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NFTs and intellectual property, explained

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NFTs and intellectual property, explained
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rn”,”seo_description”:”What is Bitcoin? How does blockchain work? How to mine cryptocurrency? We are glad to help you answer these questions with our quick guides in Explained section.”},”words_count”:688,”description”:”When you buy a nonfungible token, do you automatically get intellectual property rights? Well… it’s complicated”,”author”:{“id”:1296,”title”:”Chris Jones”,”url”:”chris-jones”,”twitter”:””,”google_plus”:””,”photo”:””,”gender”:”male”,”description”:”hris is an advertorial writer for Cointelegraph. He is an avid follower of the cryptocurrency space. (“,”facebook”:””,”email”:””,”linkedin”:””,”created_at”:”2021-06-28 11:46:15″,”updated_at”:”2021-06-28 11:46:46″,”deleted_at”:null,”avatar”:”https://cointelegraph.com/assets/img/icons/author_male.jpg”,”hash”:”aHR0cHM6Ly9jb2ludGVsZWdyYXBoLmNvbS9hdXRob3JzL2NocmlzLWpvbmVz”,”relativeUrl”:”https://cointelegraph.com/authors/chris-jones”,”user_id”:1296,”language_id”:1,”name”:”Chris Jones”,”desc”:”Chris is an advertorial writer for Cointelegraph. He is an avid follower of the cryptocurrency space.”,”seo_title”:””,”seo_description”:””,”enabled”:0,”show_in_authors”:0,”show_in_experts”:0},”category_id”:65,”audio”:”https://s3.cointelegraph.com/audio/91426.0040865d-1ebf-493e-9be6-2f048fc64e57.mp3″,”tags”:[{“name”:”Smart Contracts”,”uri”:”/tags/smart-contracts”,”super”:0,”page_title”:”Smart Contracts News”},{“name”:”Web3″,”uri”:”/tags/web3″,”super”:0,”page_title”:””},{“name”:”NFT”,”uri”:”/tags/nft”,”super”:1,”page_title”:”NFT News”}],”tag_title”:”NFT”,”date”:”7 HOURS AGO”,”badge”:{“title”:”Explained”,”label”:”default”},”qty”:24,”stats_pixel”:”“,”stats_pixel_url”:”https://zoa.cointelegraph.com/pixel?postId=91426&regionId=1″,”shares”:72,”infographic”:false,”sponsored”:false,”explained”:true,”press_release”:false,”show_referral”:false,”social_description”:”The world of intellectual property is outdated, and the arrival of NFTs has created new challenges. How can we protect ideas and creations in the 21st century? #Sponsored”,”social_translators”:{“clipboard_popup_label”:”Link copied”,”socialWechatFooterError”:”WeChat error”,”socialWechatFooterText”:”WeChat share”,”socialWechatHeaderText”:”WeChat share”},”social_shares”:{“post_id”:91426,”post_url”:”https://cointelegraph.com/explained/nfts-and-intellectual-property-explained”,”post_titles”:{“normal”:”NFTs and intellectual property, explained”,”twitter”:”NFTs and intellectual property, explained”},”post_text”:{“normal”:”NFTs and intellectual property, explained”,”twitter”:”NFTs and intellectual property, explained https://cointelegraph.com/explained/nfts-and-intellectual-property-explained via @cointelegraph”},”accounts”:{“twitter”:”@cointelegraph”}},”socials”:{“facebook”:{“url”:”https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fcointelegraph.com%2Fexplained%2Fnfts-and-intellectual-property-explained”,”count”:null,”short”:”fb”,”fa”:”facebook”},”twitter”:{“url”:”https://twitter.com/intent/tweet?text=NFTs+and+intellectual+property%2C+explained https%3A%2F%2Fcointelegraph.com%2Fexplained%2Fnfts-and-intellectual-property-explained via @cointelegraph”,”count”:null,”short”:”tw”,”fa”:”twitter”},”telegram”:{“url”:”https://telegram.me/share/url?url=https%3A%2F%2Fcointelegraph.com%2Fexplained%2Fnfts-and-intellectual-property-explained &text=NFTs+and+intellectual+property%2C+explained”,”count”:null,”short”:”tg”,”fa”:”paper-plane”},”whatsapp”:{“url”:”https://api.whatsapp.com/send?text=NFTs+and+intellectual+property%2C+explained&href=https%3A%2F%2Fcointelegraph.com%2Fexplained%2Fnfts-and-intellectual-property-explained”,”count”:null,”short”:”wu”,”fa”:”whatsapp”},”gplus”:{“url”:”https://plus.google.com/share?url=https%3A%2F%2Fcointelegraph.com%2Fexplained%2Fnfts-and-intellectual-property-explained”,”count”:null,”short”:”gplus”,”fa”:”google-plus”},”reddit”:{“url”:”https://www.reddit.com/submit?url=https%3A%2F%2Fcointelegraph.com%2Fexplained%2Fnfts-and-intellectual-property-explained&title=NFTs+and+intellectual+property%2C+explained”,”count”:null,”short”:”reddit”,”fa”:”reddit-alien”},”linkedin”:{“url”:”https://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fcointelegraph.com%2Fexplained%2Fnfts-and-intellectual-property-explained&title=NFTs+and+intellectual+property%2C+explained”,”count”:null,”short”:”li”,”fa”:”linkedin”}},”hide_disclaimer”:false,”elink”:”https://invarch.network/”,”etitle”:”Partnership material”,”elogo_x2″:”https://images.cointelegraph.com/images/528_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy8xZWNmNDdmYzdjNDQ0YzQ1NGE5Mzc4OTRkZDJiNDg1Yi5wbmc=.png”,”elogo_x1″:”https://images.cointelegraph.com/images/260_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy8xZWNmNDdmYzdjNDQ0YzQ1NGE5Mzc4OTRkZDJiNDg1Yi5wbmc=.png”,”elogo_svg”:false,”content”:[{“id”:3613,”post_id”:91426,”title”:”What are intellectual property rights?”,”content”:”

