NFTs AND COPYRIGHT LAW

Abstract

NFT stands for “non-fungible token” and refers to a cryptographically protected asset that represents a unique object, work of art, real estate, ticket, or certificate. Like cryptocurrencies, each NFT contains ownership data to facilitate identification and transfer between token holders. By purchasing a token, the owner gets ownership of an asset in the digital or real world. NFTs are often minted by artists and creatives, but collectors and investors who purchase and use them may have a different perspective on who owns the copyrights to the content associated with the NFTs. Attorneys specializing in art law, although they have not yet fully explored it, are developing a familiarity with the current crypto community and future metaverse in order to understand how a public ledger registration tool has created scarcity and value for digital assets, such as digital artwork.