What To Know About Licensed NFT And IP Law

• Nowadays, it should be ensured that people know about non-fungible token holders who are always looking for new ways to monetize their digital tokens. 

Non-fungible tokens (NFT), in early 2021, gained popularity and yes, people should know that this was the time when generative art with profile pictures (PFP) projects were always touted by tokens. Also, as the early NFT frenzy has already cooled, some digital artists have sought to bolster the particular value of these tokens beyond some speculative trading on the secondary market. 

What Is The Meaning Of The IP Law?

So, intellectual property (IP) is something that was defined by the World Intellectual Property Organization. IP refers to some creations of the mind, like inventions, artistic and literary works, and many different designs and symbols that are always used in commerce. 

Later, all these patent laws were applied to inventions with some type of public utility. On the other hand, copyright law also applies to literary and artistic works like books and music. 

The IP Of An NFT Is Owned By Whom?

Now, ownership over the intellectual property of an NFT is something that is not always clearly defined. However, it is very important to note that the ownership of an NFT can always be used to give the owner substantial control over creative work. 

There is also a copyright law that does not give an NFT owner any rights unless the creator takes any affirmative steps just to make sure that it does. Later, it was also added that, in surveying some NFT projects, there are very few of them who take all of the necessary steps that are needed to make NFT copyrights. 

Also, it should be ensured that some NFT creators do not explicitly outline an intellectual property license. But not specifying an IP license operates as a personal license by default. 

Later, it was also explained that if an NFT project does not specify its IP license, it is one of the safest for a buyer to assume that they do not own the intellectual property rights along with their use of some NFT, which is restricted to personal use only. 

Moreover, under the personal license, all the buyers can only use the NFT artwork for non-commercial purposes. 

Conclusion

Lastly, it is already known to all that some holders cannot use their assets to gain profits, like selling prints of the artwork or just using the artwork to develop a spin-off book series. 

There is also a commercial license that always allows a creator to designate some rights to a buyer while still retaining ownership and control of the IP. Also, in some cases, this always includes the allowance of the buyer to sell the particular NFT network merchandise. 

Pratik Chadhokar