In its simplest form, intellectual property relates to something you create with your mind — such as artwork, literature and inventions.

nn

These protections were relatively easy to enforce in the analog era, but our digital world — where copying and pasting runs abound as millions of people create their own content — makes things especially challenging.

nn

Nonfungible tokens are a thrilling development that have the power to modernize everything from baseball cards to music albums, from movie merchandise to stunning art. But, as with any new technology, there are issues that need to be overcome.

nn

The industry’s still getting to grips with the rights that are afforded to the owners of an NFT, and there are other threats that need to be addressed. If a nonfungible token is stolen by a malicious actor, does the victim still enjoy IP rights? And how can we counter the risk of copycat NFTs being minted on a rival blockchain?

nnn”,”created_at”:”2022-08-10 19:37:08″,”updated_at”:”2022-08-10 19:42:24″,”sort”:1,”translations”:{“id”:3606,”explained_post_id”:3613,”title_en”:”What are intellectual property rights?”,”content_en”:”

In its simplest form, intellectual property relates to something you create with your mind — such as artwork, literature and inventions.

nn

These protections were relatively easy to enforce in the analog era, but our digital world — where copying and pasting runs abound as millions of people create their own content — makes things especially challenging.

nn

Nonfungible tokens are a thrilling development that have the power to modernize everything from baseball cards to music albums, from movie merchandise to stunning art. But, as with any new technology, there are issues that need to be overcome.

nn

The industry’s still getting to grips with the rights that are afforded to the owners of an NFT, and there are other threats that need to be addressed. If a nonfungible token is stolen by a malicious actor, does the victim still enjoy IP rights? And how can we counter the risk of copycat NFTs being minted on a rival blockchain?

nnn”,”title_es”:””,”content_es”:”n”,”title_cn”:””,”content_cn”:”n”,”title_de”:””,”content_de”:”n”,”title_fr”:””,”content_fr”:”n”,”title_it”:””,”content_it”:”n”,”title_ar”:””,”content_ar”:”n”,”title_br”:””,”content_br”:”n”,”title_jp”:””,”content_jp”:”n”,”created_at”:”2022-08-10 19:37:08″,”updated_at”:”2022-08-10 19:42:24″,”title_kr”:””,”content_kr”:”n”,”title_tr”:””,”content_tr”:”n”}},{“id”:3614,”post_id”:91426,”title”:”When you buy an NFT, do I automatically get IP rights?”,”content”:”

