{"id":978,"date":"2022-11-18T13:55:00","date_gmt":"2022-11-18T18:55:00","guid":{"rendered":"https:\/\/www.1stdibs.com\/the-mint\/?p=978"},"modified":"2022-11-18T15:23:10","modified_gmt":"2022-11-18T20:23:10","slug":"nft-intellectual-property-laws","status":"publish","type":"post","link":"https:\/\/www.1stdibs.com\/the-mint\/nft-intellectual-property-laws\/","title":{"rendered":"You Purchased an NFT. But Do You Own the Intellectual Property? Maybe."},"content":{"rendered":"
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\"NFT<\/a>
Frida Cola<\/em> by Julia Beliaeva<\/a><\/figcaption><\/figure><\/div>\n\n\n

Intellectual property attached to NFTs<\/a> has been widely misunderstood ever since these digital artworks entered the mainstream<\/a>. Abstruse language applied by some issuers in relation to terms of purchase and ownership has greatly contributed to the confusion surrounding the rights that buyers acquire when they invest in an NFT<\/a>. <\/p>\n\n\n\n

A prime example is the ubiquitous and inaccurate statement that an NFT is \u201ca unique and original piece of art,\u201d implying that the digital asset is a kind of absolute that can be used, reproduced and repackaged as the collector sees fit. More accurately, an NFT is a blockchain-held token<\/a> that offers a permanent record of ownership linked to a creative work, linked<\/em> being the operative word in this definition. <\/p>\n\n\n\n

According to attorney Edward Cavazos, who is a managing partner at Pillsbury law firm in Austin, Texas, and an expert in IP and tech litigation, buyers need to understand the difference between the tokenized asset they are purchasing and the related image. \u201cThe NFT should be seen as an isolated thing. It is not the art. The art is referenced by the NFT, and therefore it remains a separate entity from an intellectual property perspective,\u201d he explains. <\/p>\n\n\n\n

As such, crypto art is subject to existing U.S. trademark and copyright laws, which dictate that the creator of a work \u2014 be it a piece of writing, a physical artwork<\/a>, a musical score or indeed a virtual asset \u2014 owns every element of that artistic endeavor. This ownership relating to \u201ccreations of the mind\u201d is not automatically transferred when an NFT is produced, even if the art is technically embedded in the digital files<\/a>, as is the case with generative NFTs<\/a>. Unless it is stipulated in a separate license (more on this later), the purchase of an NFT only grants the buyer the right to use, copy and display the NFT; it does not permit the commercialization or monetization of this asset.<\/p>\n\n\n\n

\u201cI like to use the analogy of a sports stadium,\u201d says Cavazos. \u201cBrands may benefit from a sponsorship deal that gives them exclusive naming rights, like the O2 stadium in the UK or the Microsoft Theater in Los Angeles, but that doesn\u2019t mean that the brand owns the stadium. Similarly, ownership of an NFT allows you to associate your name exclusively with that asset via a smart contract, but it doesn\u2019t give you the asset.\u201d<\/p>\n\n\n

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Cryptocurrency-backed consortium Spice DAO paid almost $3 million at auction for a book containing filmmaker Alejandro Jodorowsky<\/a>‘s storyboards for a screen adaptation of the sci-fi novel Dune<\/em>. The group’s intention was to create and sell a series of NFTs based on the book. As it didn’t own the intellectual property, however, it was unable to carry out its plan. Photo by Alain Jocard\/AFP via Getty Images<\/figcaption><\/figure><\/div>\n\n\n

If ever there was a cautionary tale to highlight Cavazos\u2019s point, it is the 2021 Dune<\/em> NFT fiasco involving a nearly $3 million investment that went badly wrong for a cryptocurrency-backed consortium called Spice DAO. Its members bought a rare book at a Christie\u2019s auction<\/a> that contained the artwork and storyboards for Alejandro Jodorowsky<\/a>\u2019s unproduced 1970s screen adaptation of Frank Herbert\u2019s classic sci-fi novel Dune<\/em>.<\/p>\n\n\n\n

