This blatant copy of someone else's work is, as you could guess, illegal, and MTG's lawyers soon swooped in to stop this venture in its tracks. So, now we're aware of the factors influencing NFT law, let's get into which laws specifically are applied to the NFT market.
Examples of intellectual property include designs, songs, and patents. In short, intellectual property is something intangible that belongs to a person because it is their creation (and therefore their creative property). The concept of intellectual property theft (also known as IP theft) is often strongly associated with the NFT market. Related: How Are NFTs Used for Wash Trading & Money Laundering? So, how are laws applied to NFTs given their unstable nature? The price of an NFT essentially relies on market demand, artist hype, and the price a buyer is willing to pay. But, unlike a physical artwork, NFTs do not have any inherent value. However, the work needs to be registered with the U.S Copyright Office to be legally protected. We'll be discussing U.S copyright law with regards to NFTs.Īmerican officials currently consider NFTs to be a work of authorship, and so are treated as such in the eyes of the law. Because NFTs are such a new phenomenon, the laws surrounding them in each country around the world are still evolving.
0 kommentar(er)
