NFTs and Intellectual Property Rights

NFTs are digital assets that may exist independently or represent real-world items such as artwork, music, or even real estate. NFTs are generally bought and sold using the cryptocurrency Ethereum. Next to Bitcoin, Ethereum is the most popular and valuable crypto token. NFT transactions are recorded in the blockchain, the same as cryptocurrency. When an NFT is sold, a smart contract is generated that specifies the rights transferring to the buyer. 

People may have several reasons for buying NFTs. They can be appealing for aesthetic reasons. They are useful for securing digital rights to objects and property. As with cryptocurrency, there’s also a speculative market of people investing in NFTs in the hope that their value will increase.

Because NFTs are often inspired by or representations of objects in the physical world such as works of art, disagreements over intellectual property rights can occur. There may also be misunderstandings or confusion over IP issues. For example, someone can create an NFT based on a work of art without the original creator’s permission. Another common issue is when people simply copy and download NFTs online without paying for them.

Why an Attorney May Be Needed For Issues Related to NFTs

Because NFTs, along with the blockchain and digital art are such new fields, laws regarding intellectual property rights are still rapidly evolving. An NFT law firm can help NFT creators and traders protect their rights and clarify issues. Bochner is an intellectual property law firm that works with clients on all NFT-related issues. An intellectual property attorney specializing in non-fungible tokens may be helpful for any of the following reasons:

• Represent NFT creators whose work has been copied or shared without permission.
• Advise creators on IP issues, such as whether they are allowed to use a certain image or idea in creating an NFT.
• Provide information on issues such as licensing strategies and IP protection. This may include helping creators trademark their creations.
• Advise buyers of NFTs of their intellectual property rights. For example, an NFT owner may have full rights to the actual NFT they bought, but not necessarily have the right to sell copies of the image or products displaying that image. For this, they may need to obtain copyright permission.

Services Offered By Bochner

Bochner is a legal firm that deals with all facets of intellectual property. We are well-versed in modern technology and represent clients in areas such as blockchain and cryptocurrency, hardware and software applications, machine learning, as well as NFTs. Our services include:

• Trademark, copyright, and patent litigation
• IP strategy
• Portfolio management
• Trade secrets
• Contractual services
• Transactional negotiations
• Business litigation
• Agreement drafting