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NFTs and Intellectual Property: New Challenges for Lawyers
[/vc_column_text][us_separator][vc_column_text] Let's start by making the relationship between NFTs (Non-fungible tokens) and Intellectual Property. For years, the legal world has been accustomed to technological trends such as the use of blockchains, smart contracts, electronic signatures, service automation, etc. But now they must face the purchase and sale of NFTs, which are booming every day. These are files that contain a unique combination that allows access to all the detailed information about it. Most of the time, they are images that carry this combination. This means that NFTs are not the property itself, the art or the brand, but a document with the necessary information that certifies the owner of who created or acquired it. These, as I mentioned before, have had a greater presence in digital art because now, making use of the internet, it is easy to make reproductions of a work in seconds. This is where an NFT becomes like a copyright protection to prevent this. NFTs are backed by Blockchain, which incorporates all the information in the document, including its primary details such as the author, whether it is the original copy or a replica, whether it has all the registration permissions, and which guarantees that this information can be viewed by everyone without any problem. Just to mention other examples, these NFTs are also booming in other areas such as fashion and sports. And it is believed that this may spread even further when the Metaverse becomes more popular for commerce and business. In this Metaverse, it is known that many people will be able to be present with original avatars and their virtual offices with their own decorations. It is believed that this will be the moment when many will use NFTs that highlight their originality through this file. For Intellectual Property lawyers who help people acquire NFTs, prior training is important to understand everything that is acquired when making a purchase of an asset like this, since each NFT creator sets their own conditions, such as the file containing only that information without permission to make any adjustments, or if they grant the Intellectual Property permission that will allow them to make adjustments to that work, create others based on it, or duplicate it to be able to sell their replicas. We already know that the legal world is no exception to incorporating technology, expanding their knowledge in order to place an asset well protected by Intellectual Property or acquire its rights and monitor the virtual market, expanding their practices to new scenarios such as the current ones.[/vc_column_text][us_separator][vc_column_text]Written by: Lexincorp El Salvador [/vc_column_text][/vc_column][/vc_row]
