NFTs are the Wild West for legal purposes. It’s all really new, and the following article by Binance clears up some of the confusion and adds up some more on top. I mean, patent issues? Yeah, they’re right. Programmable NFTs can be patented. They shouldn’t be, but they can.

As for licensing, I use the following text in my NFT description:

Note: This is not financial advice. You should consult your accountant or your financial advisor for any decisions you make.

This is a personal use license. This does not give you royalties, licensing rights or resale rights. You’re only allowed to resell this specific token.

Ledger - Crypto Beginners Pack

The text is far from perfect. This isn’t legally-binding, and I’m sure that a lawyer can run circles around the wording. Butt it does communicate my intent, and in case of a legal dispute, I can use it. I probably won’t sue anybody that uses my IP for various reasons, but if they make enough money out of it, I might consider it.

Read the article from Binance, it clears some things up.

https://www.binance.com/en/blog/421499824684902084/Who-Owns-the-NFT-Copyright-Creator-or-Purchaser

BullionVault
Categories: NFTsRead

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