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CLIENT ALERT NFT Risks and Opportunities in the IP, Advertising, and Brand Management Spaces Apr.16.2021 NFTs (non-fungible tokens) hit the scene in 2017 with CryptoKitties, a game on the Ethereum blockchain for buying, selling, and breeding digital cats. Clearly, CryptoKitties represents a humble start for NFTs, the technology that has since captured astonishing public and media attention. More recent NFTs—like the NFT-based digital artwork by Beeple that sold at Christie’s for $69 million last month—demonstrate the rising importance of these novel digital assets. Each NFT is a one-of-a-kind digital information file typically associated with a digital image, like an artwork, video, gif, tweet, or even event ticket. At least in theory, NFTs can also be created for physical objects, a possibility just beginning to gain meaningful attention. Where associated with a digital image, the NFT does not generally contain the image but functions like an integrated smart contract with a link to the image file. This smart contract uses blockchain technology to track changes in ownership and affirm authenticity, much like a digital provenance. NFTs also contain a feature that can disseminate royalties whenever the NFT is sold, exemplifying the design flexibility and diverse functionality of these assets. NFTs are a new form of non-tangible property with substantial implications in the art, entertainment, fashion, and marketing/advertising realms. Individuals and businesses operating in these spaces should carefully consider the merits of NFT platform or portfolio ownership and should anticipate new applications of and perhaps changes to existing bodies of law, like copyright and false advertising, that will address NFT issues. NFTs and Copyright Law Because NFTs are commonly associated with copyright-protected digital art, they are subject to copyright law considerations. U.S. copyright law protects original works of authorship fixed in a tangible medium of expression from which they can be perceived, reproduced, or communicated for more than a short time and provides a “bundle of rights” to the copyright owner. While copyright law does not specifically contemplate rights related to NFTs, several implications have become increasingly clear. First, purchasing an NFT does not automatically convey ownership of the copyright in the associated digital artwork, unless specifically acquired via contract. Absent such a contract, an NFT owner would lack the right to make or sell copies of the artwork, to transfer the copyright in the artwork, or to create derivative works based on the artwork—rights included in the copyright “bundle.” This means, for example, that an NFT owner (who has not acquired the artwork copyright or an appropriate license) would not be permitted to take pictures of the associated artwork for use on merchandise or display on third-party platforms. Even posting an NFT image to Instagram would be suspect under copyright law, since such posts automatically create an unauthorized digital 1PDF Image | nft risks and opportunities
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NFT (Non Fungible Token): Buy our tech, design, development or system NFT and become part of our tech NFT network... More Info
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NFT (Non Fungible Token): Buy our tech, design, development or system NFT and become part of our tech NFT network... More Info
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