The short answer to this is no. It’s important to read the small print to find out exactly what you’re getting.

nn

Let’s run through some quick examples. Jack Dorsey sold off his first tweet in NFT form for a whopping $2.9 million back in March 2021. While there’s little doubt this is a historic piece of content, crypto entrepreneur Sina Estavi doesn’t own the IP to this tweet. All copyright still rests with Dorsey.

nn

The New York Times pulled off a tongue-in-cheek stunt when it published an article about crypto collectibles — and then gave readers the chance to own a tokenized version of the story. It ended up selling for a whopping 350 ETH — worth $560,000 at the time, and about $600,000 as of the start of August 2022. Although this NFT did come with some perks (the buyer was given the chance to be named and photographed in a subsequent piece,) it didn’t include the copyright to the article… or any reproduction or syndication rights.

nn

Potential pitfalls don’t end here, either. MetaBirkins have become especially popular during the NFT boom — a digital remake of Hermes’ famous bags. But digital artist Mason Rothschild ended up in hot water with the designer brand, which took legal action after claiming it could cause confusion in the eyes of consumers.

nnn”,”created_at”:”2022-08-10 19:38:24″,”updated_at”:”2022-08-10 19:42:24″,”sort”:2,”translations”:{“id”:3607,”explained_post_id”:3614,”title_en”:”When you buy an NFT, do I automatically get IP rights?”,”content_en”:”

The short answer to this is no. It’s important to read the small print to find out exactly what you’re getting.

nn

Let’s run through some quick examples. Jack Dorsey sold off his first tweet in NFT form for a whopping $2.9 million back in March 2021. While there’s little doubt this is a historic piece of content, crypto entrepreneur Sina Estavi doesn’t own the IP to this tweet. All copyright still rests with Dorsey.

nn

The New York Times pulled off a tongue-in-cheek stunt when it published an article about crypto collectibles — and then gave readers the chance to own a tokenized version of the story. It ended up selling for a whopping 350 ETH — worth $560,000 at the time, and about $600,000 as of the start of August 2022. Although this NFT did come with some perks (the buyer was given the chance to be named and photographed in a subsequent piece,) it didn’t include the copyright to the article… or any reproduction or syndication rights.

nn

Potential pitfalls don’t end here, either. MetaBirkins have become especially popular during the NFT boom — a digital remake of Hermes’ famous bags. But digital artist Mason Rothschild ended up in hot water with the designer brand, which took legal action after claiming it could cause confusion in the eyes of consumers.

nnn”,”title_es”:””,”content_es”:”n”,”title_cn”:””,”content_cn”:”n”,”title_de”:””,”content_de”:”n”,”title_fr”:””,”content_fr”:”n”,”title_it”:””,”content_it”:”n”,”title_ar”:””,”content_ar”:”n”,”title_br”:””,”content_br”:”n”,”title_jp”:””,”content_jp”:”n”,”created_at”:”2022-08-10 19:38:24″,”updated_at”:”2022-08-10 19:42:24″,”title_kr”:””,”content_kr”:”n”,”title_tr”:””,”content_tr”:”n”}},{“id”:3615,”post_id”:91426,”title”:”Which NFT collections have given IP rights to owners?”,”content”:”

Some of the biggest NFT collections out there right now — Bored Ape Yacht Club among them — have given full intellectual property rights to users.

nn

This is a significant (and you could argue a very generous) development. It effectively means that those who own Bored Ape NFTs have the potential to profit from them. We’ve seen Eminem and Snoop Dogg team up for a new music video where they transform into their characters. Meanwhile, sites have emerged where collectors can effectively hire out their ape’s NFT to brands.

nn

As we alluded to earlier, the actor Seth Green made a splash when he unveiled plans to create a TV show themed around his Bored Ape NFT, which he affectionately calls Fred, called White Horse Tavern. Green’s beloved collectible ended up being stolen in a phishing attack, and he ended up paying over the odds to get it back. 

