NFTs Are Legally Problematic ft. Steve Mould & Coffeezilla
3,599,925
Published 2022-04-27
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Sorry, occupational hazard: This is not legal advice, nor can I give you legal advice. I AM NOT YOUR LAWYER. Sorry! Everything here is for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Nothing here should be construed to form an attorney-client relationship. Also, some of the links in this post may be affiliate links, meaning, at no cost to you, I will earn a small commission if you click through and make a purchase. But if you click, it really helps me make more of these videos! All non-licensed clips used for fair use commentary, criticism, and educational purposes. See Hosseinzadeh v. Klein, 276 F.Supp.3d 34 (S.D.N.Y. 2017); Equals Three, LLC v. Jukin Media, Inc., 139 F. Supp. 3d 1094 (C.D. Cal. 2015).
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00:00 Intro
01:00 What are NFTS?
02:00 Steve Mouldβs Technical Explanation of NFTs
05:54 NFTs as Digital Receipts
06:54 On Chain Problems: Contract Law
09:36 NBA Top Shots
11:20 Bored Ape
12:30 Click-Wrap Agreements
14:50 Smart Contracts
16:27 Copyrights
22:35 So Many Consumer Protection Issues!
26:53 But Waitβ¦.Are NFTs Actually Securities?
29:41 Coffeezilla Explains the Scammy Nature of NFTs
30:43 More on Market Manipulation
33:17 What About the Off-Chain Problems?
41:06 Innovations So Mundane, No One Should Care!
44:12 Learn More About the Dangers of NFTs on Neb
All Comments (21)
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π Do you think NFTs are a scam? Learn more from Steve Mould: https://youtu.be/IZaTd0hDtkI
π Get an EXTRA VIDEO on CuriosityStream/Nebula for 26% OFF! legaleagle.link/curiositystream -
The more I listen to this, the more the whole NFT world seems like a MLM meant for slightly computer literate people who think they are too smart to fall for MLMs.
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Every time someone claims that NFTs benefit creators, I remember that one time someone minted NFTs using art by an illustrator who died of cancer just months prior, and people told her family that they should have just minted it themselves if they didnβt want this to happen :)
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NFT felt like buying and selling stuffs on an MMO. The people that play the same MMO may able to value your purchase, but people outside the game would pull their hair of how you spend hundred to thousand dollars for a single digital sword. And when the developers decide to close the game, you cant demand anything about it.
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"Programmers are really bad at understanding contract law"
I wonder if that's the reason my uni has a mandatory 'Law and finance' module for enginnering students (including computer science students) and one of the topics is contract law. -
βProgrammers are really bad at contingencies.β
Me a programmer: looks up what a contingency is. -
Minting an NFT without permission of the artist led deviant art to create an entire program that scanned open seas which notified an artist when their art showed up as an NFT. Open seas mostly ignored all takedowns issued by the victims. NFTs are not for artists.
Also it's hard to take legal action against those who are smart enough to remain truly anonymous for a pump and dump -
I once believed that planking was the dumbest thing I'd ever see on the internet, but every year, the internet exceeds my expectations.
NFTs are just... bafflingly absurd. -
I have a coworker who sees me making animations during my breaks and constantly asks me about turning my stuff into NFTs even though I keep saying no. Not interested. They have a bad rep. He still brings it up. Might show him this video next time
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So itβs basically the same as βadoptingβ an animal at a zoo, right? You get a little certificate congratulating your donation but you donβt own the animal, just that certificate.
But some reason someone made buying and selling these certificates an actual market. -
"Just look at this stuff. This is bad art. And if you're claiming that this art is inherently worth hundreds of thousands of dollars apart from any speculative value... (pause) uh... I don't think you're good at art." Literally shouted over here. That was glorious.
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This is the very first time a YouTuber has talked me into buying their sponsor's product. And if course it's a lawyer
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Given the recent influx of AI generated art lately, it's interestring to rewatch this and catch the bit about precident in US law regarding "Only a human can make a work that is copyrightable."
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NFT's are a great modern example of the old adage:
"A fool and their money are soon separated." -
To me NFTs are about as "Legitimate" as "Naming a star" after someone. It is technically not a scam but also are not actually getting anything either.
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First time I heard about NFT's many moons ago, the first thought that came to my mind was "you could easily make a mint selling garbage to idiots with this". Nice to know I was on the right track :)
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The best description I recall regarding nft's in gaming...
"They're a solution looking for a problem"
Pretty much everything game companies are doing with them can be done with other existing methods. -
Gotta love how the supposed "future" of the internet is overpriced receipts based on unenforceable contracts, and every tech company is diving headfirst into it for speculative purposes.
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I think this is my first "NFT explains" video I watched that actually showed me the url link and how that url link works/breakdown of the actual code.....
Finally got to see and actually learnt how the url works. -
One time I told a NFT shill "Well, if you believe NFTs to be any worth, then I have a bridge to sell to you..."
Never thought it was that close to the truth.
