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⚖️📚Some #legal thoughts on #NFTs 👇

1️⃣ Generally NFTs will NOT constitute securities (in US or UK)

🇺🇸Not ‘investment contracts’ (under #Howey test)

🇬🇧Not security tokens or e-money tokens, and so are ‘unregulated tokens’

(1 of 6) @OVioHQ @jamie247
2️⃣🚨#NFTs CAN be securities in certain circumstances

For example:
* fractionalised NFTs embodying rights to royalties; or
* NFTs sold with promise of future liquidity & continued services from issuer

Just calling something an NFT doesn’t change its underlying nature

(2 of 6)
3️⃣🤯Interaction between IP laws and #NFTs is COMPLICATED

By default ownership of #NFT = ownership of the token itself, NOT of the underlying work (or copyright/other IP rights in it)

That ownership remains with the original creator of the work

(3 of 6)
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