By Hassan Mehmood (Saudi Arabia)
NFT technology is not new, but the boom and sudden adoption that it is experiencing indeed are marvellous. It was thought that the NFT space was dead for good as there wasn’t any consistent activity taking place in the sector, but with the start of 2021, NFT is back in action and kicking vibrantly. Many people, personnel, financial personalities, companies such as Marvel and Coca-Cola have not only shown interest in the NFT space but have distributed, minted, and sold multiple NFTs over the course of their NFT journey. But a small inconvenience needs to be resolved here, which is the integration of the copyright law around minting, distribution, and selling of the NFTs.
Just about every product, business or manufacturing industry have specific rules and copyright laws in place that prevent the others from stealing their idea, playing it all wrong and possibly stealing sensitive items from other’s possession. The same thing applies to NFT space; there should be precise laws in place for its selling and distribution. The ownership part associated with the NFT space is extremely tricky and doesn’t even answer the base questions one might have in mind.
Also read:NFT Space Requires Instant Revision in Terms of Copyright Laws
For example, when you buy a painting from an artist, the ownership rights are transferred to you, and you own that asset, but it doesn’t give you any right to make copies of the painting down the road and sell them for profit. The same is true in the case of NFT; when you purchase it, the ownership rights are transferred to you but nowhere does it say that you can’t make copies of the NFT file or anything about reselling. In a similar fashion, you don’t get to have the physical ownership of a specific NFT because all you get is a digital file with no precise location of it, such as where it is situated or originate from on a blockchain. So, you do get the broken picture here. It is not suitable for manufactures of the NFT as well as the purchasers to engage with the NFT space without practicing caution, and that is why some sort of copyright law needs to be implemented.
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