Why NFTs do not give ownership rights to the holders

economictimes.indiatimes.com:

NFT enthusiasts hard, who either own them or wish to own them Only one NFT collection in the top 25 platforms by market capitalization has attempted to confer intellectual property rights to the purchasers of digital arts, the report added. According to the report, the majority of NFT operators apparently have 'misled NFT purchasers' about the extent of their rights, and this has faced some backlash from the buyers. However, NFT players have come out in defence. The question of ownership, both intellectual and actual, when talking about an NFT is way more nuanced than it is with physical art and assets, they said.

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An NFT is a receipt of ownership for the buyer of unique art or concepts. However, in many cases, the original creator must maintain a stake in the final work to maintain its rarity. The core definition of NFTs is ownership based on smart contracts written on a blockchain. Any digital asset bought as an NFT gives the owner sole rights on the blockchain NFT, said Arijit Mukherjee, Founder, Yunometa. «While content creators and digital artists have made millions of dollars on their sales, NFTs can sometimes have ownership clashes with popular culture and art forms,» he added. The report mentioned that without improvements in the on-chain representation and transfer of intellectual property rights from NFT issuers to NFT token holders, the expansive vision of Web3 will remain unreleased. The report analysed major NFT projects,