Digital Property of Non-Fungible Tokens (NFTs) Foundational Analytical Study in American Law

Document Type : Original Article

Author

Alexandria law School

Abstract

Virtual Assets or Crypto Assets which are Digital Assets, are of many types as Fungible Tokens, Non - Fungible Tokens (NFTs) and Semi – Fungible Tokens.

NFTs are digital representation of value that can be digitally treaded or transferred and stored on blockchain with its ownership history. NFTs are certificate of rights which might be economic rights, property rights or securities.

The lawsuits arise when it comes to copyrights associated with the content linked to an NFT as Copyrights does not protect NFTs, NFTs holder does not have any patent or trademarks rights to the artwork, NFTs holder does not get any copyright unless it is explicitly determined in the smart contract and when the minter/ creator of NFTs does not own or license the copyright to the digital work, it is called Copyright infringement.Accordingly, many questions shall be answered as:

1- What are Virtual Assets, Crypto Assets and Digital Assets? And What are types of Virtual Assets?

2- Does Copyright protect NFTs?

3- What is the influence of NFTs upon IP Law?

4- Does the current law of IP sufficient to deal with Metaverse or we need another new law?

5- How U.C.C Amendments (2022) deal with NFTs?



This study shall be divided into two sections:

Section one: The nature of virtual assets and NFTs.

Section Two: NFTs and IP rights.

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International Journal of Doctrine, Judiciary and Legislation
Volume 5, Issue 3
Issue 3, 2024
October 2024
Pages 789-830

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