![]() NFTs are currently bought and sold on several digital marketplaces (e.g., OpenSea, SuperRare, Foundation and Rarible) using the cryptocurrency of the blockchain on which they are hosted (e.g., Ether).Īn NFT’s packet of digital information includes its unique identifier, record of ownership and a pointer (e.g., a URL or a serial number) to another object. NFTs are “minted” by artists and other creators who use “smart” contracts to create and manage their sale and resale. An NFT is “non-fungible” because, unlike cryptocurrencies such as Bitcoin, which are fungible like fiat currencies, each token is unique. A “blockchain” is a decentralized set of digital records (i.e., a digital ledger) replicated across multiple computer systems by peer-to-peer networking, thereby ensuring transparency and authenticity. Ownership of an NFT is recorded on the underlying blockchain – most commonly, Ethereum or Solana. To avoid making the same mistakes, industry and market participants should ensure they fully understand the rights associated with NFTs.Īn NFT is a cryptographic asset or “token” linked to an object, which can be either digital (e.g., digital art, music, photos or a service) or physical (e.g., collectables). As NFTs proliferate, situations like SpiceDAO’s will continue to occur. Unfortunately, only a copy of the unreleased book was purchased and not any of the IP rights required to create new content based on the related copyright. This is what happened in the case of SpiceDAO, a collective that paid almost USD$3 million for a copy of a rare art book for Jodorowsky’s Dune (a proposed film adaptation of the science fiction novel Dune) on the mistaken belief it would enable them to produce an animated series based on the underlying copyright and trade-mark intellectual property (IP) rights and related NFTs. This continued misunderstanding comes at a cost, both to investors who may not have purchased the rights for which they thought they had bargained, as well as to artists and businesses who may be missing out on opportunities to properly leverage the new technology. Despite this active interest and substantial investment, however, there continues to be significant misunderstandings in terms of what NFTs represent and their real world applications. A wide range of artists, brands, investors, businesses and consumers are embracing NFTs. Thanks for bringing this to my attention.Non-fungible tokens (NFTs) have become the latest big thing to come out of the blockchain industry and capture mainstream attention. Example: Duly noted used sincerely Duly noted. If you’re concerned about coming across as impolite, consider clarifying your intention by thanking the person for their opinion or suggestion. Can I keep watching TV now?īecause duly noted is a brief response and because it’s so frequently used sarcastically, it can be perceived as somewhat rude or dismissive, even when you mean it sincerely. Examples: Duly noted as sarcasmPerson A: I think you need to spend less time watching TV and more time studying. This typically occurs in informal contexts. ![]() Is duly noted rude?ĭuly noted can be used in a facetious or sarcastic manner to say that you think someone’s idea is irrelevant or that you don’t care what they have to say. ![]() The aide ensured that recent complaints regarding the new policy were duly noted by the committee. The business consultant’s advice was duly noted. ![]() It can be used by itself as an acknowledgement of an opinion, or as part of a sentence. It’s usually used in formal or professional contexts. Dully noted, dually noted, duely noted, dualy noted, dooly notedĭuly noted is a phrase used to say that something has been properly acknowledged or recorded.
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