Copyright and NFTs: new wine in old bottles?

Journal: World Intellectual Property Review

Publisher: Newton Media

Abstract:

Non-fungible tokens—also known as NFTs or “nyfties”—are digital assets on the secure blockchain. They are mainly used to sell exclusive, digital items online and since a digital artwork tokenised as a NFT sold for $69 million at Christies in March 2021, it has expanded into various other industries, ranging from sport, fashion, music, films, entertainment to many more. However, whether it is a piece of digital artwork, a cute digital penguin or a bored ape, they are essentially traceable JPEGs or GIFs, which are represented as NFT tokens. If so, what is someone actually buying when they purchase a NFT and do they have ownership of it, from a legal perspective? This article considers the meaning of NFTs, their historical development, authorship, ownership, infringement issues from a copyright perspective and questions the liability of NFT marketplaces which strive for decentralisation, in a regulated world.

https://eprints.bournemouth.ac.uk/36572/

https://www.worldipreview.com/page/magazines

Source: Manual