The intersection of retail sales and blockchain technology is a current “hot” topic. But what does this actually mean for retailers? Is the time and money needed to invest in new technology worth the cost? What intellectual property (IP) protection is available?
First, a non-fungible token (NFT) is a unique and non-interchangeable unit of data stored on a blockchain. NFTs can be associated with reproducible digital files, such as photos, videos, and audio. NFTs use a digital ledger to provide a public certificate of authenticity or proof of ownership, but do not restrict the sharing or copying of the underlying digital files. The lack of interchangeability (fungibility) distinguishes NFTs from fungible digital assets, such as Bitcoin. NFTs can represent many things, ranging from trading cards to plots of virtual land to digital art to virtual fashion, just to name a few.
Importantly, NFTs often involve the display and/or transfer of various forms of IP, and raise the same types of concerns—e.g., trademark, copyright, and right-of-publicity—as any other commercial endeavor using potentially protected content, including issues related to clearance, registration, licensing, transfer, and enforcement.
Continue reading: https://www.natlawreview.com/article/how-retailers-can-make-blockchain-work-them-ip-space
First, a non-fungible token (NFT) is a unique and non-interchangeable unit of data stored on a blockchain. NFTs can be associated with reproducible digital files, such as photos, videos, and audio. NFTs use a digital ledger to provide a public certificate of authenticity or proof of ownership, but do not restrict the sharing or copying of the underlying digital files. The lack of interchangeability (fungibility) distinguishes NFTs from fungible digital assets, such as Bitcoin. NFTs can represent many things, ranging from trading cards to plots of virtual land to digital art to virtual fashion, just to name a few.
Importantly, NFTs often involve the display and/or transfer of various forms of IP, and raise the same types of concerns—e.g., trademark, copyright, and right-of-publicity—as any other commercial endeavor using potentially protected content, including issues related to clearance, registration, licensing, transfer, and enforcement.
Continue reading: https://www.natlawreview.com/article/how-retailers-can-make-blockchain-work-them-ip-space
