New innovative technologies are taking the world by storm, and NFTs are no different. Despite the fact that some have their concerns around NFTs when it comes to copyrights and intellectual properties, the digital art scene seems to be thinking otherwise. With artists fearing to lose ownership over their digital pieces, NFTs might just be the way to protect their copyrights.
NFTs seem to be gaining quite a lot of popularity, especially in the world of cryptoart. What NFTs do is that they preserve the ownership of a piece of asset even if it was sold over and over again. What this means is that artists do not have to worry about losing any copyrights, since NFTs allow for clear ownership that cannot be erased or changed. With a digital footprint present on each and every digital asset, transactions are done in a transparent and secure process. In fact, Kristal Bechare, the first Arab female artist to sell her NFT tokenized series in UAE and the Middle East, says that NFTs are beneficial to safeguard the authenticity of each artwork.
In addition to the fact that art creators can now have more control over their work when using NFTs, innovative entrepreneurs are also creating NFT marketplaces for creative industries. In early September, Palestinian entrepreneur, Nabil Al Sayed launched NIFTY Souq, the first NFT platform in the region, to help artists practice ownership of their work. Al Sayed believes that through NFTs, original art pieces cannot be duplicated or stolen and thus this creates a much safer environment for artists to practice their work.
Nuqtah, is another NFT marketplace that is the first of its kind in Saudi Arabia, that aims to cater to the creatives in Saudi Arabia and the MENA. Founded by Salwa Radwi, Nuqtah serves as a platform for artists to sell and track their work in a seamless and innovative manner. By utilizing the world of NFTs and blockchain, Nuqtah’s team plans to become leaders of innovation in the digital creative world.
“Our goal is to create the ultimate environment for creatives in the Kingdom, where they can sell their masterpieces at the value they deserve safely & securely. The Nuqtah founding team are from the core of the creative community in the region & hence truly understand what it means to be a creative in the kingdom.” - Salwa Radwi the CEO at Nuqtah
With NFTs, artists will be able to trace their artwork and keep track of who owns their pieces. This way the registered artwork cannot be manipulated, stolen or owned by anyone else other than the artists themselves! In short, NFTs help empower creators, and gives them the confidence, safety and power to break barriers and have their art out there with full ownership. This way, poets, artists, musicians and singers will have more influence and control over their work, and can even benefit so much more from selling their work when they are the direct point of contact.
“It’s a new game changer in the economy that will help Arab artists reveal part of their legacy to the world in the new media form, I believe that it will add a new economic treasure to the region. It will enable local communities to express, preserve and trade their thousands of years of accumulating culture without the depletion of their resources.” - Samer El Sayary, researcher and Assistant Professor of Architecture at the Beirut Arab University in Lebanon
Social media, digitalization and this open exchange facilitated by the internet is changing the way individuals and businesses develop and protect their intellectual property (IP) such as innovative ideas, know-how and data.
Therefore the way IP is managed and protected becomes more complex, displaying a need for a wider variety of legal tools to manage digital assets on a daily basis.
Furthermore, due to global competition, product cycles have become faster demanding their creators to effectively prove their rights of ownership.
As a creator and innovator you should be able to prove what you developed and when.
The tool Silverline is bringing forward is a solution that addresses the evolving needs and concerns of all creators and innovators as they grow their business, products and services.
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