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NFT Copyright Protocol BKopy Partners with Novelist Neal Stephenson for Sotheby’s Metaverse Sale

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BKopy.io, the new, NFT-focused smart contract service, announced today its first commercial use in the Sotheby’s Metaverse sale of “Infocalypse” on Feb. 27, an NFT project marking the 30th anniversary of the publication of “Snow Crash,” made in collaboration between “metaverse” coiner and #1 New York Times bestselling sci-fi novelist Neal Stephenson, artist Tony Sheeder and software developer Sterling Crispin.

BKopy is an ownership protocol that guarantees an NFT owner’s legal rights to use and display copyrighted work by embedding legally-binding, on-chain digital signatures into an NFT transaction. This innovation bridges the gap between blockchain, intellectual property, and contract law.

“It’s an honor to be reestablishing trust in NFTs as a token of fine art ownership, beginning with futurist Neal Stephenson,” said Josh Kramer, founder and CEO, BKopy. “With BKopy, creators, collectors, and marketplaces can now be assured that their NFTs are protected by legally-binding, on-chain contracts.”

“The NFT boom has tantalized artists and buyers alike. But there’s room for improvement as the current system leaves artists vulnerable to exploitation by players who ignore the terms of ‘contracts,'” said Neal Stephenson. “BKopy provides artists and collectors with the same protections they take for granted in the world of physical art, and I’m excited to be an early adopter.”

Through the web and BKopy’s APIs, developers and creators can incorporate legal agreements into their own NFT smart contracts, benefitting all involved parties by:

  • Enabling creators to publish NFT smart contracts with defined usage rights and legally-binding royalty obligations, regardless of where the NFTs are subsequently sold;
  • Providing collectors with legal guarantees regarding the critical aspects contributing to the value of collected artwork: provenance, rarity, and authenticity, in addition to continued access to the underlying artwork and right of display;
  • Providing marketplaces with an improved “token of ownership,” leading to increased customer trust and decreased reputational risks.

Blockchain

THXLAB and IZUTSUYA Announce Strategic Partnership

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Blockchain

OZANK Joins Forces with RevoluGROUP to Enhance Global Payment Infrastructure

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Blockchain

Financial industry bodies defend permissionless blockchains against Basel Committee’s classification

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Five financial industry bodies have pushed back against the treatment of permissionless blockchains by a global banking supervision authority.

In December, the Basel Committee on Banking Supervision (BCBS) published a report on proposed amendments to bank capital requirements for digital assets, stablecoins, and tokenized assets.

The report classified all permissionless blockchains as high-risk, claiming that some risks could not be mitigated through existing solutions. BCBS was particularly concerned about banks’ lack of control over third parties who conduct most operations on these blockchains. It also warned about their privacy, finality, liquidity, and political, legal, and policy risks.

In response, five global financial industry regulators have defended permissionless blockchains. In a joint response, they stated that the industry “has all necessary expertise and robust compliance frameworks to fully identify, manage and mitigate these risks.”

The five are the International Swaps and Derivatives Association, the Global Financial Markets Association, the Institute of International Finance, the Futures Industry Association, and the Financial Services Forum.

Blockchain’s application in the financial industry is evolving, and regulators must not disincentivize banks from exploring the technology, the regulators stated. By putting up unnecessary hurdles, the BCBS would only push these institutions to the non-regulated shadow banking space, which would be riskier for them.

The regulators further noted that dozens of global banks have conducted successful pilots using permissionless blockchains. These pilots have shed more light on the technology’s application and allowed them to understand and control emergent risks.

The BCBS approach is unfair to blockchain and veers away from the regulator’s long-held “same asset, same risk” approach, they added.

“While we acknowledge that risk mitigation techniques are evolving for permissionless crypto assets…we are confident that solutions already exist in respect of specific use cases,” the five stated.

They believe deciding whether to build on permissionless blockchains should be left to the banks.

The financial sector has been a leader in blockchain adoption, with some, like JPMorgan (NASDAQ: JPM), developing their own permissioned networks, albeit unsuccessfully. However, most have relied on existing solutions to build applications spanning settlement, bond issuance, tokenization, etc.

Source: coingeek.com

The post Financial industry bodies defend permissionless blockchains against Basel Committee’s classification appeared first on HIPTHER Alerts.

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