The group\u2019s intention was to divvy up the book, known as the Dune<\/em> bible, into a series of animated NFTs and burn the hardcopy to create a sense of exclusivity, granting buyers a slice of celluloid history via the metaverse. However, a significant oversight thwarted these plans: Spice DAO did not own the copyright and therefore had no legal authority to financially benefit from any such project. Investors had bought a rare book of Dune<\/em> storyboards, not the rights to adapt it into other mediums.<\/p>\n\n\n\n

\u201cThe best analogy for an NFT is that one is buying a limited-edition print<\/a> of an artwork,\u201d says British barrister and author Guy Tritton, who specializes in intellectual property, IT, tech and commercial law. \u201cGenerally, all that means is that you can use it and sell it. Whether you can do anything more will depend on the license that goes with it. The underlying IP is copyright, and copyright law is very similar throughout the world.\u201d<\/p>\n\n\n

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\"Movie
When Pulp Fiction<\/em> director Quentin Tarantino<\/a>, above, sought to create NFTs based on that 1994 blockbuster, Miramax, the studio that financed it, sued, claiming that he didn’t own the redistribution rights. The dispute has been settled out of court. Photo by Georges Biard<\/a><\/figcaption><\/figure><\/div>\n\n\n

Sometimes creatives can find themselves in hot water, too. Quentin Tarantino<\/a>\u2019s venture into NFTs \u2014 centered on his 1994 hit movie Pulp Fiction<\/em> and comprising exclusive interviews and previously unseen content \u2014 was mired in a legal morass because the director did not own the film\u2019s redistribution rights. Miramax claimed that Tarantino was infringing the studio\u2019s rightful copyright, while the director\u2019s legal team argued that NFTs, which did not exist at the time of the film\u2019s release, did not fall under the remit of redistribution. The two parties recently settled out of court. <\/p>\n\n\n\n

The Tarantino case demonstrates that NFT IP law is a complicated subject that requires nuanced thinking, especially if you\u2019re an artist producing a crypto work inspired by an existing entity, be it a movie, painting<\/a>, manuscript or any other creative asset.<\/p>\n\n\n\n

For collectors<\/a>, the key is to fully understand the small print. \u201cIf I were to buy an NFT from a U.S. artist and sell it to a UK customer, I would have to comply with both U.S. and UK copyright law,\u201d says Tritton. \u201cBut as copyright law is essentially identical and artworks, tweets, photographs<\/a>, et cetera, are protected by copyright in almost all countries in the world, the real analysis should be applied to what the smart contract and any associated license allow you to do. If it does not expressly allow you to manufacture sellable merchandise, then you cannot do it.\u201d<\/p>\n\n\n

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Yuga Labs acquired the IP for CryptoPunks NFTs earlier this year, granting commercial rights to the NFTs’ owners shortly thereafter. Here, CrytoPunks are displayed on digital billboards in New York City’s Times Square. Photo by Alexi Rosenfeld\/Getty Images<\/figcaption><\/figure><\/div>\n\n\n

His point is echoed by Cavazos, whose practice has facilitated a number of high-profile independent agreements, including one governing the sale of CryptoPunks\u2019 IP to Bored Ape Yacht Club creator Yuga Labs and leading to commercialization rights for CryptoPunks NFT holders. Yuga Labs based this acquisition on the Bored Ape business model, noted for its broad copyright license, which allows owners to make commercial use of their Ape NFTs, including creating new derivative works.<\/p>\n\n\n\n

\u201cCreators of NFTs<\/a> are free to dictate contractual terms to buyers that change the default rules,\u201d Cavazos explains. \u201cSome creators have said, \u2018Hey, I want to participate in any future income that arises from the transfer of the NFT associated with my work,\u2019 which relates to a royalty agreement. These independent licenses are not dictated by existing intellectual property law and are not included in the smart contract.\u201d<\/p>\n\n\n\n

