Is Buying Sci-Fi NFT Legal?

01

What is NFT? Why hot?

In July 2021, the Republic of San Marino declared the world the world's first NFT vaccine.

In August 2021, NBA star Stephen Curry announced that he had purchased a red NFT Twitter profile picture for $ 180,000, with a description of the "red monster."

In November 2021, crypto artist Beeple's NFT "HUMAN ONE" sold for nearly $ 29 million at Christie's.

There is a saying that anything can be NFT. This is the world's blockchain 'new car crash' this year.

According to new data from Footprint Analytics, total third-quarter NFT revenue topped $ 9.9 billion, an 832% increase from the second quarter. The functionality means more players are entering the NFT market.

NFT Monthly Trade Volume Data Source: Footprint Analysis

So what is NFT?

NFT stands for Non-fungible token, and its Chinese name is non-fungible token, non-fungible token.Because they are locked to a blockchain digital ledger, each token / token represents unique digital information and it is not. This means that the two NFTs are completely independent and cannot interfere with the independence.

"Runner: How to find NFT projects with growth potential?" “This section identifies the collections and playgrounds that are currently receiving the most attention for NFTs, and how to apply them in various ways for better NFT operations.

Why can the NFT market be millions of organizations? The reason can be seen in the three points below.

-The research of "facts" and the scarcity of popular digital assets are worth it.

-NFT technology solves the problem of cost overruns, and there is a perception that NFT is the embodiment of metacosmic energy.

The income that this type of business brings to the artists is a big income. NFTs are a better channel for content creators to “monetize” their work.

02

What do you get by buying NFTs?

There are three parts to the NFT distribution and exchange process: the primary author, the NFT author, and the NFT buyer. As an example, the creator of the original graphic design, the developer of NFT threw it to NFT in the open sea and sold it, and the NFT client bought it.

1

When the original author and the author of the NFT work are the same person

Membership of the rights is set out in the applicable terms and conditions set out in the Smart Platform Agreement, stating the rights that purchasers of NFT works may receive through the manufacturer.

In most cases, the only permissions allowed are for the NFT operation, not the permissions from the previous operation. Christie's auction house promises, for example, that NFT which can only acquire NFT property, store, sell, dispose, etc., does not require legal knowledge of the original artwork that NFT mapped.

Therefore, if the buyer purchases an NFT, he will not be entitled to any of the rights for the original functions specified by the NFT, unless otherwise specified in the contract.

2

When the original author and the author of the NFT works is not human

The designers at NFT strive to publicize old projects by putting them on the channel to generate income. If the launcher is authorized, he has received the rules affecting the current NFT operation, special rules are provided for in the contract.

If the launcher is not licensed, there is a risk of lawsuits for intellectual property infringement. If the NFTs running at that time are removed from the platform due to a violation, the NFTs purchased by the buyer are purchased individually.

concludes

Obviously, by purchasing NFT you are not receiving a physical work permit and you are not satisfied with the laws or other work permit rules. Of the rules that allow NFT to work, only those specified in the smart contract can be obtained. For example, a public license can convert a purchased NFT image to an actual image, such as downloading and printing it to make a room decoration.

Now there are intellectual property infringement issues such as illegal publication in NFT industry. In the next article, the author will write “Are you NFT involved in the right to real protection?” ”Explain from a legal point of view.