Mirror is a Web3 project revolutionizing the publishing space with “writing NFTs”. It’s perhaps best described as a blogging platform that allows creatives to mint their posts as cryptomedia (1 of 1 or limited edition) that can be sold in auctions or at a flat price. Additional functionality is built into Mirror, like “splits”. The publisher can specify other wallet addresses so that contributors automatically receive a cut of the cryptomedia’s sales.
Mirror also supports crowdfunding. Creatives make a Mirror post about their project, and embed a crowdfunding block in the post. This allows users to fund the project with ETH, and receive $PROJECT tokens in return. The project’s fungible token tracks the user’s contribution to the project, and the creative decides how these funders are rewarded in the end. Creatives can set funding tiers, so if a user contributes more than 1 ETH, for example, he belongs to Tier 2, which entitles him to a hardcover copy of a book once it has been published.
Mirror crowdfunding is an efficient mechanism for bootstrapping creative projects. It has already been used to fund an Ethereum video documentary, fictional novel, and Ukrainian relief program.
Creatives can quickly raise crypto for funding their project, and the $PROJECT token organizes a community around the project. For example, the $PROJECT token can give holders access to exclusive, project-related Discord channels, or be used to make project decisions by voting on Snapshot.
Owning an NFT does not necessarily mean you own the IP to that NFT. In fact, you do not own the IP unless it has been explicitly stated otherwise. You can own a painting, but that doesn’t mean that you own the IP so that you can sell reprints, for example. The artist still owns that IP.
IP-NFTs are already in use today. A DAO funded a biomedical research study by purchasing the study’s IP-NFT. This transfered full legal IP rights to the DAO, gave the DAO access control to the resulting scientific data, and entitled the DAO to any downstream patents resulting from the study. This crowdfunding approach could disrupt the current fundraising environment for scientific research.
Molecule is an IP-NFT marketplace for funding such biomedical studies. In general, clear differentiation between ownership NFTs and IP-NFTs will become more commonplace, especially on marketplaces that need to make clear exactly what rights an NFT confers to its owner.
If you enjoy videos over reading when it comes to online learning then checkout the course on YouTube. This is part 7 of 8 in the NFT Design Course 2022. Also, make sure to checkout other Web3 Design Courses.