These are the hottest high-tech items on the market today – NFTs (Non Fungible Tokens), but Brisbane’s cyber lawyer Judy Zhu said, “Purchase” for anyone who thinks they own ownership of their own digital assets. It is said that the attention of “person’s attention” is necessary.
Mr. Zhu, an associate of the award-winning Brisbane Intellectual Property and Technology Law Firm EAGLEGATE Lawyer, Although non-fungible tokens are said to be a 2022 buzzword, there are concerns that buyers may not understand what they can and cannot legally do with NFT.
Abbreviation for NFT Non-substitutable tokenIs a unique digital token that is permanently linked to the underlying artifacts that can be stored digitally and encrypted with the signature of the original owner. Validate the ownership and credibility of the underlying artifact. This is a format of digital assets for sale that can be used to represent both tangible and digital artifacts such as art, music, videos, and games.
A celebrity jumped on an NFT wagon. Among them, John Lennon’s son Julian Lennon is auctioning NFT items from his personal collection of Beatles souvenirs.
Among the items is a handwritten note of the band’s 1968 classic Hey Jude, inspired by Julian.
The winning bidder will receive a digital image of the item and a recording from Julian who shares the associated personal memory.
Meanwhile, four major Italian museums, including the famous Uffizi Gallery in Florence, are selling NFTs of limited-edition digital replicas of six masterpieces by Leonardo da Vinci, Rafael and others as part of their current exhibition in London. I am.
Each purchaser receives not only the NFT, but also the physical components of the work on the display (the same proportions of digital screens and handmade replica frames as the original work, and the internal drive that produces the image on the screen).
NFTs are currently being advised to provide digital responses to collectibles, some of which are reported to sell for millions of dollars. Digital assets are of collector’s value and can last longer than the physical relics they represent, such as relics such as the highly fragile Italian masterpieces due to age.
But Mr. Zhu needs to be very clear about what NFT buyers can legally do with their purchases, and while the short version can own it, it can’t do anything more. Is called.
“In general, platforms that sell tokens, such as OpenSea, have trading terms that correspond to the transactions that are taking place, but there is no guarantee about the other tokens that are being created. That is, people have these tokens. I think I’m buying and getting my own. It means that there is only one of these tokens, but that may not be the case, “says Zhu.
She cites limited edition artwork as an example of caution.
“People print a limited number of artwork prints. Due to the limited number, customers buy prints. They are buying something unique and they will never be produced again. Your investment is considered safe. But what if someone runs out of more prints after the first print is sold? It’s the first print because there are more on the market. It will reduce the value. People haven’t gained the uniqueness they thought they were buying, “she warns.
Zhu says that in the NFT world, people are paying for their unique products, or at least the idea that they have limited production, but that’s the assumption they’re making. , May be wrong.
She says there is a clear lesson for anyone who sells or buys NFTs.
“Buying an NFT doesn’t mean buying a copyright. It’s a misunderstanding. When you buy a physical asset, it’s actually a misunderstanding. People I think I buy the painting and own all the rights, not just the ownership, but in reality I just take ownership of the physical item, “she says. increase.
In addition, there is no guarantee that NFTs are not really based on copyright or trademark infringement.
Most recently, renowned filmmaker Quentin Tarantino has announced that he will auction non-alternative tokens from the original handwritten script of the 1994 film Pulp Fiction.
According to media reports, this is not Tarantino, but the production company Miramax, which has filed a lawsuit against Tarantino in California for copyright infringement and contract breach because he owns the rights to Tarantino’s script. It is said that it led to a lawsuit by.
Also in the United States, luxury brand Hermes raised $ 42,000 in one of the playful digital interpretations of fashionable Birkin bags in December, after which the artist said he sold the NFT for the artist’s “Meta Birkins” series. I am suing Mason Rothchild.
Hermès claimed that the artist simply stripped Hermès’ famous Birkin trademark with his “Meta-Birkin” NFT.
The “Meta Birkins” series consists of digital rendering of Birkin bags that do not exist in real life. Each is in the shape of Hermès’ iconic leather tote, but none features a design that actually exists.
Mr. Zhu says that NFT has evolved to embrace the game industry with games that allow players to raise NFT cats, and the other includes horse racing games where players “buy” NFT horses.
She says the important first step for anyone who wants to buy or sell NFTs is to know exactly what they are and what they are not. In most cases, NFTs are just tokens linked to another artifact, but in some limited cases, NFTs themselves (such as NFT cats and horses) are the underlying cultural artifacts.
Another example is NFT as conceptual art. Here, NFTs are considered art objects that provide commentary on social phenomena.
“But these examples don’t change the fact that you don’t automatically get copyright on it when you buy an NFT,” said MS Zhu.
“Make sure you own it for sale. If you buy it, be aware that you haven’t purchased any copyright or reproduction rights. You own that item to own it alone. I’m buying, nothing more, “she says.