Certainly, Bored Ape owners have full intellectual property rights over their NFTs, resulting in collectors using their own NFT avatars for commercial purposes, a bit like a pet with benefits, spawning everything from limited-edition Ape-themed beer and hoodies to a burger joint backed by Snoop Dogg<\/a>.<\/p>\n\n\n\n

But this flexible approach has its problems too: With a collection of 10,000 Apes, a transfer of IP rights has meant greater susceptibility to imitators and counterfeiters. In fact, Yuga Labs is currently embroiled in a lawsuit with artist and satirist Ryder Ripps, who has created his own independent collection of politicized Ape-like NFTs, which Yuga Labs maintains are a breach of trademark law.<\/p>\n\n\n\n

NASCITA DI VENERE<\/em> by GALA MIRISSA<\/a><\/figcaption><\/figure>\n\n\n\n

\u201cWhat\u2019s interesting is that we are now seeing all types of experimentation within the world of NFT licenses,\u201d says Cavazos, who is the first to admit he\u2019s been kept on his toes by NFT issuers pushing the boundaries of intellectual property in Web3. \u201cSome NFTs now come with complete transfer rights, so that purchasers not only own the NFT, they also own the art\u201d \u2014 and, therefore, the IP.<\/p>\n\n\n\n

\u201cThen, there\u2019s the extreme version known as the Creative Commons Zero license<\/a>, or CC0,\u201d Cavazos adds. \u201cThis dedicates the work to the public domain and was recently adopted by Moonbirds [a collection of profile picture NFTs, similar to CryptoPunks], essentially allowing anyone \u2014 collector or not \u2014 to do anything they want with their NFTs. So right now, we\u2019re seeing a whole spectrum of IP choices, from artists retaining full control of their rights, to some allowing collectors a capped amount of commercial revenue, to others who are relinquishing ownership of their NFTs altogether.\u201d <\/p>\n\n\n\n

Considered a rogue move in IP law, the CC0 license initially had top IP lawyers like Cavazos scratching their heads. \u201cYou would never typically see an IP owner release all their rights under a CC0,\u201d he says. \u201cI mean, can you imagine Disney or Marvel, who own billions of dollars in IP assets, doing something like that? It\u2019s unthinkable.\u201d<\/p>\n\n\n\n

But by doing so, the IP owner aligns \u201cwith the open-source software ethos, which was driven by a noncommercial incentive for the betterment of the digital landscape,\u201d he notes. \u201cIf a creator gives the public total freedom to monetize their NFTs \u2014 conceiving TV shows, comic books, fashion lines<\/a>, food outlets and anything else that sparks their interest \u2014 without legal repercussions, it may become a pop-culture phenomenon that everyone\u2019s able to add to.\u201d And while all this is happening, \u201cthe NFT holder still has something unique: an unbreakable association with an asset that is taking off in a big way,\u201d Cavazos points out. \u201cThat could be interesting. That could be valuable.\u201d<\/p>\n\n\n

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Browse NFT Art on 1stDibs<\/div>\n \n Shop All<\/span>\n <\/a>\n\n <\/a>\n <\/div>\n <\/div>\n<\/div>\n\n\n\n\n\n","protected":false},"excerpt":{"rendered":"

