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[LegalEagle] : NFTs Are Legally Problematic ft. Steve Mould & Coffeezilla

mael

mael

Avenger
Nov 3, 2017
16,817
New video from LegalEagle going through the legal implications of NTFs.



It goes into great length how unless otherwise specify blockchain contracts aren't contract legally speaking,
how it goes against copyright laws,
the risks of even minting an nft with a contract tied to it...

I didn't see it posted here so see me in court if old.
 
mbpm

mbpm

Member
Oct 25, 2017
23,629
It's interesting, there's all these different ways to cover how nfts are weird. I was expecting the folding ideas video to be it, but the depths continue to be plumbed
 
Jebusman

Jebusman

Member
Oct 27, 2017
4,088
Halifax, NS
RIP this thread for violating the "no Talkin bout crypto" rule.

mbpm said:
It's interesting, there's all these different ways to cover how nfts are weird. I was expecting the folding ideas video to be it, but the depths continue to be plumbed
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The legal side of things is usually under reported, likely due to the people behind the NFTs knowing what flimsy legal ground they stand on and not wanting to bring attention to that fact, and media organizations not being knowledgeable enough to point these things out as clearly as a lawyer can.
 
Spork4000

Spork4000

Avenger
Oct 27, 2017
8,525
mbpm said:
It's interesting, there's all these different ways to cover how nfts are weird. I was expecting the folding ideas video to be it, but the depths continue to be plumbed
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I love that NFTs basically hit their peak on google trends when that video came out. I like to think Dan Olsen killed them himself.
 
OP
OP
mael

mael

Avenger
Nov 3, 2017
16,817
Jebusman said:
RIP this thread for violating the "no Talkin bout crypto" rule.
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It's not just "talking bout crypto", it's a legal insight on contract laws with innovative technologies!
Without going into whether or not it's a good or bad thing, it's interesting to see how it intersects with existing legal framework.
 
TrueSloth

TrueSloth

Member
Oct 27, 2017
6,067
Increased awareness around the validity NFTs and cryptos is super important. Not just because of our environment, but also to prevent people from getting hurt or involved with scams.
 
ibyea

ibyea

Member
Oct 25, 2017
4,164
Didn't think my opinion on NFTs could get worse after Folding Idea's video. It did after this video.
 
take_marsh

take_marsh

Member
Oct 27, 2017
7,284
This'll be interesting to watch after getting severely bummed out that one of my favorite artists, who is plenty wealthy, has gone the way of NFTs too.

Fuckin' NFTs.
 
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OP
mael

mael

Avenger
Nov 3, 2017
16,817
Also mentioned in the video, there was a youtuber close to 1M sub who wanted to mint NFT for the occasion and decided against after youtube's lawyer told him what his liability would be.
 
RoboPlato

RoboPlato

Member
Oct 25, 2017
6,811
The legal minefield of NFTs combined with the extreme lack of security and constant theft in that space are the main things keeping big companies from hopping on the train all the way.
 
Fat4all

Fat4all

Woke up, got a money tag, swears a lot
Member
Oct 25, 2017
92,958
here
this is one of the most precarious house of cards for a scheme to be built on

its gonna fuck up a lot of folks lives when it finally comes crashing down
 
Calabi

Calabi

Member
Oct 26, 2017
3,490
Its kind of hilarious that the monkey nfts are unique and stand out because you supposedly get the copyright when you buy and yet its not legally enforceable because they are created by a machine. How long is it going to take for these people to realise they own nothing, especially when you bought it off someone else who bought it off someone else and so on.
 
Sei

Sei

Member
Oct 28, 2017
5,718
LA
"all you own is a hyperlink, and you can't own a hyperlink".

Is pretty much true. If you don't own a contract with terms and conditions, or the copyright, or anything physical, then you don't own anything.
 
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Morrigan

Morrigan

Spear of the Metal Church
Member
Oct 24, 2017
34,385
Thank you for unlocking the thread.

Fat4all said:
its gonna fuck up a lot of folks lives when it finally comes crashing down
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The sooner the better, honestly. I'd almost feel sorry for those people if it weren't for the fact that most of them are probably scammers themselves.
 
Veelk

Veelk

Member
Oct 25, 2017
14,711
Morrigan said:
The sooner the better, honestly. I'd almost feel sorry for those people if it weren't for the fact that most of them are probably scammers themselves.
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Maybe it's a semantic distinction, but a lot of people bought NFT's with the promise that they'd be able to sell them at higher price later, but without really percieving the idea that it is a greater fool scam. Like, they didn't really think about it, they're just trying to make money, and kind of just think of it any product where you buy for a dollar and sell for two.

If nothing else, it's worth understanding that many people who bought NFT's, even for purposes of scamming, they're doing it out of desperation. They were promised this is a way for them to become millionaires, and reality is gonna hit them sooner or later.
 
OP
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mael

mael

Avenger
Nov 3, 2017
16,817
I think one of the interesting part of this is how it's not so lopsided toward the top of the pyramid when looking at it from a legal contract PoV.

Like the youtuber wanted to provide access for NFT holders, the thing is that he would have ended up having to legally comply to requests at all hours of day, every day because the NFT contract would have binded him as such.

Veelk said:
Maybe it's a semantic distinction, but a lot of people bought NFT's with the promise that they'd be able to sell them at higher price later, but without really percieving the idea that it is a greater fool scam. Like, they didn't really think about it, they're just trying to make money, and kind of just think of it any product where you buy for a dollar and sell for two.

If nothing else, it's worth understanding that many people who bought NFT's, even for purposes of scamming, they're doing it out of desperation. They were promised this is a way for them to become millionaires, and reality is gonna hit them sooner or later.
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The interesting part of this is they've been sold NFTs with the expectations of returns and there's laws protecting buyers in these cases so NFTs producers could end up facing serious criminal charges because they're selling basically nothing.

Same with the "NBA moment" you can "collect" now, they had to change the writing because there was nothing to own and the NFT absolutely forbid you of sharing the "moments" you bought because of copyright law.
 
BLEEN

BLEEN

Member
Oct 27, 2017
21,890
My buddy is all in on this shit, also buying like "digital real estate". Shibspace or something like that. It's possible that goes somewhere but I don't see NFTs doing a damn thing ever.
 

Deleted member 36578

Dec 21, 2017
26,561
This is a pretty informative vid. Thanks for sharing. I can't believe so many people fell for nfts in the first place.
 
Hecht

Hecht

Blue light comes around
Administrator
Oct 24, 2017
9,735
Kongroo said:
This is a rule? That seems odd.

Crypto and NFTs are fucking scams but there are still a lot opportunities where it's worth talking about or bringing up in a discussion.
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Informative threads like this are fine. We just don't need a constant stream of threads about the scam-du-jour
 
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mael

mael

Avenger
Nov 3, 2017
16,817
I mean if you want a list of all the NFT scams, there's still web3isgoinggreat.com
 
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