Purchasing NFTs? Watch Out for These IP Issues – Bloomberg Law

You created your crypto wallet account, joined an exchange, linked the two, and you are ready to start purchasing NFTs, or non-fungible tokens. But what does buying an NFT really give you, and does it transfer any intellectual property rights?

You can purchase an NFT of the Mona Lisa, but will you own anything more than a piece of digital art without any proprietary value? The short answer: It depends on the seller, the platform, the listing, and the terms of the smart contract (e.g., electronic instructions created when minting the NFT) that governs the sale of the NFT.

The rights that a token can convey range from mere ownership of the token itself, to a license to use and…

Read Full Story: https://news.bloomberglaw.com/ip-law/purchasing-nfts-watch-out-for-these-ip-issues

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