Video ownership, as distinct from authorship, is a transferable title represented as a Non-Fungible Token (NFT). These transfers can occur through non-intermediated auction, purchases or standing sell
This article will later be incorporated into the https://github.com/Joystream/handbook/blob/master/system/content-directory/broken-reference/README.md document at a later time.
A passionate follower of some creator or topic may find significant value in being able to associated themselves with related creative content. They key is that the association is very public and visible, and thereby allows the owner to signal to their community and related audiences something about who they are, the resources they have - financial, social and human, in the latter for example by having discerning taste or judgement. This behavior is already very prevalent in lots of social arenas in the off-line world, in particular among collectors. People collect stamps, coins, art, cars, sneakers, etc., and motivations span:
Video NFTs play into all of these objectives, and arguably substantially amplify your ability to achieve those goals through the following
More public: you and your assets are visible for everyone to see, and is a highly entertaining and viral medium, e.g. unlike a painting hanging on a wall in your house.
More financial: anyone can bid on and buy your assets 24/7/365, giving you increased liquidity and greater price discovery. This makes it particularly valuable to be early, with good judgement, before something goes viral or gains attention, and perhaps even makes it valuable to be able to market something and make it valuable.
Hence the name of the game here is really to empower the owner to be visible as the owner, to support all these goals, and to make it easy to transact in this ownership. For the creator the value is in monetising the exclusive ownership status over their content.
Critically, owning a video, in the sense described herein, is not a claim on the intellectual property, revenue or any other rivalrous property of using the actual content itself.
An NFT Owner refers to one among two distinct varieties of possible owners of a given NFT, and they are
ChannelOwner: This means that whomever owns the channel in which the video to whicht he NFT corresponds, is also the owner of the NFT.
Member: This means that a given specified member owns the video.
Notice that curator groups, curators or the content directory lead cannot directly own an NFT, only by owning the channel. This also implies that, as will be seen further down, neither of these actors can participate as possible beneficiaries of an NFT, for example as bidders, buyer or offer recipients.
An Auction Type refers to one among the two distinct varieties of auctions which can be used to reallocate ownership of an NFT, hence it is either