Nelson "Memes Rule Everything Around Me" Rosario
3 Mar,
12 tweets, 5 min read
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/
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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