Most NFT collections do not confer any intellectual property rights to the work, but do those who purchase non-fungible tokens know this? According to the study “An Investigation into NFT Licenses: Facts and Fiction” by the firm Galaxy, there are two main issues:
– The buyer is unaware that he or she is not acquiring the intellectual property rights to the work.
– The seller omits information or uses misleading terms to conceal the fact that they are not transferring the intellectual property rights to the work.
Something similar happened, for example, with Jodorowsky’s “Dune” project. The crypto group Spice DAO paid $2.66 million for one of the original copies of the book “Dune” by the Chilean-French director, which contained the images, illustrations, and sketches for his attempted adaptation of the science fiction classic in the 1970s.
His idea, when he bought the book, was to produce a series and sell the rights to a streaming service, but owning the book—even if it was an original copy—did not grant him any intellectual property rights. Owning an original copy, or owning an NFT, does not mean you have the rights to the work, much less that you can create a new product based on it. The rights will remain with the creator.
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