Hello Friends,
And happy Good Friday!
I want to follow up and conclude (for now) on two topics that will remain part of our lives for years - if not decades - to come: NFTs and the Metaverse.
NFTs
NFTs explained: daylight robbery on the blockchain (7min)
Three apparent flaws in the way the system was set up:
It is possible to create more than one NFT for the same work of art. This creates separate chains of ownership for the same work of art.
If no NFT exists for a certain work of art, creating one does not require you to be the owner. This creates false chains of ownership.
The references defining the original depend too heavily on URLs that are vulnerable and could vanish at some point.
Point 2 above should be investigated further through this article:
A Primer on NFTs and Intellectual Property (7min)
Who owns the copyright in the underlying work of an NFT?
The quick answer is the author initially owns the copyright in their work unless and until they transfer ownership of the copyright to someone else. So, unless the NFT includes a transfer of copyright in the underlying asset—which is not the case by default, then the author, not the NFT holder, owns the copyright. Some implications of this are discussed below.
A point of clarification: as a general matter, the NFT itself will likely not be protected by copyright. NFTs typically comprise a ledger or record of ownership and a link to an underlying asset. I am skeptical that this data suffices to constitute an “original work of authorship” to qualify for copyright protection. That said, so-called “on chain” assets—NFTs that embed the underlying asset itself—may qualify.
Metaverse
Two weeks ago, we also discussed Facebook’s vision of a new “OS” for society past mobile: a VR universe… controlled by Facebook. (Mark Zuckerberg on the Future of AR and VR)
3 days later, Ark Invest, an investment company I admire, published an excellent update in the same vein:
In a series of blogs, Facebook laid out its vision of human-computer interaction (HCI), and spoiler alert: it does not include smartphones. Instead, Facebook is focused on a "contextually aware, AI-powered interface for augmented reality (AR) glasses."
To achieve its vision, Facebook needs to optimize the AR interface. One option is the human wrist. Yes, your wrist!
In 2019, Facebook acquired a neural interface startup called CTRL-Labs. At the time, CTRL-Labs was developing a "mind-reading wristband". Here is an old demo video - watch.
This week, Facebook released a demo showing how the new tech will be able to control future AR displays - definitely watch!
So why the wrist? Well, according to Facebook, "The wrist is a traditional place to wear a watch, meaning [the new device] could reasonably fit into everyday life and social contexts. It's a comfortable location for all-day wear. It's located right next to the primary instruments you use to interact with the world — your hands."
While the world is years away from AR dominance in everyday life, Facebook seems to be approaching the challenge with the right mindset. Every advancement in computing has centered around convenience and engagement. Both have been critical to the internet’s evolution. Prior to multi-touch capable smartphones, for example, cellphone use was limited to texting, calling, playing brick-breaker, and maybe browsing the internet. Today, thanks to incremental advancements like multi-touch, smartphones have become our primary computing devices.
If Facebook can execute on its vision, we believe someday soon smartphones will give way to sleek pairs of AR glasses and smartwatches.
Thanks for reading, and make this long weekend anchored in reality,
V