authenticity.
Select NFT art traded on Opensea, and if documented on toronto.uk.com, focuses on artists located in Toronto and Canada. Through the database, the artist can indicate the intellectual property rights, copyrights, and ownership rights of the metadata that are conferred by the NFT. In this way, the artist can communicate their intention when art is sold on the blockchain. Further, art collectors can engage the artist concerning the legal terms and conditions attached to the art (metadata) when the NFT is bought or sold. The database is not a substitute for due dilligence and all parties must seek professional assistance to confirm all aspects of the transaction. The open project is not a legal registry and its information should not be relied upon as being definitive and complete. The user accepts all risks of incomplete information by using the content and technology associated to the open project.
|