"Non Fungible Tokens And Intellectual Property Law"

Assalam O Alaikum

Hello dear friends! Well come to my post. How are you all? I hope you will be doing well by the grace of Almighty. I'm also fine and enjoying my day. Today I'm here to share my knowledge with you about the topic "Non Fungible Tokens And Intellectual Property Law" in this Steem Alliance community. So let's start without any more delay of time.

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The non fungible tokens (NFTs) are became a very important element of digital finance and financial markets due to their enormous benefits and unique features. The NFTs represent the ownership of specific content and different items, that is the main reason behind its popularity which has increased it's use in various financial sectors. The sectors are including the art, music and real estate.

Besides all these things, the NFTs also raise many questions about the intellectual property law. This is because, it comes with both advantages and significant challenges regarding their security, implications and regulatory frameworks. If we talk about the NFTs, then we can say that these are the tokens based on blockchain technology and can holds the ownership of digital assets.

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The NFTs are the different from other digital currencies like Bitcoin, because they are fungible but the NFTs are non fungible tokens which means that they can't be exchanged on one to one basis. But the fungible tokens like Bitcoin are interchangeable and can be exchanged with others. One of the most reasonable advantage of NFTs are digital ownership.

This is because, they provide ownership to various musician, artists, musicians and digital content creators. The provide them a verified ownership and help them to monetize their work which is present in digital form by selling their copies. So we can say that, the NFTs have a great place among the digital assets due their advantages.

But since the NFTs are introduced to digital landscapes, it is creating significant challenges for the people who want to own them. Especially, they are creating challenges for intellectual property laws in various ways but the licencing rights, copy rights and trademark Will remain prominent and significant.

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So, if we discuss about the copyright issues, usually they raise when an artist want to sell his content in the form of NFTs. This is because, their content based on original information and have complete rights on them as they can do what they want with them. They can distribute, display and promote their content but the issues raise when they want to sale their assets.

When any of artist want to sale his work, then definitely his ownership will be changed which create problems for both buyers and sellers. In this regard, the buyers can be the owner of that content but not the intellectual property which is linked with the content. In this way, the owner can do anything with the content without the permission of an artist.

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These things can lead towards serious disputes between both the individuals like the buyer and seller. Anyway, the second drawback of NFTs are the trademark which is a very important thing within a market because, it distinguish the products of different companies present in the market. Also with the trademark, we can easily recognize the desired product.

But, in NFTs, the trademark can create problems in the market because it promote logo and name without authorization within the digital market which is not a good thing for buyer and seller of NFTs. Also the owner of brand, can change the name of brand and products without any permission for an artist or the creator.

Conclusion

In conclusion, we can say that the NFTs can bring both advantages and challenges within the market and create problems for intellectual property laws. But one of the greatest advantage of NFTs are that, it provides opportunity to artists to monitize their content without the need of any central authorities and can gain the attention of huge audience within a shorter interval of time. But in future, if the NFTs counties providing advantages, their usage will increase massively.

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Written by @abdullahw2

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