nn

BAYC’s license states those who purchase NFTs “own the underlying Bored Ape, the Art, completely” — but doesn’t actually mention what happens in cases of theft. Many experts believed that Green would have been on firm legal ground if he released the TV show without the NFT, but there are no guarantees.

nnn”,”created_at”:”2022-08-10 19:38:53″,”updated_at”:”2022-08-10 19:42:24″,”sort”:3,”translations”:{“id”:3608,”explained_post_id”:3615,”title_en”:”Which NFT collections have given IP rights to owners?”,”content_en”:”

Some of the biggest NFT collections out there right now — Bored Ape Yacht Club among them — have given full intellectual property rights to users.

nn

This is a significant (and you could argue a very generous) development. It effectively means that those who own Bored Ape NFTs have the potential to profit from them. We’ve seen Eminem and Snoop Dogg team up for a new music video where they transform into their characters. Meanwhile, sites have emerged where collectors can effectively hire out their ape’s NFT to brands.

nn

As we alluded to earlier, the actor Seth Green made a splash when he unveiled plans to create a TV show themed around his Bored Ape NFT, which he affectionately calls Fred, called White Horse Tavern. Green’s beloved collectible ended up being stolen in a phishing attack, and he ended up paying over the odds to get it back. 

nn

BAYC’s license states those who purchase NFTs “own the underlying Bored Ape, the Art, completely” — but doesn’t actually mention what happens in cases of theft. Many experts believed that Green would have been on firm legal ground if he released the TV show without the NFT, but there are no guarantees.

nnn”,”title_es”:””,”content_es”:”n”,”title_cn”:””,”content_cn”:”n”,”title_de”:””,”content_de”:”n”,”title_fr”:””,”content_fr”:”n”,”title_it”:””,”content_it”:”n”,”title_ar”:””,”content_ar”:”n”,”title_br”:””,”content_br”:”n”,”title_jp”:””,”content_jp”:”n”,”created_at”:”2022-08-10 19:38:53″,”updated_at”:”2022-08-10 19:42:24″,”title_kr”:””,”content_kr”:”n”,”title_tr”:””,”content_tr”:”n”}},{“id”:3616,”post_id”:91426,”title”:”How can NFT and Web3 protocols help transfer IP rights?”,”content”:”

The 21st century has turned into an IP war zone and an innovation graveyard — but things are beginning to change.

nn

New and enhanced NFT classes have the potential to certify the authenticity of nonfungible assets, protect their uniqueness, and streamline management rights.

nn

This approach is being championed by InvArch — an IP rights blockchain that is scalable, interoperable and has ambitions to be integrated throughout the Web3 world. An Invention, Involvement, Inventory and Investment protocol (known as INV4) delivers piracy-proof files as well as on-chain copyright and licensing.

nn

Setting out one potential use case for how its approach could transform the creative sector, the project paints a picture where decentralized music studios and record labels can flourish — with individual artists contributing distinctive elements. They could then be brought together to form a song with a plethora of beats and rifts — with each contributor retaining their IP, jointly owning the rights to the track, and sharing a piece of the royalties.

nnn”,”created_at”:”2022-08-10 19:39:12″,”updated_at”:”2022-08-10 19:42:24″,”sort”:4,”translations”:{“id”:3609,”explained_post_id”:3616,”title_en”:”How can NFT and Web3 protocols help transfer IP rights?”,”content_en”:”

The 21st century has turned into an IP war zone and an innovation graveyard — but things are beginning to change.

nn

New and enhanced NFT classes have the potential to certify the authenticity of nonfungible assets, protect their uniqueness, and streamline management rights.

nn

This approach is being championed by InvArch — an IP rights blockchain that is scalable, interoperable and has ambitions to be integrated throughout the Web3 world. An Invention, Involvement, Inventory and Investment protocol (known as INV4) delivers piracy-proof files as well as on-chain copyright and licensing.

