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Following the 2012 revision to the copyrights Act, it was made clear that Internet activities were also covered by the copyright law. Parallel to this, Non-FungibleTokens, often known as NFTs, have seen tremendous growth as more and more people enter the market.
The rise in popularity of non-fungibletokens (NFTs) has attracted a great deal of attention from copyright practitioners and aficionados. And why is that? Basically, because an NFT is an encoded digital metadata file of a copy of a work that can be copyright protected. VEGAP has announced that it has appealed this judgment.
Apart from this, Non-FungibleTokens, the brainchild of Kevin McCoy and Anil Dash, is a unit of data stored in a digital ledger that certifies that the digital asset is unique and is hence non-interchangeable. NFTs may be represented in the form of memes, artworks, or videos.
One example was the November release of the Her Loss album by artists Drake and 21 Savage which included a fake Vogue magazine cover as part of the album artwork, as well as a fake version of Vogue magazine. 2012: [link]. Metaverse and NFT Filings Decrease. The firm has registered more than 4,000 U.S. 2020: [link]. 2019: [link].
One recent case gives some indication on how the English courts are responding in a dispute about trading blockchain-based non-fungibletokens (NFTs) between a trading platform and its user ( Soleymani v Nifty Gateway LLC [2022] EWHC 773 (Comm) ). In Nifty's auction, one piece of artwork was linked to 100 NFTs.
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