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

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NFT phenomenonNFT phenomenon
Technology

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.

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.

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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

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

.

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(c) Twelve by Twelve

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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