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In this part 1, we tackle the first of three questions regarding the legal copyright landscape from an NFT purchaser’s perspective, as the extent to which the IP framework applies to NFTs remains uncertain. For instance, CrypToadz is a prominent CC0 NFT project wherein the artwork related to the NFT is in the public domain.
Duediligence is critical. Copyrights protection for the artwork itself is also critical. Any NFT project offering Apes are derivative of the artwork for the Bored Ape yacht CLub are potentially infringing the BAYC’s copyrights. What Rights Are Licensed To Purchasers Buying NFTS?
Kat friend Hugh Stephens describes the murky story of IP and the Ogopogo monster ("murky" as the waters in which the Ogopogo is said to dwell). There were 18 registered copyrighted works related to the Ogopogo, including books, posters, artwork, videos (in some cases, supposedly of the creature itself) and dramatic works.
The same rule applies to digital artworks sold as NFTs. ” The statement went on to explain that the group had acquired rights from a company called Squemme Productions, which itself had acquired “the exclusive IP for the first 130 episodes of TNMT 1987” from Poly Productions/IDDH. Definitely.
Intellectual property (IP) is a legal term that encompasses a wide range of creations of the mind. This can include inventions, designs, artwork, and even brand names and slogans. Investors and DueDiligence. important;}.thegem-template-wrapper.wpb_wrapper.thegem-custom-6223477ae46604440{flex-wrap: important;}.
NFTs can be based on three-dimensional items or artwork, or can be purely digital creations—for example, a collectable digital sneaker or a token used in a videogame. First, NFT’s have enormous significance in the IP world. The post NFTs: New Frontiers for Trademarks appeared first on Global IP & Technology Law Blog.
And what role does intellectual property ( IP ) play in their creation and sale? NFTs have a variety of uses which extend far beyond digital artwork. For digital content creators and the owners of IP in digital content, NFTs represent a potential new revenue stream. But what are NFTs? We’re glad you asked. What are NFTs?
” [5] The Report only discussed money laundering, ignoring other known risk areas in the art market, such as the sale of forged or stolen artworks. [6]. ” [7] In 2020, Treasury defined high-value art as artwork having an estimated market value of over $100,000. [8] The Report specifically focused on “high-value art.”
NFTs can be based on three-dimensional items or artwork, or can be purely digital creations—for example, a collectable digital sneaker or a token used in a videogame. First, NFT’s have enormous significance in the IP world. NFTs are unique tokens based on blockchain technology and used as digital assets.
archival fonds shall not be subject to the same remuneration as unique artworks, as advocated by scholars ). No liability of GLAM if they comply with certain duediligence steps (akin to “safe harbor right statement“). ECL must work internationally and its fees must be adapted to the category of user groups and materials (e.g.
This underscores the criticality of duediligence prior to acquiring artworks, especially older pieces. However, it’s worth highlighting that litigation in these cases can be costly and prolonged, often necessitating testimonies from foreign experts on their countries’ laws and extensive archaeological evidence.
Nikita Munjal is an IP Innovation Clinic Fellow and a third-year JD/MBA Candidate at Osgoode Hall Law School. Pina D’Agostino’s Directed Reading: IP Innovation Program course. The rampant theft has forced some artists to stop sharing their work online , limiting the ability of artists to profit from the commercialization of their IP.
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