NFTs and Copyright Protection: An Analysis of Intellectual Property Law

INTELLECTUAL
PROPERTY LAW
1

TABLE OF CONTENTS
ESSAY.................................................................................................................................................3
REFERNECES...................................................................................................................................11

ESSAY
The intellectual property law is considered with the laws which are used to protect the rights of
owners or creator of any invention, design, writing etc. which is unique. There are different areas
of intellectual property which are patents, trademarks, trade secrets etc. which helps in protecting
these creations or inventions of people. The current essay explains about NFTs and the copyright
protection which is required by them in order to stay safe. The type of copyright protection
which is appropriate for NFTs is also discussed in this essay.
Non-fungible tokens (NFTs) are assets which are cryptographic that are listed on a block
chain with special metadata and codes of identification that are helpful for distinguishing them
from each other. They are considered as digital files that are minted as unique entities which is
represented as a digital certificate ensuring a single copy of that NFT exists in the market.1 These
are considered as specific aspects which have a major influence on the population which
motivates to deal with them properly. An NFT is different from a cryptocurrency and cannot be
exchanged or traded at an equal value which is different from the fungible tokens (FTs) like
cryptocurrency. FTs are similar to each other and are suitable for getting exchanged for any
successful commercial transaction. This differentiates them from each other which has a major
influence on the overall trading practices that are undertaken in the market.
NFTs are helpful for representing actual objects like real estate and artwork on highly
popular platforms which are used by a large audience. The tokenization of these NFTs has made
it beneficial for the users to buy and sell them appropriately without much consideration about
fraud. This is useful for motivating creators to produce new and attractive artworks for which
they are provided with a value.2 This value is not fixed and can provide unimaginable returns to a
1 Valeonti, Foteini, Antonis Bikakis, Melissa Terras, Chris Speed, Andrew Hudson-Smith,
and Konstantinos Chalkias. "Crypto collectibles, museum funding and OpenGLAM:
challenges, opportunities and the potential of Non-Fungible Tokens (NFTs)." Applied
Sciences 11, no. 21 (2021): 9931.
2 Rehman, Wajiha, Hijab e Zainab, Jaweria Imran, and Narmeen Zakaria Bawany. "Nfts:
Applications and challenges." In 2021 22nd International Arab Conference on
Information Technology (ACIT), pp. 1-7. IEEE, 2021.
3