The specific process of flywheel is as follows:ģ.B Decide to create derivative content of CC0Ĥ.B Selling A derivative of CC0, NFT#2, to Cĥ.C liked this spin-off very much and decided to buy the original NFT#1Ħ. Originals want to do the same, because in this way they can not only earn royalties in secondary sales and profit from upstream value growth they can also get more attention to pave the way for future sales of works (original or derivative). Of course, this is only feasible if you can create derivative works that is, as more people join, the CC0 model will be more promising. In some cases, it's possible to happen (for example, if you own shares in Disney and create a good Star Wars spin-off). It's like if you successfully create a spin-off sequel to the Harry Potter story and you can get money from the sales of the Harry Potter Wand. If derivative creators own the NFT of the original work, they can earn twice as much. With NFTs, the value incentive effect of positive incentives will become stronger because derivative creators can not only get money from their derivative works, but also earn rewards from the attention they send upstream to the original work.
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These incentives remain for derivative works of NFTs that use traditional copyright, but are stronger if the original author allows the free commercialization of intellectual property. For original authors, acquiescing to derivative works means that they can accept losing control of potential income and their own creativity, but inferior derivative works can also have a negative impact on them. Previously, creators of derivative works often had to meet the following conditions: 1) they could not commercialize the derivative IP, and 2) they could not own any proceeds that they channeled upstream (derivative works conveyed attention upstream and became a potential source of income for the original author). This legitimacy engine, built on the ownership of signed cultural objects, also empowers derivative works. It is a focus engine that embeds social relationships on cultural objects over time. Most of the value of NFTs is generated by the legitimacy of a specific individual's timestamp cryptographic signature, which also confirms the importance of "signature". While the image itself is usually immutable encoding and adds a large portion of desirability, it is also very important to see who "signs" the NFT.
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People code all kinds of "signals", which makes people want to own the reference even though they know that it has no token value. The value of an NFT comes from what it represents, and an immutable timestamp engine on the blockchain can justify specific references. As a result, the NFT holder can only enjoy ownership of the referenced image and cannot use the image in any other way, especially commercial use. Ownership of the NFT is separate from the copyright of the referenced image, and in many cases, copyright is retained by the original author, regardless of what changes the NFT has undergone. An NFT references a typical interpretation: for example, a link to a file or an image on-chain that is published periodically.
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