A series of conversations on the legal and business aspects of the phenomenon of non–fungible tokens, known as NFTs. Guided by Foley attorneys and their special guests, our four–part program covered the legal and business landscape (and landmines) that surround NFTs, including technology and patents, purchase/sale transactions and smart contracts, and ownership and property rights. You will find the line–up, details, and a recording of the presentation below.
Description: Nonfungible tokens (NFTs) are still growing in popularity, with people paying (seemingly) ridiculous prices for NFTs. After all, someone paid 300 ETH (roughly $590,000 at the time) for an NFT of Nyan Cat, a smiling animated cat with a Pop-Tart body, flying through space and leaving behind a rainbow trail. An NFT of a single tweet sold for $2.9 million. “Disaster girl” sold for $500,000. Some might notice some parallels to the 2017 initial coin offering (ICO) craze.
NFTs might find more widespread use for things like ticket sales and real estate, but the applications are much broader. Brokerage company and cryptocurrency exchange eToro noted recently that “The aggregated market cap of the top 10 NFTs & Collectible Tokens has increased 764% YTD, climbing from $2B to $21B.” Media mentions of NFTs have greatly surpassed those of DeFi, which was last year’s hot crypto innovation. Is the NFT market a bubble too? The sudden and explosive growth suggests that it is. But bubbles don’t always pop in the same way. Finding a correct valuation is always difficult for a radically new market, and NFTs certainly qualify as a new market. They address a significant real–world problem for content creators: monetization. The NFT market gives content creators a more direct way to monetize their content.
Description: The concept of “smart contracts” is an integral part of the NFT phenomenon but, putting aside the ability to confirm ownership or effect a transfer, how do the various other rights and obligations that are part of a traditional contract fit in? We’ve all heard by now that NFTs are “immutable,” but in the traditional contract sense, a single set of otherwise immutable words (i.e., the ‘four corners’ of a contract) often mean different things to different people. Not so with programming code on a blockchain. For NFTs, whether this distinction will be a limitation or harbinger is still playing out.
Description: We will discuss how to identify possible areas of innovation around NFTs and how to gain a competitive advantage in the NFT space using patents protecting that innovation. We will also discuss challenges to patentability and potential strategies for addressing those challenges.
Description: The entertainment industry is leading the way in the NFT market, from sports to music to art, and everything in between. But all brand owners and content creators, and those who work with them to “mint,” sell or resell NFTs need to understand the trademark and copyright issues surrounding this innovative technology. Hear from someone on the front lines and learn practical tips and key takeaways to protect valuable IP, while maximizing value.
To register, please click here.