Never sign a contract without reading it. This golden rule also applies to new digital objects, NFTs (Non-Fungible Tokens). A study conducted by the company Galaxy shows that NFT buyers do not always get what they expect. Their teams reviewed the buying conditions developed by the top 25 NFT traders. They were particularly interested in Yuga Labs, creator of the famous Bored Apes, monkey icons that sell for several hundred thousand dollars.
The results of this investigation are clear. “The vast majority of NFTs do not transfer any intellectual property rights”. Many vendors including Yuga Labs “NFT buyers appear to have been misled” regarding the extent of their rights. What customers therefore view as a purchase ultimately turns out to be a simple license agreement. “Talking about license diminishes rights”analyzes intellectual property law teacher-researcher Alexandra Mendoza-Caminade
Source: Le Figaro
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.