NFTs and Mental Property

safeguarding intellectual property rights in markets for non-fungible tokens
Non-Fungible Tokens (NFTs) have completely changed the landscape of digital art by providing producers with a fresh approach to market and sell their works of digital art. For content creators, especially those in the digital art and entertainment sectors, NFTs provide a plethora of options, including fresh approaches to monetise their work and maintain control over its usage. However, the emergence of NFTs also poses a fresh set of risks and difficulties, particularly in relation to intellectual property (IP) rights.
While marketing NFTs, creators run the risk of violating copyright, violating trademarks, lying, and misrepresenting their work. Creators should take several precautions to protect their intellectual property rights. These include monitoring their content for unauthorised use, working with reputable and trustworthy NFT marketplaces, attaching specific terms and conditions to the sale of their NFTs, and proudly owning the copyright or having the required licences.
In addition, NFT marketplaces should put effective Anti-Money Laundering (AML) practices in place to protect artists’ interests and increase investor trust. Fraud charges and creator income can be reduced with effective AML processes. Through proactive measures to protect their intellectual property rights, authors can take advantage of the options provided by NFTs while lowering risk.