nn

Setting out one potential use case for how its approach could transform the creative sector, the project paints a picture where decentralized music studios and record labels can flourish — with individual artists contributing distinctive elements. They could then be brought together to form a song with a plethora of beats and rifts — with each contributor retaining their IP, jointly owning the rights to the track, and sharing a piece of the royalties.

nnn”,”title_es”:””,”content_es”:”n”,”title_cn”:””,”content_cn”:”n”,”title_de”:””,”content_de”:”n”,”title_fr”:””,”content_fr”:”n”,”title_it”:””,”content_it”:”n”,”title_ar”:””,”content_ar”:”n”,”title_br”:””,”content_br”:”n”,”title_jp”:””,”content_jp”:”n”,”created_at”:”2022-08-10 19:39:12″,”updated_at”:”2022-08-10 19:42:24″,”title_kr”:””,”content_kr”:”n”,”title_tr”:””,”content_tr”:”n”}},{“id”:3617,”post_id”:91426,”title”:”Could smart contracts be used for IP agreements?”,”content”:”

Yes — business deals could be brought into the 21st century with the help of blockchain.

nn

InvArch’s goal is to ensure that those who hold the most desirable NFTs — including CryptoPunks, Bored Apes and Meebits, can establish on-chain agreements that extend to use of their nonfungible tokens in a third-party product.

nn

Setting out its vision in a recent blog post, the project added: “In the end, you have a marketplace where communities can buy swag and products relevant to their interests — and a market where artists and NFT copyright owners can establish lucrative income streams from their NFTs and increase the raw value of their digital assets.”

nnn”,”created_at”:”2022-08-10 19:39:31″,”updated_at”:”2022-08-10 19:42:24″,”sort”:5,”translations”:{“id”:3610,”explained_post_id”:3617,”title_en”:”Could smart contracts be used for IP agreements?”,”content_en”:”

Yes — business deals could be brought into the 21st century with the help of blockchain.

nn

InvArch’s goal is to ensure that those who hold the most desirable NFTs — including CryptoPunks, Bored Apes and Meebits, can establish on-chain agreements that extend to use of their nonfungible tokens in a third-party product.

nn

Setting out its vision in a recent blog post, the project added: “In the end, you have a marketplace where communities can buy swag and products relevant to their interests — and a market where artists and NFT copyright owners can establish lucrative income streams from their NFTs and increase the raw value of their digital assets.”

nnn”,”title_es”:””,”content_es”:”n”,”title_cn”:””,”content_cn”:”n”,”title_de”:””,”content_de”:”n”,”title_fr”:””,”content_fr”:”n”,”title_it”:””,”content_it”:”n”,”title_ar”:””,”content_ar”:”n”,”title_br”:””,”content_br”:”n”,”title_jp”:””,”content_jp”:”n”,”created_at”:”2022-08-10 19:39:31″,”updated_at”:”2022-08-10 19:42:24″,”title_kr”:””,”content_kr”:”n”,”title_tr”:””,”content_tr”:”n”}},{“id”:3618,”post_id”:91426,”title”:”How can IP assets transform DeFi, DAOs and the metaverse?”,”content”:”

InvArch says that its infrastructure can be used to speedily create new decentralized autonomous organizations.

nn

This could make it easier for nonprofits to fund intellectual property development — and organizations could generate cashflow without signing over their IP rights. It’s hoped roadblocks to innovation could be torn down — with a new “development highway” left in its place.

nn

InvArch’s infrastructure could also offer greater protections to those who are building ambitiously on virtual plots of land in the metaverse — and unlock whole new business opportunities over in the world of DeFi. 

nn

The project won the 43rd Kusama parachain auction — and at the end of June, it unveiled technology that will make everything from music to code “all but impossible to steal.” What’s more, this will strike at the heart of centralization in the world of IP, not least because seeking protection through InvArch is vastly cheaper than the status quo.

nn

Learn more about InvArch

nn

n

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

n

nnn”,”created_at”:”2022-08-10 19:40:51″,”updated_at”:”2022-08-10 19:42:24″,”sort”:6,”translations”:{“id”:3611,”explained_post_id”:3618,”title_en”:”How can IP assets transform DeFi, DAOs and the metaverse?”,”content_en”:”

