Sharma: Parody falls under the well-established ‘fair use’ doctrine in copyright.
Weimer: How does parody law factor into NFTs? I would just say that NFTs are emerging and evolving, and legal issues are in the process of being discovered and dealt with as they arise. Sharma: I can’t speak to what lawyers in my field know or don’t know. Weimer: Is your general consensus that most lawyers in your field don’t really fully understand NFTs yet? Just giving attribution to an actual owner of the underlying IP of an NFT doesn’t automatically give the creator of an NFT the right to use it. I think people think regular laws don’t apply to blockchain but they do. Copyright law has been around for decades and they apply to NFTs. Unless specifically granted to someone else, copyrights remain with the creator. One can’t necessarily just alter/destroy/edit/add to a piece of artwork without permission to do so from the original creator. The copyright holder also has moral rights that protect a creator’s right to attribution and integrity. Sharma: Without getting too deep into copyright law, the basics are that the holder of a copyright has the exclusive right to copy, distribute, modify, publicly perform and publicly display the work. Weimer: What if I minted an NFT of someone else’s work and sold it? If this becomes a bigger issue, what laws are in place (or need to be) to ensure that proper attribution is given to the actual creator of an NFT? I read a lot of reliable sources, and I also watched videos because I think visuals help a lot in understanding how NFTs work. Learning about NFTs and blockchain is fascinating and difficult – I don’t think the concept of blockchain is an easy one to understand and it takes time. I knew that NFTs were gaining traction quickly, and we needed to be able to advise clients on it. Sharma: I started learning about NFTs before we had clients approach us. Weimer: When did you first have a client who wanted to discuss NFTs? What was learning about them like? What resources did you use to learn about NFTs? 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.
#New 100 dollar bill scan for artwork license
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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