Hup Life - The Globally Enforceable NFT Marketplace
Hup Life will be the first platform that allows you to trade Non-Fungible Tokens (NFTs) with ease. I am sure that you have learned a couple of things about NFTs.
Just to refresh your memory– NFTs are digitally-issued artworks that are tied to the original version of the artwork. Ideally, only one NFT is minted. What this means is that if you are buying an NFT, you can rest assured that you are the sole owner because more of the artwork or NFT cannot be minted or reproduced.
Now, there is a need to have a solid platform where NFTs can be traded. That need led to the launch of several platforms where NFTs can be bought, sold and exchanged.
However, the future of NFT is not limited to buying and selling digital art.
What guarantee is there that the minted or produced digital art will not be reproduced and sold to someone else?
It is against that backdrop that I introduce you to a new and novel platform that simplifies trading. The name of the platform is Hup Life. This article explains how this platform will enable global enforcements of Non-Fungible Tokens (NFTs).
It is no Longer NFTs
The first thing you must note about Hup Life is that the marketplace does not focus on Non-Fungible Tokens (NFTs). According to the viewpoint held by the team, the whole NFT issue has been over flogged, because the concept of NFT has been degraded along the line.
For example, NFTs were meant to be decentralized, because the digital art is mostly transmitted in the form of crypto tokens and virtual art. However, these NFTs are still transferred from the artist or creator to the buyer using an online connectivity system (hyperlinks and https) that is controlled by a centralized party called ICAAN.
Second, the metadata tied to NFTs is hosted on a central server. This opens up the metadata to possible cyberattacks, hacks and possible take down of the server where the metadata is hosted.
The Hup Life Solution
First, Hup Life is a marketplace where you can buy, sell and swap one NFT for another. The only difference is that you wouldn’t just be dealing with NFTs. Instead, you will be transacting with ceNFTs.
ceNFTs stand for Copyright-Enabled NFTs. This means that ceNFTs usable on Hup Life are copyrighted. Therefore, it would be difficult to pirate the digital arts.
Here is a breakdown of the different solutions that the Hup Life ecosystem has to offer to the NFT community:
1- Framework for Transparency
One of the highlights of the Hup Life project is that the marketplace and all the other products and services offered by the platform are designed to function via a framework that is compliant with International Copyright Law and Securities.
This is primarily because the Hup Life team frowns at piracy, especially the piracy of digital art (in the form of (ceNFTs)) that is meant to be decentralized.
By complying with the international copyright standards, Hup Life sends subtle message that the platform wouldn’t be tolerant with ceNFT projects that aren’t transparent.
2- Compensation for the Artists
One of the reasons why Non-Fungible Tokens (NFTs) (or ceNFTs as they are called on Hup Life) will continue to be popular is because of the challenges associated with the traditional reward system for artists.
Under the traditional system, artists are not only underpaid, but also denied access to most of the compensations and royalties they ought to get from every resale of their works.
On the contrary, Hup Life ensures that the interests of the artists are protected by offering compensations or royalties to the artists for any of their digital artworks that is re-sold on the Hup Life ceNFT marketplace.
Non-Fungible Tokens (NFTs) can become a global phenomenon and standard of sorts for digital art distribution and reward mechanism for artists. The global approach used by Hup Life proves that to be true!
BountyOx Username- Uju4real
“A sponsored article written for a bounty reward.”