InvArch says that its infrastructure can be used to speedily create new decentralized autonomous organizations.

nn

This could make it easier for nonprofits to fund intellectual property development — and organizations could generate cashflow without signing over their IP rights. It’s hoped roadblocks to innovation could be torn down — with a new “development highway” left in its place.

nn

InvArch’s infrastructure could also offer greater protections to those who are building ambitiously on virtual plots of land in the metaverse — and unlock whole new business opportunities over in the world of DeFi. 

nn

The project won the 43rd Kusama parachain auction — and at the end of June, it unveiled technology that will make everything from music to code “all but impossible to steal.” What’s more, this will strike at the heart of centralization in the world of IP, not least because seeking protection through InvArch is vastly cheaper than the status quo.

nn

Learn more about InvArch

nn

n

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

n

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In its simplest form, intellectual property relates to something you create with your mind — such as artwork, literature and inventions.

These protections were relatively easy to enforce in the analog era, but our digital world — where copying and pasting runs abound as millions of people create their own content — makes things especially challenging.

Nonfungible tokens are a thrilling development that have the power to modernize everything from baseball cards to music albums, from movie merchandise to stunning art. But, as with any new technology, there are issues that need to be overcome.

The industry’s still getting to grips with the rights that are afforded to the owners of an NFT, and there are other threats that need to be addressed. If a nonfungible token is stolen by a malicious actor, does the victim still enjoy IP rights? And how can we counter the risk of copycat NFTs being minted on a rival blockchain?

The short answer to this is no. It’s important to read the small print to find out exactly what you’re getting.

Let’s run through some quick examples. Jack Dorsey sold off his first tweet in NFT form for a whopping $2.9 million back in March 2021. While there’s little doubt this is a historic piece of content, crypto entrepreneur Sina Estavi doesn’t own the IP to this tweet. All copyright still rests with Dorsey.

The New York Times pulled off a tongue-in-cheek stunt when it published an article about crypto collectibles — and then gave readers the chance to own a tokenized version of the story. It ended up selling for a whopping 350 ETH — worth $560,000 at the time, and about $600,000 as of the start of August 2022. Although this NFT did come with some perks (the buyer was given the chance to be named and photographed in a subsequent piece,) it didn’t include the copyright to the article… or any reproduction or syndication rights.

Potential pitfalls don’t end here, either. MetaBirkins have become especially popular during the NFT boom — a digital remake of Hermes’ famous bags. But digital artist Mason Rothschild ended up in hot water with the designer brand, which took legal action after claiming it could cause confusion in the eyes of consumers.

Some of the biggest NFT collections out there right now — Bored Ape Yacht Club among them — have given full intellectual property rights to users.

This is a significant (and you could argue a very generous) development. It effectively means that those who own Bored Ape NFTs have the potential to profit from them. We’ve seen Eminem and Snoop Dogg team up for a new music video where they transform into their characters. Meanwhile, sites have emerged where collectors can effectively hire out their ape’s NFT to brands.

As we alluded to earlier, the actor Seth Green made a splash when he unveiled plans to create a TV show themed around his Bored Ape NFT, which he affectionately calls Fred, called White Horse Tavern. Green’s beloved collectible ended up being stolen in a phishing attack, and he ended up paying over the odds to get it back. 

BAYC’s license states those who purchase NFTs “own the underlying Bored Ape, the Art, completely” — but doesn’t actually mention what happens in cases of theft. Many experts believed that Green would have been on firm legal ground if he released the TV show without the NFT, but there are no guarantees.

The 21st century has turned into an IP war zone and an innovation graveyard — but things are beginning to change.

New and enhanced NFT classes have the potential to certify the authenticity of nonfungible assets, protect their uniqueness, and streamline management rights.

This approach is being championed by InvArch — an IP rights blockchain that is scalable, interoperable and has ambitions to be integrated throughout the Web3 world. An Invention, Involvement, Inventory and Investment protocol (known as INV4) delivers piracy-proof files as well as on-chain copyright and licensing.