Intellectual property attached to NFTs has been widely misunderstood ever since these digital artworks entered the mainstream. Abstruse language applied by some issuers in relation to terms of purchase and ownership has greatly contributed to the confusion surrounding the rights that buyers acquire when they invest in an NFT. A prime example is the ubiquitous […]<\/p>\n","protected":false},"author":12,"featured_media":1065,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[90],"tags":[388,397,398,387,395,389,390,384,392,383,385,144,393,396,391,386,394],"class_list":["post-978","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-need-to-know","tag-alejandro-jodorowsky","tag-bored-ape-yacht-club","tag-cc0","tag-copyright-law","tag-cryptopunks","tag-dune","tag-dune-bible","tag-edward-cavazos","tag-guy-tritton","tag-intellectual-property","tag-nft-law","tag-nfts","tag-quentin-tarantino","tag-ryder-ripps","tag-spice-dao","tag-tech-law","tag-yuga-labs"],"acf":{"secondary_featured_image":false,"width":false,"post_format":"article","subtitle":"Major players in the crypto world have been tripped up by the ins and outs of this new area of the law. Here, two experts explain the basics. ","contributors":{"hide_byline":false,"columnist":[{"ID":641,"post_author":"12","post_date":"2022-04-25 17:59:20","post_date_gmt":"2022-04-25 21:59:20","post_content":"\n

Alexandra Zagalsky is a London-based journalist specializing in luxury topics, art and travel content. She began her journalistic career in Paris, where she worked on a cultural guide for English-speaking expats. Her first big break was an interview with Lionel Poil\u00e2ne, the late, venerable baker from Paris\u2019s Saint-Germain-des-Pr\u00e9s district who popularized the two-kilogram sourdough loaf and once made a bread chandelier for Salvador Dal\u00ed<\/a>.

Zagalsky moved back to London in her early 20s and has since worked with a number of august publications, including the Week<\/em>, the Telegraph<\/em>, the Times<\/em> and a variety of art and design outlets, such as Introspective<\/em><\/a> and V&A<\/em>, Sotheby\u2019s<\/em> and Christie\u2019s<\/em> magazines. She studied fine art and the history of art at Goldsmiths, University of London, and continues to explore the contemporary art scene, including the world of NFTs.

She has written extensively on the subject of vintage watches<\/a> and describes the Cartier<\/a> Crash as her favorite timepiece. \u201cIt\u2019s a great emblem of the Swinging Sixties and an adaptation of the house\u2019s classic Baignoire<\/a> Allong\u00e9e wristwatch, its sinuous Daliesque style apparently inspired by a model brought into the London Cartier workshop that had been distorted in a car crash,\u201d she says. \u201cI love it for all sorts of reasons, not least because it\u2019s so unconventional and daring, as all great design objects often are.\u201d

Find out more about Zagalsky\u2019s work on Linkedin<\/a>.<\/p>\n","post_title":"Alexandra Zagalsky","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alexandra-zagalsky","to_ping":"","pinged":"","post_modified":"2022-07-26 10:37:14","post_modified_gmt":"2022-07-26 14:37:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.1stdibs.com\/the-mint\/?post_type=contributors&p=641","menu_order":0,"post_type":"contributors","post_mime_type":"","comment_count":"0","filter":"raw"}],"photographer":"","custom_byline":false},"related_items":false,"interstitial_banners":[{"acf_fc_layout":"collection","interstitial_banner_shortcode":"nft-ip-cta","interstitial_banner_background_image":1089,"interstitial_banner_heading":"Browse NFT Art on 1stDibs","interstitial_banner_subheading":"","interstitial_banner_button_text":"Shop All","interstitial_banner_button_url":"https:\/\/www.1stdibs.com\/nft-collections\/"}],"title":"","text":""},"apple_news_notices":[],"yoast_head":"\nYou Purchased an NFT. But Do You Own the Intellectual Property? Maybe. - 1stDibs: The Mint<\/title>\n<meta name=\"description\" content=\"Major players in the crypto world have been tripped up by the ins and outs of this new area of the law. Here, two experts explain the basics.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.1stdibs.com\/the-mint\/nft-intellectual-property-laws\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"You Purchased an NFT. But Do You Own the Intellectual Property? Maybe. - 1stDibs: The Mint\" \/>\n<meta property=\"og:description\" content=\"Major players in the crypto world have been tripped up by the ins and outs of this new area of the law. 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