FTX General Counsel Says NFT Piracy Is the Biggest Problem

The biggest problem FTX encounters is making Make sure users are only shown content they actually own, Ryne Miller, the paper’s general counsel, said during a panel discussion at the Cornell Blockchain Conference in New York on Friday.

Being able to right click and then click Save image is a problem. Because this is how people can copy other people’s NFTs and make it their own, with FTX saying this is our biggest problem. Making sure people don’t post NFTs that they don’t own the copyright for. or any other intellectual property they want. And it’s a manual process. These things require a lot of effort and energy.

Miller said a possible solution could be a community-motivated moderation system. Users can verify each other similarly to OpenSea’s verified collection system.

Other panelists Point out that this idea is not much different from what is in the legal system. James

Rathmell, general counsel at Haun Ventures, said that ultimately Intellectual property is something society accepts as real. And that’s not true. It may be a government-issued license, but ultimately society accepts what you own and what you no longer own.

Consumers also need to be aware when dealing with this market. But soon, consumer protection laws will finally arrive. And the platform should be ready.

Some NFTs are designed to be useful, so even if what is copied may look the same But it’s not accepted by smart contracts that allow authentication that doesn’t exist in any other digital art form.

Rathmell agrees that the NFT world moves much faster than regulation. The Web3 platform and regulators need to have a common understanding of the risks they are trying to take. And they may need to bring the information to market first so that everyone can understand the rules together.

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