There are lots of #intellectualproperty issues that are raised by #NFTs. Let's dive🤿in to cover a few. A 🧵👇 1/
The main #IP issues raised by #NFTs has to do with #copyright law. Copyright law has a mixed reputation in the world of software and #cryptocurrency, but it is definitely a major concern in the art world. 2/
What #copyright issues come up because of #NFTs? Ownership. Who really owns the copyright in the work? The creator? The purchaser of the NFT? A downstream purchaser? The platform? Platforms? The #smartcontract? 3/
Now you might say that copyright ownership is figured out and governed by the smart contract, but would it be recognized in all jurisdictions that the blockchain exists in? Have the requirements of the various #copyright treaties been taken into consideration? 4/
What about situations where there is more than one creator? What about situations where creators disagree after creation about how the work can and should be used? 5/
What about "moral rights?" Is that on the radar of the #NFTCommunity? Do they know or care about these rights that are so important in Europe? 6/
What happens when things break? Also, know as "what happens when people sue?" Do they sue platforms? Do they sue artists? Do they sue buyers? Are these questions even contemplated? 7/
What about when a third party copyright holder chimes in claiming their copyright is violated by a piece of #nftart? Is there a resolution process in place for platforms? Do they know or care? 8/
Copyright is not the only issue for #NFTs. What about #trademarks? 9/
Trademarks are traditionally thought of as being concerned with consumer protection. So, if you have an NFT that incorporates a trademarked brand/slogan do you have infringement risks? If so, who should be liable? 10/
Copycats. This is both a #trademark risk and a #copyright risk for #NFTs. Big companies and small companies are rightly protective of their IP assets in these classes. A devil may care attitude to honoring such rights is risky. 11/
It is easy to dismiss these concerns when a market is frothy, new, exciting, and built on a YOLO mentality. It will be much harder to dismiss all this when the market is more mature and elbows are sharp. 12/12

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More from @NelsonMRosario

11 Sep 18
Apropos of nothing, here is a thread with links to #crypto guidance from the US Treasury's Financial Crimes Enforcement Network, or #FinCEN
July 21, 2011, FinCEN clarifies what a money service business means…
March 18, 2013, FinCEN issues guidance with respect to using, exchanging, and administering virtual currency…
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27 Feb 18
When an audited #smartcontract fails where does liability lie? 1/5
Assuming a lawyer is involved with a failed #smartcontract is that person liable? 2/5
Is the original coder liable if a #smartcontract fails? 3/5
Read 5 tweets
21 Oct 17
One like, one unpopular Blockchain/Cryptocurrency opinion
1/ trusted intermediaries are sometimes great
2/ there is no such thing as crypto economics, there's economics
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30 Sep 17
My dad lives on the island. I shared the President's response with him this morning. He wanted me to share one anecdote in response. 1/
For context, my dad is helping with rebuilding right now, and has friends in the govt, elected and appointed, on the island. 2/
After I told him what the President said he went quiet and said "Wow." A second later he says "I'm gonna share one detail with you. One." 3/
Read 9 tweets

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