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Practical Guidance® Non-fungible Tokens and Intellectual Property Law: Key Considerations A Practical Guidance® Article by Daniel J. Barsky, Holland & Knight LLP Daniel Barsky Holland & Knight LLP This article discusses some of the novel legal issues that non-fungible tokens (NFTs) raise in the area of intellectual property law, including key issues in NFT marketplace user agreements, licenses, and copyright ownership considerations. The article also provides an overview of NFT technology and discusses the major NFT marketplace types and how they function, as well as the types of works that have been minted into NFTs. Overview of NFT Technology NFTs have existed since at least 2017 but exploded in popularity in 2021. An NFT is a unique, one-of-a-kind crypto token that is managed on a blockchain (a type of decentralized ledger that, like a bank ledger, records transactions between the various users of the blockchain). In the NFT context, the blockchain tracks and reports the ownership and transfer history of NFTs. There is a critical difference between NFTs and the other types of tokens, such as cryptocurrency, that exist on blockchains. While traditional cryptocurrency is fungible (e.g., one bitcoin is fundamentally the same as any other bitcoin), NFTs are non-fungible. This means that each and every NFT is, in some way, different from each and every other NFT. NFTs can exist on any blockchain that has a defined NFT standard, such as: • Ethereum • Flowchain • Wax Ethereum and its ERC-721 standard is the most common and popular. NFTs are created in a process known as “minting” where the unique token is formed in compliance with the standards set on the blockchain used. There are various publicly available programs (such as MintBot and Enjin) that allow a user to mint an NFT. Most major NFT marketplaces also support minting, sometimes for a fee. For more information on these marketplaces, see NFT Marketplaces and How They Function below. NFTs contain, at a minimum: • A unique identifier • Metadata • Code (also known as a smart contract) that handles properties such as transferability and ownership Beyond these fundamentals, an NFT can be programmed in an almost limitless variety of ways, so long as it complies with the standard under which it is created. For instance, an NFT might link to a piece of art and incorporate contractual rights that provide the original artist a commission on all future sales of that piece of art.PDF Image | Non-fungible Tokens and Intellectual Property Law
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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
IT XR Project Redstone NFT Available for Sale: NFT for high tech turbine design with one part 3D printed counter-rotating energy turbine. Be part of the future with this NFT. Can be bought and sold but only one design NFT exists. Royalties go to the developer (Infinity) to keep enhancing design and applications... 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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