NFTs, the key to extending (copyright) life.
After a creator dies, it takes 70 years for their work to enter the public domain.
Which is a round about way of saying: after 70 years, anyone can use/profit from their work without licensing the copyright.
Some famous examples of intellectual property that exist in the public domain:
The Holy Bible
Winnie The Pooh
Shakespeare's 'back catalogue of bangers'
Elaine Hu has theorized a nifty little work around for any copyright holders looking to retain a bit of passive income, after the creative work they own enters the public domain.
Here's what she's pitching:
In the years leading up to a work's copyright expiration, earnings tend to go a little cold.
Because anyone looking to use it figures they can just wait a few years and get it for free.
Hu sees NFTs as the perfect vehicle for extending the earning potential of creative works.
By creating official limited edition NFT collections around famous intellectual property (IP), before they enter the public domain, copyright holders can program recurring royalty fees into each NFT.
(E.g. 20% every time it changes hands).
So as long as they create a digital asset that stays in high demand over the years, the original copyright holder will continue to receive income from the IP.
Neat!
