Remember, when you buy a book, you don’t buy the rights to it.
They say reading is an exercise, that’s why most prefer to listen or watch.
Reading is more than an exercise, it is a skill that will take a lifetime to master.
Reading the fine print and paying attention to detail is critical especially when it comes to monumental decisions in life.
Heard of Spice DAO?
Well, they really should read more carefully next time.
So what is a DAO.
Decentralised Autonomous Organisation — essentially it is a company run by a group of people and not one centralised governing body.
So anyone who is a part of it (either buying a token or NFT) can vote, participate in decisions and influence the mandate of the DAO.
“A crypto group going by the name Spice DAO bought a copy of a book about Alejandro Jodorowsky’s Dune at auction for $2.66 million — far over the estimated price — believing that it gave them the copyright to produce NFTs. Turns out they fumbled the bag. Badly.”
Spice DAO thought that buying the book gave them the rights to use Dune in anyway they wanted.
They incorrectly understood that they were purchasing the copyrights to Dune.
they wanted to produce an animated series of the book and sell it to a streaming service for profit.
“Essentially, they paid one hundred times the estimated value for a non-unique collectible that has been fully scanned and available online for free since 2011, and doesn’t give them the legal right to produce anything.”
Scary how the internet works today.
So what now?
Well, they can either choose to auction off the book, keep it or hunt for the actual rights.
I’m not laughing at them.
They are the pioneers, the believers, the crusaders who were brave enough to make a move while everyone just watched.
I thank them for their courage so we make learn and be better.
Seems like it’s the end of the road for them right?
But it does show promise.
Here are a few things I concluded from this “Spice DAO buys Dune” fiasco.
DAOs works.
It shows that a group of like-minded people can anonymously and collectively unite to achieve a goal, entirely on the internet.
But it also shows how much of a double-edged sword it is.
Collectively, people can and do make horrendous mistakes too.
Gone were the days where we were relegated to the side walk when we cannot afford something.
DAOs have shown that fractional ownership with consensual voting and decision-making is possible.
So not only can you own a part of something, you can partake in what and where it goes too.
It is still early days, let’s see where web3.0 takes us!
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