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JTC Ordinals are digital assets inscribed on the JTC blockchain, a branch of Bitcoin. Unlike standard NFTs, they offer built-in features for licensing and royalties aimed at addressing limitations in current NFT technology that prevent adoption by many mainstream artists, advertising professionals, brands and institutions.
In this article, we’ll explore the key features of JTC Ordinals, their potential benefits at the tech level for creators and collectors, the limitations of standard NFTs, and the process of minting JTC Ordinals.
The Challenges Facing Standard NFTs and Ordinals
While NFTs have revolutionized digital ownership, several limitations hinder their full potential, particularly for creators:
Unclear and Unenforceable Licensing Terms: Standard NFTs lack built-in licensing mechanisms, making it a challenge to enforce copyright and prevent unauthorized use. This exposes creators to plagiarism and infringement, undermining their ownership and control over their work.
Limited Royalty Control: Royalty collection in standard NFTs often relies on centralized platforms with high fees and complex structures. Creators lack control over how their royalties are collected and distributed, leading to potential unfairness and lost income.
Vulnerability to Scams and Hacks: Like any digital asset, NFTs are susceptible to hacking and scams. This puts them at a disadvantage versus traditional art because stolen NFTs often lack legal recourse due to the anonymity and nascent regulatory landscape surrounding blockchain technology. This leaves creators and collectors vulnerable to significant financial losses.
These limitations create a system where creators face uncertainty and risk while collectors lack full confidence in ownership and protection. While NFTs provide a frictionless medium for trading expensive art, it is unrealistic to expect artists and collectors to rely on the technology, given its current deficiencies. JTC Ordinals aim to address these challenges by offering unique features built directly into our NFTs, empowering creators and safeguarding collectors.
JTC Ordinals: Solving The Limitations of NFTs and BTC Ordinals
JTC Ordinals offer features that make the underlying blockchain technology more appealing to creators and collectors with on-chain licensing and royalties.
Licensing Agreements On-Chain: No more relying on external documents or hoping platforms enforce your rights. Creators can embed licensing agreements directly into the metadata of their JTC Ordinals. These agreements, visible to all network participants on the JTC Ordinals Explorer, clearly define how the NFT can be used (e.g., commercial use allowed or not) and by whom. This legal clarity protects both creators and collectors, fostering trust and transparency within the ecosystem.
Royalty Enforcement: Gone are the days of helplessly relying on marketplaces to collect unpaid royalties. With JTC Ordinals, creators set their desired royalty percentage directly within the NFT. If the JTC Ordinal is resold at any time without paying the royalty, the creator can bring a court action to reacquire the ordinal or freeze it until payment is made. This ensures consistent income and eliminates the potential for platforms to skimp on royalties, maximizing financial returns for creators.
Empowering Creators and Collectors: This combination of on-chain licensing and royalty enforcement grants creators unprecedented control and security. They can monetize their work beyond the initial sale, enforce their rights globally, and build sustainable income streams independent of centralized platforms.
In summary, JTC Ordinals offer needed enforcement for licensing and royalty rights. Creators can define how their work may be used, commercially or personally, and the on-chain royalty mechanism reduces dependence on centralized marketplaces and the threat of traders dodging payments.
JTC Ordinals in Action: How JTC Ordinals Attract New Digital Artists
Digital artists stand to benefit considerably from using blockchain technology. However, many professionals have been discouraged from onboarding as traditional NFTs often lack robust mechanisms to enforce licensing terms and royalty payments, creating uncertainty for their rights in their works. JTC Ordinals have the potential to drive a new wave of onboarding with the following on-chain solutions:
- On-chain Licensing: JTC Ordinals allow artists to embed licensing agreements directly into the NFTmetadta, ensuring clear and immutable terms that follow the artwork.
- Royalty Enforcement: The JTC network facilitates the enforcement of royalty payments with each transfer of ownership, streamlining the process and protecting the artist’s long-term income. In addition, creators can inscribe their royalty requirements into the Ordinal during the minting stage with just a few clicks.
Benefits to the Artist:
- Enhanced Control: Thanks to the enforceable licensing terms, artists gain greater control over how their work is used and distributed.
- Maximized Financial Returns: The capability for royalty collection reduces the possibility of collectors and traders shirking payments.
- Safeguarded Work: JTC Ordinals provide safeguards in the event of unauthorized use and ensure that artists are fairly compensated.
How To Mint Your First JTC Ordinal
Ready to mint your own JTC Ordinal and experience the power of built-in licensing and royalties? Here’s a quick guide:
- Download the Jurat Wallet and purchase a sufficient amount of $JTC.
- Choose an image or text you want to turn into an Ordinal.
- Visit the JTC Ordinals Page and select “Mint an Ordinal.”
- Set your license and royalty, defining how your work can be used and the % that should be paid to you following every sale.
- Pay the minting fee, enter your JTC Wallet address, and confirm the mint.
- Send your payment to the address that the UI provides you.
Final Thoughts on Licensing & Royalties with JTC Ordinals
JTC Ordinals offer unique features like on-chain licensing and royalty enforcement, addressing limitations in standard NFTs. This could benefit creators by enhancing control, security, and income potential. Collectors also stand to benefit from clearer ownership rights and legal recourse. While the long-term impact remains to be seen, JTC Ordinals presents an intriguing innovation in the blockchain space and is most definitely an ordinals project to keep tabs on.
