The NFT (“non-fungible token”) market has recently become noisy due to an internet campaign of celebrities who have been digitalizing their pictures with toy bears on social media platforms. Among others were Magda Gessler and Krzysztof Gonciarz.
Behind the Fancy Bears campaign was Fanadise, which sold more than 8,000 copies. NFT graphic designer. The Office of Competition and Consumer Protection has decided to take a look at the digital marketing campaign.
Lawyers also speak on this issue. “The NFT market is currently unlimited and basically anything can be sold as NFT,” said Adam Ziębicki of Chałas i Wspólnicy law firm. “However, this does not change the fact that there are a number of legal considerations that need to be taken into account. First of all, it should be noted that the sale of NFT does not always give the buyer the copyright to the work. Normally, these rights, as well as other intellectual property rights, remain with the creator, and the buyer only receives a certificate confirming the purchase of a particular work and the right to display the given work. ” see the terms of the website.
It also shows that NFT currently has no legislative rules dedicated to it. “However, this may change in the future, as even in 2021, the Anti-Money Laundering and Terrorist Financing Act was amended. According to the new version of the act, from November 2021, cryptocurrency exchange offices operating in Poland must be registered in the register of activities in the field of virtual currencies. In the case of NFT, such rules do not yet exist, but it is quite reasonable to expect that they will one day be established at the EU level, “he said.
He added that in addition to legal issues, there is also the issue of correction of the cryptocurrency market. “In order to own a given NFT, you have to pay a reasonable price for it, expressed in a certain cryptocurrency, so its price has a significant impact on the whole project. So you can save very quickly and lose a lot of money, “he said.
Without strict rules
In an interview with Wirtualnemedia.pl, he also claims that the Office of Competition and Consumer Protection should look into the Fancy Bears campaign. – The results of this procedure will allow the formation of a certain pattern of action and possible behaviors associated with the promotion of various NFT collections, which will become more reliable and more concrete activities in the future. promotion of various tokens. Of course, in my opinion, the results of this procedure should be rational and can not regulate this market very seriously, because it can significantly limit any activity in this area in Poland and, even if there are very strict requirements, can completely block this market. – he adds.
This also applies to comments on the security of NFT investments. – Personally, I think it is difficult to say that any investment is completely safe by definition. Investments in oil are subject to the same mechanisms as stock market investments. Whether the cryptocurrency market is in a downward or upward trend, investing in NFT cannot be called completely safe from a financial and investment point of view. Therefore, special attention should be paid in both cases, he says. – In my opinion, NFT is a speculative financial instrument that can gain and lose significantly. It is worth watching the development of this market, as new opportunities for NFT will begin to emerge in the future – a good example of this is Twitter, which now offers the opportunity to use NFT as a profile picture on its platform, he added.
According to him, the significant popularity of NFT in Poland, especially among individuals, can be helped by large social media – such as Facebook or Instagram, which recently announced the possibility of displaying and extracting various NFT on their websites.
Pictures, tweets, digital love
What has already been sold at NFT? The rock band Kings of Leon sold a special edition of their album in this form. Meanwhile, Twitter founder Jack Dorsey has put his first tweet up for auction.
A year ago, there was an uproar over the dizzying amount of Marty Rentin’s Virtual Love sale in Poland. It was almost 1 million PLN – exactly 969,937 PLN. Of course, through Fanadise. Is This Virtual Love? “Physical love, platonic love and digital love may be different, but each is equally real with all our thoughts and feelings. Digital means eternal. After all, everything that is now digitized will remain with us until the end of the world – photos, movies, memories, everything, “said Marty Renti.
During last year’s holiday, Legia Warszawa announced the release of special NFT tokens dedicated to the eleven players of the Warsaw club, which had a major impact on winning the last championship title. For example, Arthur Boruj’s token today is over 12,000. PLN (approximately 1 ETH).
A year ago, singer Dorota “Doda” Rabczewska also began selling parts of her body 3D scan in the form of NFT tokens. – Each of my NFTs and their value will increase in popularity. Comparing this with my plans for the future, my fans will have the opportunity to get rich for the first time, he said. The Fanadise platform is also responsible for selling NFT Doda tokens.
On the other hand, Paweł Kowalewski’s painting “Why Something Happens” in the form of a digital token (NFT) sold for 552,000 PLN at auction in December. zloty. Photo by Kowalewski in 1986. It was damaged by flooding during the artist’s studio in 1997 and was recently rebuilt using the blockchain protocol.
– Sold at a high price of 552 thousand. PLN promises good results for this new market segment in Poland. We want to set standards for a new digital art market in Poland and have a leading position there. In the first half of 2022, we plan to auction only the art of NFT. In the coming months, virtual auctions will become a recurring event in our auction house, said Juliusz Windorbski, Director General of DESA (DESA Unicum auction house was the organizer of the auction).
The most expensive NFT case to date has cost about $ 69 million and was auctioned off at Christie’s last year. Created by American graphic artist and animator Biple, this “Every Day – the First 5,000 Days” consisted of about five thousand images, which are only a digital version.