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NFTs may be represented in the form of memes, artworks, or videos. The copyrights that subsist on an NFT are also governed with the help of a smart contract. The NFT space also serves as a breeding ground for copyfraud and copyright infringement. The sole technology behind cryptocurrencies is called blockchain technology.
NFTs are governed by smart contracts, which divide ownership and limit transferability. As a result, the Indian Copyright Act, 1957 grants the owner of the artwork or the licensee sole rights to discharge copyrights that have already accrued under the statute. iii] NFTs are limited to having a single owner.
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