Since NBA star Stephen Curry spent about $180,000 on a boring ape NFT in a suit, news about celebrities buying NFTs has been in the air. Some well-known stars: Eminem, Lin Junjie, Shawn Yue, Chen Bolin, etc. They have all entered the pit one after another, and changed to the boring ape avatar. Xu Jinglei, the goddess of literature and art, has spent a lot of money and has collected more than 700 NFTs. At the beginning of 2022, Jay Chou’s new album did not come, but he and his friends jointly released the NFT project Phanta Bear (Phantom Bear).
With the popularity of NFT artworks all over the world, it is not a strange thing for celebrities to enter NFT. In addition to flaunting their unique aesthetic taste, more and more celebrities buy NFT, and they are more concerned about integrating their own works into NFT. With the help of this new model of NFT, they can explore potential markets or find new investment outlets. , accumulate wealth resources.
For example: Fang Wenshan cooperated with Soka Art to launch Fang Wenshan x Jay Chou co-branded limited edition “Punk Cat Sting” (blue and white porcelain) collectible doll, with NFT anti-counterfeiting certification;
The first domestic digital music work “WATER KNOW” released by singer A Duo using NFT encryption technology, the cover and the song’s signature rights were auctioned for public welfare, and the transaction price exceeded 300,000 yuan;
Wong Kar-wai made the unreleased fragment of the movie “In the Mood for Love” into NFT for 1 minute and 31 seconds and sold it for HK$4.28 million, realizing the immortality of classic film fragments in the virtual world;
In addition to providing a new model for IP licensing and distribution in the film and television entertainment industry, the cooperation between China’s Li Ning and NFT Boring Ape means that NFT’s IP licensing model is also applicable to traditional industries.
According to relevant news, it is confirmed that the pop-up store of Li Ning in China has opened, and it is a Metaverse style similar to Sandbox. It is said that starting from the 28th, Li Ning will also make the boring ape into a sculpture of art for exhibition, and plans to build a Metaverse venue in Sanlitun, Beijing-restore a Metaverse venue in the real world, and use the boring ape as the main character of Li Ning in China. Reasonable people. Previously, Adidas of the sports brand also bought the boring ape “BAYC#8774”, and made derivative creations based on it, changed it to the new avatar of the brand’s Twitter, and put on adidas clothes for it in the Metaverse world.
Obviously, the innovative IP licensing model of NFT is attracting more and more stars and entrepreneurs to join their clubs.So what is the charm of NFT’s IP authorization model?
NFT innovates IP licensing model to improve efficiency and circulation
NFT, the full name of Non-Fungible Token, refers to a non-fungible token, which is the only cryptocurrency token used to represent digital assets, which can be bought and sold. Its essence is a digital certificate based on blockchain technology, which can guarantee the rarity and uniqueness of data in the blockchain network. Since 2021, this new concept has begun to explode around the world, “boring ape” It is the strongest king among them.
In April 2021, the “Bored Ape” project was officially born. This series of NFTs contains 10,000 ape avatars. Each avatar has unique characteristics. Having an ape avatar not only means joining the “Bored Ape Yacht Club (Bored Ape)” club , enjoy the benefits of the club, but also means that you have all the copyrights of this work, you can design and develop it yourself. With a large number of celebrities rushing to buy, driven by the star effect, the NFT with a boring ape has become a symbol of social status. At the same time, the secondary creation of community members further enhances its playability and storytelling. It was when Li Ning and Adidas saw the commercial value behind the “boring ape” that they chose to integrate it into their own brands.
Different from the new IP authorization model, the traditional IP authorization model is relatively more cumbersome and more restrictive. Even if some IP authorization is obtained in the early stage, any behavior involving changing the IP image in the later stage still needs to be negotiated and communicated with the copyright owner. , and after the authorization expires, you need to pay for the authorization again, which costs a lot of manpower and material resources. In addition, IP authorization was introduced from abroad, and the development in China is still immature, and many related laws and regulations are not yet perfect, which often causes some uncertain risks in the traditional IP authorization process, but there are also some of them. Successful examples.
For example, the HelloKitty fan gold card of China Merchants Bank has won the love of many fashionable young people, especially female fans. At the same time, it also led to the issuance of credit cards that year. And in July 2016, Garfield cooperated with Shanghai Xintiandi Toyama Noodle House, and it became a popular item that year. These successful cases show that the prospect of IP licensing is still very broad, but the current complexity and uncertainty of licensing limit its development.
The official cooperation between Li Ning and Boring Ape this time is just that Li Ning simply purchased an NFT boring ape avatar from the market. Without any cumbersome authorization process, he has the permanent exclusive right to use this work, and a series of subsequent series involving this For the adaptation, secondary creation, and derivative development of NFT avatars, Li Ning Company can make its own decisions, and there is no need to seek the approval of Boring Ape Company.