Setting out one potential use case for how its approach could transform the creative sector, the project paints a picture where decentralized music studios and record labels can flourish — with individual artists contributing distinctive elements. They could then be brought together to form a song with a plethora of beats and rifts — with each contributor retaining their IP, jointly owning the rights to the track, and sharing a piece of the royalties.

Yes — business deals could be brought into the 21st century with the help of blockchain.

InvArch’s goal is to ensure that those who hold the most desirable NFTs — including CryptoPunks, Bored Apes and Meebits, can establish on-chain agreements that extend to use of their nonfungible tokens in a third-party product.

Setting out its vision in a recent blog post, the project added: “In the end, you have a marketplace where communities can buy swag and products relevant to their interests — and a market where artists and NFT copyright owners can establish lucrative income streams from their NFTs and increase the raw value of their digital assets.”

InvArch says that its infrastructure can be used to speedily create new decentralized autonomous organizations.

This could make it easier for nonprofits to fund intellectual property development — and organizations could generate cashflow without signing over their IP rights. It’s hoped roadblocks to innovation could be torn down — with a new “development highway” left in its place.

InvArch’s infrastructure could also offer greater protections to those who are building ambitiously on virtual plots of land in the metaverse — and unlock whole new business opportunities over in the world of DeFi. 

The project won the 43rd Kusama parachain auction — and at the end of June, it unveiled technology that will make everything from music to code “all but impossible to steal.” What’s more, this will strike at the heart of centralization in the world of IP, not least because seeking protection through InvArch is vastly cheaper than the status quo.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

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4 On-Chain Metrics Show the Bitcoin Price Is Primed for Bullish Explosion

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4 On-Chain Metrics Show the Bitcoin Price Is Primed for Bullish Explosion

Amid recent macroeconomic extremes, Bitcoin has maintained a quiet stance, almost eerie for its HODLers. Nonetheless, its hashrate and accumulation are soaring — what could this mean for its price?

Bitcoin has been consolidating in a narrow range between $18,800 and $20,200 since the mid-Sept price fall. In volatile markets like cryptocurrency, similar quiet periods of consolidation are rare. 

Recent Glassnode findings show that the current BTC price action resembles both pre-crash November 2018 and pre-rally March 2019. Despite price downturns, mining and accumulation statistics are improving. Let’s look into what this means for the health of the network.

Bitcoin hashrate makes new ATH 

Last week, the Bitcoin hashrate made a new all-time high of 242 exahashes per second.

Source: Glassnode

In the chart below, we can see that Bitcoin’s longer-term, slower hash ribbon was once again overtaken by the faster ribbon, indicating improved mining conditions in late August. Since the price saw no major uptick during this time, the rise in hashrate was likely due to more efficient mining hardware and more mining rigs working in general.

Source: Glassnode

Historically, these hash ribbon moving average swaps precede price gains. Historically, when the hash-rate drops and subsequently recovers, major BTC price bottoms have been made. 

Is a price bottom in?

Apart from the hashrate, Bitcoin accumulation levels also reached a 7-year high. CryptoQuant data shows that 6-month-old and older Bitcoins now make up 74% of the realized cap. During the 2019 and 2015 bottoms, this score sat at 70% and 77%, respectively.

Source: CryptoQuant 

Lastly, for the first time in this cycle, the percentage of supply in loss has reached the 50% level.

CryptoQuant data shows that the price bottoms during previous cycles normally occur when the percentage of supply in loss reaches 50% or more.

Source: CryptoQuant

The current data shows the highest percentage of losses at 52% on the daily chart, 50.4% on the weekly (7DMA), and 48% on the monthly (30DMA). 

While quite a few metrics suggest that BTC should be near a bottom, the overall momentum will likely still depend on macroeconomic conditions as well as its correlation with the Nasdaq and S&P 500. 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Bitcoin price sees first October spike above $20K as daily gains hit 5%

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Bitcoin price sees first October spike above $20K as daily gains hit 5%

BTC price action sees a new October peak amid a declining U.S. dollar and a successful prior day’s trading for U.S. equities.

