If you’ve been on the internet in the past year, you’ve likely heard the term NFT before. However, you may not fully understand what it actually is or the rights associated with them. Whether you’re looking to create your own NFTs or want to purchase one, it’s essential to understand your rights and what you should know about buying and selling these creations. If you own or create an NFT, you may have questions about your rights. Keep reading to learn how copyright infringement lawyers can help you navigate any concerns you may have.
What Are NFTs?
A Non-Fungible Token, or NFT, can be a confusing concept. When something is non-fungible, it is entirely unique, and there is generally nothing equal to it in value. For example, a dollar is fungible because you can easily exchange it for another dollar of equal value. But something like a Jackson Pollock painting is non-fungible because it is considered invaluable.
When you purchase an NFT, you’re not technically purchasing the artwork commonly associated with these assets. Instead, you purchase a certificate on a secure blockchain proving you own the token.
How Does Copyright Apply to NFTs?
Generally, when you purchase an NFT, you do not buy the copyright rights. Think of it like a book – if you purchase a book, you own that singular, physical copy. As such, you can sell or trade that copy without asking permission from the author. However, owning a copy of a book does not give you the right to turn it into a movie or make copies of it to sell. The same applies to NFTS. You can own an NFT without owning the copyright.
However, the terms of your NFT purchase may transfer the copyrights to you. However, this must be placed in writing, and allows the new copyright owner the right to do whatever they want with the digital asset.
How Can a Lawyer Help Me if I’m Having Problems With Infringement?
Whether you have questions about your rights of owning an NFT or you’re an owner who wants to sell, it’s vital to understand your rights.
Unfortunately, because NFTs are so new, there are many complications surrounding these tokens. As such, it’s essential to ensure you have an attorney on your side. Whether you’re looking to buy or sell, a lawyer can help you create or review a legally binding contract that protects your best interest.
When you need assistance, CopyCat Legal PLLC can help. Our team of attorneys is dedicated to ensuring our clients are protected when it comes to the copyright of their creations. Contact our team today to learn more about how we can assist you through this challenging time.