For example, buying an NFT doesn’t automatically give you the right to reproduce it, resell it or use it for commercial purposes and/or (ii) the digital contract that governs the sale of the NFT in order to understand exactly what is being purchased at the close of an NFT sale, since the contract determines what rights a buyer has with respect to the digital copy of the creative work that they receive. When buying an NFT, pay close attention to: (i) the selling platform’s material terms of NFTs these vary from platform to platform and even NFT to NFT. The buyer definitely owns the tokens that are placed in their digital wallet when they buy the NFT but this does not automatically confer copyright ownership. The digital governing contract covering the sale of NFT’s must expressly provide for an assignment of copyright in a signed writing for the buyer to actually own the copyright in the art. This means that ownership of the virtual art piece is not guaranteed when one buys an NFT. Sharma: Most NFT sales merely convey a license to use the digital copy of the creative work and the copyright holder retains their copyright ownership. Weimer: When someone buys an NFT, what are they legally buying/owning? An NFT can be readily verified as authentic, and this is what makes an NFT a potentially desirable collectable asset: there is clear provenance and indisputable ownership. I can give you two $5 bills for one $10 bill). The ‘non-fungible’ part means it cannot be exchanged for something of equal value (unlike cash which is fungible, i.e.
Sharma: I don’t think a court has defined what an NFT is, but the generally accepted definition in the industry is that an NFT is a digital certificate of ownership for any designated digital asset (think of it as similar to the title to a car).
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