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Bitcoin price sees first October spike above K as daily gains hit 5%

Bitcoin (BTC) saw its first trip above $20,000 on Oct. 4 as traders expected familiar resistance to cap gains.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Multi-week dollar lows fuel Bitcoin bulls

Data from Cointelegraph Markets Pro and TradingView showed BTC/United States dollar climbing prior to the Wall Street open, up over 5% in 24 hours.

The pair had shaken off macroeconomic concerns at the start of the week, with trouble at Credit Suisse and the escalating Russia-Ukraine conflict failing to slow performance.

Now, the short-term analysis focused on a run potentially topping out closer to $21,000 — as was the case late last month, as sell-side pressure at that level remained significant.

“20500-21000 is a sell zone. If price gets there, which should, don’t be too bullish,” popular trader Il Capo of Crypto told Twitter followers on the day.

Razzoorn, an analyst at international trade group The Birb Nest, noted that the current charge was Bitcoin’s fifth attempt at escaping a major liquidity cloud in several weeks.

Despite the potentially limited upside opportunity, Bitcoin rallied in line with a broader risk asset tide which saw United States equities finish noticeably higher the day prior.

At the same time, the U.S. dollar suffered, the U.S. dollar index (DXY) extending losses to approach 111 points and threaten support in place since mid-September.

U.S. dollar index (DXY) 1-day candle chart. Source: TradingView

“Up the market goes,” a more optimistic Michaël van de Poppe, CEO and founder of trading platform Eight, continued:

“Flipping $19,500 for support. Now, if range-high at $19,600 holds for Bitcoin, I assume we’ll continue towards $22,400.”

Altcoins attempt to change sticky trend

Across major altcoins, it was Ether (ETH) and Ripple (XRP) leading daily performance at the time of writing. 

Related: CoinShares’ Butterfill suggests ’continued hesitancy’ among investors

ETH/USD traded above $1,350, still yet to break out of its sideways trend in place for several weeks since major losses entered during the post-Merge breakdown.

ETH/USD 1-day candle chart (Binance). Source: TradingView

XRP, on the other hand, faced a more stubborn band of resistance after prior gains, bouncing off multi-week support just below $0.45.

XRP/USD 1-day candle chart (Binance). Source: TradingView

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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McDonald’s starts to accept Bitcoin and Tether in Swiss town

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McDonald’s starts to accept Bitcoin and Tether in Swiss town

The global fast food chain is among the first to participate in a crypto-friendly experiment in the town of Lugano.

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McDonald’s starts to accept Bitcoin and Tether in Swiss town

Multinational fast food chain McDonald’s started to accept Bitcoin (BTC) as a payment method in the 63,000-populated city of Lugano in Italian Switzerland, which is becoming a hotspot for crypto adoption in Western Europe. 

A one-minute video of ordering food on McDonald’s digital kiosk and then paying for it at the regular register with the help of a mobile app was uploaded on Twitter by Bitcoin Magazine on Oct. 3. The Tether (USDT)  logo could be spotted next to the Bitcoin symbol on the credit cash machine, which is not surprising, as in March 2022 the city of Lugano announced it would accept Bitcoin, Tether and the LVGA token as a legal tender.

On March 3, 2022, the city signed a memorandum of understanding with Tether Operations Limited, launching the so-called “Plan B.” According to this plan, Tether has created two funds — the first one is a $106 million, or 100 million Swiss francs, investment pool for crypto startups, and the second is around $3 million, or 3 million Swiss francs, attempt to encourage the adoption of crypto for shops and businesses across the city.

In addition to allowing Lugano residents to pay their taxes using crypto, the project will extend payments to parking tickets, public services and tuition fees for students. More than 200 shops and businesses in the area are also expected to accept crypto payments for goods and services.

Related: Swiss Post’s banking arm developing in-house crypto custody platform

Speaking to Cointelegraph in June, Paolo Ardoino, chief technology officer of Tether and Bitfinex, claimed that Plan B “is going great,” announcing a two-week educational activity on blockchain and cryptocurrencies in the city.

In September 2021 El Salvador became the first country in the world to allow using Bitcoin as a legal tender. Since that time, McDonald’s has been accepting Bitcoin at all its 19 outlets in the country.

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