In order to make it easier to understand, let’s take an example. If you want to use Jay Chou’s portrait in your brand promotion, then according to the traditional IP licensing model, you first need to contact his economic company, and after complex negotiations, sign a series of contracts. Harsh conditions and guarantee that no behavior that damages the artist’s image will be done during the authorization period. Only then can you hope to get the authorization, and our innovative IP authorization model with NFT is much simpler, you only need to buy it in the market. The NFT of Jay Chou’s portrait is enough, and then it can be adapted, created and developed independently. All your work and efforts are creating and empowering IP that is unique to you forever, and you can even re-upload your modified works to generate new NFTs for sale. And with the changes in the market price of the NFT, you can intuitively assess whether your brand actions are effective. In the era of Web 3.0, this may be an extremely common IP authorization and creation model.
“Thin IP” and “Fat IP” are two distinct development paths
The IP we have been talking about can be directly translated as “intellectual property”, but with the development of the times, it has a richer but more meaningful meaning. It can be said that it can pass through multiple forms, and the fact that it is fictitious and cannot be changed at will. It can be called IP, it can be a storyline, a character, a comic or even just a name or symbol. So we can say that Boring Ape is an IP, Jay Chou is an IP, and Jay Chou’s new song “Mojito” can also be an IP.
We can clearly perceive that the IP created by NFT is very different from the traditional IP. Traditional IP has rich connotations, such as Zhen Huan in “The Legend of Zhen Huan”. This is a name and a rich story, with her appearance, personality, likes and dislikes, circle of friends, and even background music. We can hardly change this IP easily. Connotation, these IPs are constantly interpreted by a centralized author team, and then derived from animation, games, dolls and other products. This kind of traditional IP with heavy narrative weight can be called “fat IP”.
The personal profile (pfp) NFT represented by the boring ape is quite different. It has no knowledge or character depth to draw from, and only focuses on physical features, skin color, hairstyle and accessories, etc., while its character, personality and inner world we Nothing is known and the inventor has not defined it. This type of IP can be said to be very thin in terms of narrative weight, and it also gives subsequent developers more creative space. We can call it “thin IP”.
In the NFT field, this flat IP creation seems to be a trend. The most typical is Loot, the project directly does not have any characters to show, and does not create characters with certain abilities, financial resources and characteristics, only provides a black and white list (TXT text), and expects others to build on this original basis , to play its own value to create it. Buy a LOOT, whether it is good or bad, smart or stupid, introverted or extroverted, kind or cruel, these all need to be filled and defined by the buyer.
This trend poses a new challenge for IP licensing in the NFT field, that is, what connotations can the holder give to this IP and how to increase the depth of his narrative under the condition of weak physical characteristics and everything is allowed. These follow-up operations are unpredictable, and it is impossible to judge in advance whether the IP image created will be popular with the market. From this point of view, the IP authorization model brought by blockchain technology and NFT will not only improve the circulation of IP and the efficiency of cooperation, but also change the way of creation and derivation of IP itself.
From this point of view, the IP authorization model and secondary creation space in the NFT field have more advantages than traditional IP, but this does not mean that the traditional IP creation model has no merit. Donald Duck, Mickey Mouse, Popeye These classic images are a big part of what makes us interesting. NFTs can also learn from traditional IP and develop in the direction of creating NFTs with inner life and thinking. Whether it is a flat IP (thin IP) or a rich IP (fat IP), although the paths of the two are different in the field of NFT, in the foreseeable future, with the technology of the blockchain, both are promising.
Traditional IP will capture new value in the NFT world
Previously, Li Jie, a researcher from the think tank of the digital cultural and creative industry, once believed that this development idea of the boring ape not only made the holder’s gameplay more diverse, but also stimulated the enthusiasm of the holder. Great idea, and transformed into the boring ape, once again promote the influence of the product.
The cooperation between Li Ning and other brands and the boring monkey vividly illustrates this point. The traditional field needs new technologies and ideas to obtain new gameplay and innovative methods, and new technologies must be actively integrated into traditional industries. Verify the effectiveness of the technology in practice and promote the continuous upgrading of the technology.
We also see that the traditional economic field is actively embracing NFTs. Previously, digital artist Beeple sold a pair of NFT works for $69.35 million at Christie’s, making it the third most expensive artwork in human history; Twitter CEO Jack Dorsey’s first tweet NFT sold for $2.5 million Being sold; musicians releasing NFT albums; interior designers putting NFT furniture on the shelves, etc., all reflect the imperative of NFT “out of the circle”, and the digital assets linking the real economy is like a broken bamboo.
Jack Ma, who has retired for a long time, said in a recent forum: The world has undergone tremendous changes in the past year, and the epidemic has also brought huge challenges. Among all the huge uncertainties today, one thing is certain. There is no doubt that the trend of digitization has not changed, and now this process is likely to be shortened to a decade or two. Among all the uncertainties we face, digitization is our most certain huge opportunity. Now the innovation of NFT in IP copyright may only be the tip of the iceberg in the digitalization process, and the application of digitalization in various industries will be more popular in the future. I believe that when we spend digital RMB and buy digital products, the Web 3.0 era of free travel in the Metaverse world will soon come.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/nft-develops-a-new-model-of-ip-authorization/
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