The brand value of the winners i.e. the most relevant NFT projects (which is a proven relevance both economically and in terms of cultural impact) is well illustrated by the fact that we are seeing an emerging NFT marketing industry: digital images of these projects are reused to make clothing and other things to sell to consumers.
The NFT market, which has exploded around the world in 2021 and is currently in a bear market (or deflation) phase, has already divided itself between the winners, namely projects that are now iconic, such as the now well-known Bored Apes yacht Club, a luxury brand and true exclusives, and “losers”, i.e. projects, or even individual artists, struggling to establish themselves. The brand value of the winners i.e. the most relevant NFT projects (which is a proven relevance both economically and in terms of cultural impact) is well illustrated by the fact that we are seeing an emerging NFT marketing industry: digital images of these projects are reused to make clothing and other things to sell to consumers.
What are NFTs?
The NFTs, short for non-fungible token, denotes a token that is not fungible, that is, not fungible for other tokens of the same type as, for example, cryptocurrencies, such as bitcoin or ether. If, then, one wonders what tokens are, fungible or non-fungible, they are pieces of code embedded in smart contracts, that is, in software installed on the blockchain, generally public (ie not subject to central control), uniquely attributed to Public keys generated on the blockchain itself and transferable within it based on predefined rules in the smart contract. In a less technical way, tokens are digital objects created on a blockchain and transferable or sold to other public key holders within that blockchain.
The non-fungibility of NFTs made it possible to connect digital images to these tokens, generally found in decentralized clouds such as IPFS or Arweave, and this gave birth to the NFT art market: a vast system of art assets or collectibles sold digitally by marketplaces such as Opensea, Rarible or Foundation.
What about the bear market stage?
It is known that in recent months, NFTs have entered the “bear market” phase, that is, transactions and the value of the assets in circulation have decreased significantly compared to the “star” moments of 2021. However, the economic situation that is not the main market for the NFT market but also concerns both The world of cryptocurrencies and financial markets in general: in fact, as many commentators have noted, a sign of the importance of the global cryptocurrency market that is given by the level of penetration it has now reached with the economy of international financial markets, so much so that the bearish phase of the latter automatically resonates in Previous.
So, if it is true that the NFT market, like the entire global economy, is in a slump, it is now clear that the NFT market, like the entire tokens (i.e. the token-based economy) is now a “structural” component of the economic system rather than a passing bubble.
trade agreement of NFTs
A trade contract is an atypical contract by which the holder of an intellectual property right merchant or the licensor, assigns to another person the use of his right to distinguish the goods or services to be marketed in a different sector.
From an economic point of view, the logic of marketing is to monetize brands or other intellectual property rights far beyond the domains for which they were created, since these “brands” have now reached such global significance that they have value in themselves and not Such as by referring to a specific product or service that will be sold. Think of brands like the Coca Cola brand or the Ferrari brand: they can also be used to make clothing or other things meant for consumers, and they’ve been used, too.
From a legal point of view, however, a merchandising contract is a license, generally, non-exclusively, to intellectual property rights that a licensor grants to a licensee so that they can use it to create products intended for consumers (as stated, in general or design objects), upon payment of A percentage of sales (ie royalties).
MouseBeltan American accelerator specializing in the world of blockchain, recently incubated a startup, Bored jobs (The reference to the Bored Apes Yacht Club is obvious), whose business is to mediate between owners of token-of-value NFTs and companies interested in obtaining a license to create consumer products using the digital file that is part of the NFT.
The rationale for this entrepreneurial venture is well explained on the Bored Jobs website: “MouseBelt created Bored Jobs because our team has spent the past two years working on various forms of web3 media. Our portfolio includes interviewing crypto leaders, hosting some of web3’s hottest events, creating Hollywood cryptodocumentary series, and ultimately animating over 100+ monkey promos ( and trans) which has led to some of the most popular NFT videos globally. We knew NFT holders wanted to run their monkeys, brands wanted to hire monkeys, but nothing standardized, and neither side knew how to reach the other.“.
Bored Jobs has also prepared a generic licensing template for NFTs, which was revised by Michael Kasdan, attorney and NYU Law School professor, and distributed under the popular name of PLAN, i.e. “Product License Agreement (for) NFTs”.
Just pictures attached to a string of code?
The fact that the accelerator has invested the resources to create a startup like Bored Jobs clearly highlights the importance and relevance that NFTs have now reached all over the world, to the point where some of them are now global “brands” in all respects.