What’s a NFT? 

We’ve written about how there are four different types of intellectual property but were we wrong? Is there now a fifth?  NFTs are non-fungible tokens, but what does that mean? 

NFTs are anything that is digital and unique that can be sold.  It is a new form of media for art and anything else that can be put into digital form.  Rather than printing 100 copies of a photograph, a photographer can authorize 100 NFTs of a specific work.  NFTs are opening new avenues for artists and creators but also new potential pitfalls.  

From a legal perspective, NFTs are still subject to our current landscape of copyright, trademark, publicity, privacy, and securities laws. These laws are being interpreted to understand and govern this new technology. Whether you are the creator, the seller, or the owner of the NFTs, the agreements governing NFTs must be properly drafted to clearly state what is owned, what rights are granted, and what are the limitations.  It is no different from selling or licensing any other type of creative work – at the end of the day, a well-thought-out agreement will protect your rights and prevent future conflict. 


Interested in trading in NFTs?  Ginny would be happy to speak with you about the risks and benefits. 

Ginny Cascio Bonifacino, Esq.

Partner

240-202-4304 
ginny@dmvbusinesslawyers.com

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