Most NFT collections do not convey any Intellectual Property rights over the work, but does whoever acquires non-fungible tokens know this? According to the study “An investigation into NFT licenses: facts and fictions”, by the Galaxy firm, there are two main problems:
- El buyer unknown that does not acquire the intellectual property of the work.
- The seller omits information or uses misleading terms to hide the fact that you are not conveying the IP right to the work.
Something like this happened, for example, with Jodorowsky's Dune case. The group crypto Spice DAO paid 2,66 million dollars for one of the original copies of the "Dune" book by the Chilean-French director with the images, illustrations and sketches for the attempted adaptation he made in the 70s of the science fiction classic.
His idea, when acquiring the book, was to produce a series and sell the rights to a streaming service but having the book, even if it was original, did not grant any rights to its intellectual property. Having an original copy, or having an NFT, does not mean that you have the rights to the work, much less that you can generate a new product. The rights will remain in the hands of its creator.
The way is to be well advised, and this is where it comes in. ELZABURU. Talk to our experts.
