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What does the NFT boom mean for the legal rights of artists and buyers?

Two anthropomorphic geometric chrome figures hold hands against a dusky blue sky.

Trends

CEO of NFT marketplace Twelve x Twelve, and copyright expert Jan Denecke spills the tea on what makes digital asset ownership a crucial part in making intellectual property disputes, theft and exploitation scarce.

Show Highlights

NFT

by Battle Royal Studios

24. August 2021

Denecke untangles the legally groundbreaking potential of the NFT boom, for both creator and purchaser, in an era of famously complicated relationships between artist and output.

How, in your view, do NFTs clarify blurry areas of intellectual property law — especially in relation to copyright?

We ought to

understand NFTs

as ownership certificates related to specific assets. That asset can be a copyright. The certificate allows you to document and prove that you are the rightful owner of that right that had been transferred to you. That means suddenly you can indirectly own and trade rights in the digital world in transferring the ownership certificate, which is the token. Knowing this opens completely new ways for copyright owners to sell, trade and share their rights on digital platforms because if they decide to use these new “distribution” methods they will always be able to identify the rightful owner and have full insight into royalties that had been paid in regards to that right. The impact would be huge, because this would solve the biggest problem in the intellectual property world, which is theft.

What, in your view, is the most promising feature of NFTs?

The most promising features are its being the ownership certificate, and its being tradable without

becoming fungible

An NFT of a kaleidoscope of beige, sky blue and black.

What have you enjoyed the most about integrating the concept of NFTs in your work for 12×12?

Working with the team and contributors together – especially the creatives — has been the most rewarding part.

Have there been any unexpected challenges in putting together this new platform?

If you are deploying an innovative platform there is a lot of education you have to carry out in order to convince the people that this is the next big thing. This is rather time and resource-consuming, and therefore challenging.

Do you think NFTs are here to stay? Why or why not?

Yes 100%. Because of all of the above.

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An NFT of jagged repeated shapes lead to a circular disappearing point.

Stair like image leading towards a square vanishing point in pink and cream-orange.

How can NFTs enhance the hybrid experience?

As we launch our collaboration with leading European music NFT marketplace Twelve x Twelve, our CEO Brendan Shelper deconstructs the meaning and potential of NFTs and blockchain technology for the future of hybrid experiences.

Concept

NFT

An NFT of a celestial renaissance painting redistributed randomly across checkered squares.

“Mainstreaming should be the goal.” - The NFT phenomenon from a consumer's perspective

We chat to Head of Public and Artist Relations of Europe’s leading NFT music marketplace Twelve x Twelve, Julia Beniashvili about the NFT phenomenon.

Concept

NFT

A DJ plays music amongst a digital environment with a large, iridescent chrome bean in an urban landscape.

Creative Visions: Notch on Making Virtual Production Accessible

Notch offers real-time graphics for virtual production. We spoke to the Founder Matt Swoboda, about the future of creating hybrid experiences for audiences in the coming years.

Concept

Virtual Events

Motion Design

Digital Transformation