Crypto Intellectual Property (NFT)
Saracens are renowned for our expertise in Intellectual Property (IP) and have seen a steady growth of similar issues now arising in the world of Non-Fungible Tokens (NFTs).
Our team can provide specialist advice and guidance for third parties that wish to protect the IP rights of their NFTs and can also help with any IP dispute that has arisen out of the sale, purchase or creation of an NFT.
IP Rights and NFTs
The NFT market is one of the fastest growing in the world, although it has caused some confusion over their legal status and the protections afforded to them.
However, just like any piece of intellectual property, NFTs can still be infringed upon by a third-party. For example, if a trademark or copyright has been duplicated. This is where Saracen’s expertise can prove invaluable, as NFTs remain misunderstood by buyers, sellers and creators, leading to uncertainty and an increased likelihood of litigation.
NFT IP risks
IP rights in NFTs present a risk to:
- Copyright owners: The copyright owner has the right to protect their work to prevent others from using it without their permission. There are several ways we can offer protection, including asking for the individual to remove the NFT, seeking damages in court, or even an injunction in more urgent cases.
- Trademark owners: Use of a trademark (registered or unregistered) with an NFT without permission can damage the goodwill of the trademark and its owner. Action that can be taken here includes serving an injunction, seeking an order to destroy or deliver up the infringing material or litigation for financial compensation.
- NFT creators: Copyright and trademark law is complex, and there are many important legal issues creators need to be aware of to ensure rights are not being infringed upon. Legal advice should be sought in the first instance if there is any uncertainty or potential dispute about the NFT.
Partner & head of the crypto team