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Elacity and the Journey Blending DRM and NFTs
NFTs are an exciting part of the burgeoning crypto space with lots of enthusiasm and excitement. Profile Picture (PFP) NFT projects are minting collections left and right, and crypto enthusiasts, from celebrities like Eminem to the 17-year-old next door, are sporting these images as their online identity. Gaming companies are starting to participate in this revolution utilizing NFTs as assets that you can buy/sell and trade with other players.
Only after the Bored Ape Yacht Club (BAYC) did buyers of NFTs have the right to sell the likeness and images of their NFTs for personal gain. The project also bought the IP for Meebits and Crypto Punks and granted those communities digital rights. While this is a step in the right direction for the NFT community, lingering issues and rights still need to be ironed out.
Digital Rights Management (DRM) is the key to giving creators control of their NFTs. Limiting piracy and enabling specific distribution are just some of the positive effects of this technology. As of now, NFTs, as a core, do not have the technology like DRM to prevent illicit activity from occurring. Let’s dig into the concept of DRM and NFTs and show how the project Elacity is going to intertwine the two for perfect unity on behalf of creators worldwide.
Digital Rights Management (DRM)
DRM is a technology that protects digital assets, such as movies, music, and ebooks, from unauthorized use or distribution. DRM systems employ encryption techniques, software licenses, and other security measures to control access to digital content and limit who can use it. Major companies like Amazon, Apple, Adobe, Google, and Microsoft use this technology to protect their digital content and assets.
One of the main benefits of DRM is that it helps digital content creators and distributors protect their work from online piracy. In turn, it makes it difficult for unauthorized users to access and/or distribute digital content, which helps to deter piracy.
In addition to protecting intellectual property, DRM also helps to boost security. For example, DRM technologies typically use encryption techniques to protect digital content, making it more difficult for hackers to access and exploit. Furthermore, enhanced security is essential for sensitive information, such as personal data and financial information.
While DRM has many benefits, it can also be controversial as it limits how consumers can use the content they have purchased. Critics argue that projects can use DRM to unfairly restrict consumer rights and stifle innovation. For example, some DRM systems prevent consumers from sharing or reselling digital content, which can limit their rights as consumers.
Non-Fungible Tokens (NFTs)
NFTs, or non-fungible tokens, are unique digital assets recorded on the blockchain or other decentralized networks, enabling their ownership and transfer to be tracked and recorded. In addition, NFTs create digital scarcity and prevent the easy replication of digital art, music, and other intellectual creations. NFTs use smart contract standards such as Ethereum’s ERC-721, which allows for the tracking and transfer of NFTs.
When someone purchases an NFT, they buy the metadata file, which acts as a signed receipt for the work but does not give them ownership of the actual work itself. NFTs create a way for artists to exercise control over their work and protect it from unauthorized use. However, there currently needs to be more certainty and clarity surrounding the rights transferred when someone buys an NFT. Generally, buying an NFT does not give the buyer the copyright of the underlying work, but there are some exceptions, such as BAYC.
DRM and NFTs
Non-Fungible Tokens (NFT) and Digital Rights Management (DRM) are related to digital content but serve different purposes. DRM is a technical protection mechanism used by the industry to combat illegal file-sharing, while NFT creates the property of scarcity and uniqueness. DRM controls access to the content and restricts the use of the content, while NFTs only provide ownership and authenticity verification of digital assets like digital art or collectibles.
DRM (Digital Rights Management) can work with NFTs to provide a comprehensive solution for digital asset watermarking. DRM systems allow for consistent watermarking across different resellers, ensuring that the same watermark is present on all copies of the content, regardless of who is distributing it. Watermarking helps protect the content owner’s rights by making it easier to track and enforce the usage of the content.
By combining NFTs with DRM, owners can verify the ownership of the content, and the watermark can be consistently applied, making it easier to monitor and control the distribution of the content. This combination can provide a secure and effective way to protect the content creator’s rights and ensure proper control over the distribution of the content. The process also provides a means to verify the authenticity and ownership of the content.
NFTs have been gaining attention in the creative industries as a way to monetize digital content and enable creators to have more control over their returns. They differ from DRM in that they create a semblance of scarcity and uniqueness in a digital world, whereas DRM is a technical protection mechanism used to control access to content.
DRM (Digital Rights Management) and NFTs (Non-Fungible Tokens) serve different purposes in digital content management. DRM aims to protect the assets of content creators and ensure proper payment distribution among stakeholders in the production process. On the other hand, NFTs function as digital keys to access and trade access to the content, allowing users to buy and trade access rather than just tokens. This shift towards NFTs creates a new market and a user-owned digital economy where ownership and data rights are more secure in the Web 3.0 environment.
Elacity, a cutting-edge project, revolutionizes digital content creation, distribution, and monetization. Elacity’s unique approach combines Non-Fungible Tokens (NFTs) with Digital Rights Management (DRM) to empower content creators and protect their creations. Elacity aims to preserve digital rights and facilitate digital obligations using Digital Rights Management (DRM) technology. They have developed relationships with experts in DRM and aim to deliver an open-sourced system linking NFTs and DRM.
As described in Elacity’s DRM CRC Proposal back in September 2022, they are building their first flagship product, the World Computer Marketplace (WCM). WCM will combine decentralized identities, verifiable credentials, off-chain private data management, smart contracts, personal server hosting, and DRM-powered assets. The goal of Elacity is to monetize digital content more effectively, maintain ownership rights, protect digital content, simplify third-party partnerships, and aid in compliance with regional laws. The market value of the DRM industry projects to exceed $6 billion by 2025.
The Elacity team has been hard at work on the Elacity DRM project. They recently released a brand new Elacity 1.7.0 Update highlighting all the exciting developments. The team is developing a Testnet portal for the Elastos Smart Contract Chain(ESC) while creating a detailed 12-page document outlining their DRM solution design and architecture. Elacity has also been implementing three different contract templates for video content, including “buy once, play always” content that cannot be transferred but can be played by the wallet holding the NFT. They are also working on the option for users to “buy once, play always, resell” content.
The Elacity platform allows content creators to monetize their digital creations by selling unique, authenticated versions of their work as NFTs. Elacity empowers creators to control and track the distribution and use of their content. In addition, Elacity also enables more efficient and autonomous revenue payouts to stakeholders through the use of blockchain technology.
In addition to its focus on video NFTs, Elacity plans to expand its offerings to other asset types such as audio, images, 3D models, eBooks, and statements. The company also has its foot in the door of the generative AI world through its Flint District. This domain enables users to purchase GPU time and perform text-to-image tasks using cryptocurrency payments and decentralized identities.
Elacity’s vision is to create a fun, friendly, and convenient portal for the digital economy. The company plans to continue innovating and seeking funding to support these efforts in the coming year. With its unique approach and cutting-edge technology, Elacity aims to significantly impact how we create, distribute, and monetize digital content.
Elacity is a game-changing company transforming the digital content landscape by seamlessly integrating Non-Fungible Tokens (NFTs) and Digital Rights Management (DRM) technology. This innovative approach empowers content creators by giving them the tools they need to protect and monetize their digital creations. With its deep expertise in DRM and a commitment to open-sourced solutions, Elacity is leading the charge in defining the future of digital rights and obligations.
Once their mission is complete, Elacity will unleash an era of creative freedom and financial independence for artists, musicians, and other content creators, making it easier for them to share their work with the world and reap the benefits of their success. Get ready to experience the next level of digital content creation, distribution, and monetization with Elacity.