Cross your T’s and dot your I’s. Despite some users believing the contrary, owning an NFT does not equate to ownership of copyright or intellectual property.
from Chainalysis found that the weekly total cryptocurrency value and average value per transaction have grown hand-in-hand from January to October in 2021. The prime reason for this growth is the hype that has surrounded these assets for the last two years from minting platforms, games, marketplaces, exchanges and others.As a by-product of this high supply and demand, there are a lot of scams, hacks and other intentional property law violations that have been become more frequent.
However, NFTs are also a relatively new innovation compared to the existing prevalent copyright, IP and trademark laws, which could be an opportunity to amend the law to account for this new technology. Varun Sethi, founder of blockchain legal services firm Blockchain Lawyer, told Cointelegraph that copyright laws need to recognize the tokenization of digital assets as a revolutionary and evolving legal option and accept the NFTs owner as the copyright owner.
Sethi foresees even more ownership issues when NFTs change hands unless the law is amended so that all NFT sales are recorded as ownership swapping as per the copyright office’s records.
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