Three IP Issues to Watch Out for When It Comes to NFTs
Seemingly overnight, non-fungible tokens (NFTs) have exploded onto the market and into the public consciousness. The eye-popping prices that some have commanded—and their potential to revolutionize the concept of ownership itself—have investors, creators, platforms, and brands champing at the bit for a piece of the action.
The concept seems straightforward enough: a digital file—an image, GIF, audio or video file, or even virtual real estate or video game tokens and virtual gear—gets minted as a unique copy on the blockchain, which can then be collected, displayed, and traded; their authenticity and chain of title immutably recorded, forever. Given the nature of NFTs, IP issues associated with their creation, display, trading, sale, and storage have to be carefully analyzed. Before rushing into this heady space, here are a few things you might want to think about.
Source: JD Supra, LLC