Sculptures and other forms of art are enthralling. However, today, the world is rapidly moving away from physical art, and everyone wants to own an NFT.
NFTs are the rave right now, having gained traction since 2021. NFTs such as CryptoPunks and Bored Apes are worth millions of dollars and are classified as apex NFTs because the society's creme de la creme wants to owe one of them. One might wonder what's so special about NFTs and why we can't just make duplicates or screenshots of them since they're mostly pictures.
In this article, we'll look at why NFTs are more than just art and answer the question, "Why can't you screenshot NFTs?"
Fungibility and Non-Fungibility: What’s the fuzz all about, and how does it relate to NFTs
Imagine if you had a purple dress you bought from the store and it was stolen or misplaced; you could simply visit the store and purchase that same cloth. This means in essence, that the dress is replaceable or in other words, it is fungible. Cryptocurrencies like Bitcoin, Ethereum and other altcoins are fungible.
On the other hand, if your grandfather gifted you a shirt and you misplaced it, there would be no way of getting that same shirt your grandfather gave you. Now, that is what we refer to as non-fungible because the shirt isn’t replaceable.
Non-fungible tokens are digital arts that are stored on the blockchain, and this could be in the form of pictures, music, and virtual lands. They are more than ordinary art because owning one is similar to owning the deed to a piece of property as they represent a certificate of ownership.
Now, Can You Screenshot NFTs?
You can technically screenshot an NFT, but if we were addressing the elephant in the room–would you own it even if you were able to make a screenshot?
NFTs owe most of their value based on hype and their connection to the blockchain. Some NFT communities are so powerful that they attract important people from all over the world. Also, owning an NFT make holders have exclusive access to real live events, and merchandise. These are things that one wouldn’t have access to if you were to make screenshots of an NFT as you wouldn’t have ownership of these NFTs.
We are still in the early stages of getting it right with NFTs, and the possibilities of its use cases seem boundless. We expect to find utilities for NFTs in the metaverse, in games, in real-life scenarios and much more.
The simple answer here is that you can make screenshot of NFTs, but you simply cannot own one by doing so.
Are NFTs screenshots as valuable as the original NFTs themselves?
Would a photo of the Queen of England on your phone be as valuable as that of Leonardo da Vinci's original painting? Most definitely not. Just because you have a screenshot of NFT on your phone doesn't mean that you own the image.
A screenshot has no value and can't be used to appreciate anything. Also, remember that NFTs are not just digital assets that people hold to sell them for a profit. They give the people who own them special perks and benefits and let them participate in timed, exclusive NFT projects.
For example, BAYC holders can only use the team's Discord server, shop in the team's merchandise store, and see new collections from the team before anyone else. You won't be able to get all those perks without an NFT screenshot. Simply put no, screenshots of NFTs are not as valuable as the NFTs themselves.
Can I get sued for screenshotting an NFT?
Just as you can make screenshots of everything you find off the internet, anyone is permitted to make a screenshot of an NFT because it is not illegal to do so. Where it becomes a crime to screenshot an NFT is when the perpetrator looks to make a profit from the NFT by minting it on the blockchain.
Owners of NFTs have what is referred to as Intellectual Property rights to an NFT. These IP rights are the same thing we find with big brands like Mercedez, Toyota and Coca-Cola logos.
What are the Consequences of screenshotting and claiming ownership of an NFT?
The consequences of screenshotting and selling an NFT without permission or knowledge can be severe. This frequently results in charges ranging from copyright infringement to fraud and theft (depending on the wishes of the original creators), but most people who do this do not face official punishment unless the NFT creators initiate legal action themselves - which may not always happen!
Companies like Yuga Labs, the creators of the 'Bored Ape Yacht Club,' have taken action on this issue. Yuga Labs recently sued Twitter user Ryder Ripps for selling a 'copycat' parody collection of the infamous monkey NFTs. He was able to mislead buyers and also made millions off the sales.
Owners of these NFTs can even sell their 'IP' rights to companies for commercial use, earning thousands of dollars in the process.
Anyone may decide to screenshot an NFT as this is not illegal from a legal standpoint, but it is pertinent that they would be getting none of the perks associated with NFTs. The concept of NFTs is still evolving, and we can’t wait to see what the future brings for this innovation.
Storing your cryptocurrencies in online wallets, exchanges and software wallets exposes you to risks of being hacked. Consider storing them in a hardware wallet today