as explained Previous, Non-Fungible Tokens (NFTs) are not a form of intellectual property. It’s not like a copyright, patent, or trademark. This is the closest thing to a “own” digital file receipt. However, since NFTs contain copyrighted works like art, they have adjacent copyrights. And like any other form of art, they can be bought and sold, stolen, and even ransomed.As business insider According to reports, actor Seth Green recently paid $260,000 to recover a stolen Bored Ape Ethereum NFT that paid $200,000.was intended to appear in a television series called Hakuba bar. He lost that monkey and three other Bored Ape NFTs worth over $300,000 in a recent phishing attack. Bored Ape NFTs are popular with thieves. In June, $360,000 worth of Bored Ape NFTs were stolen from Yuga Labs. The attack on this account is his third since April. According to Bored Ape Yacht Club website, it is a “limited NFT collection where the token itself doubles as a membership to the Ape Swamp Club”.As benzinga explain it,
The Bored Ape Yacht Club (BAYC) is a community dedicated to holders of apes and mutant themed NFT collections on the Ethereum blockchain. Commonly referred to as Boring Monkey, he has only 10,000 generative art pieces to date.
NFT values fluctuate wildly, but the collection is reportedly worth over $1 billion.according to first company, “Anyone who owns Bored Ape can spin into any movie, music, TV, book, or media project they like.” In contrast to the practice of NFT companies. However, some companies allow NFT images to be licensed.As first company The NFT license, which is freely available to NFT project creators, explains that it grants NFT owners certain rights, namely the commercialization of NFTs, up to $100,000 in gross annual revenue. But according to Fast Company, Bored Ape’s license has no such cap.
Bored Ape Yacht Club clarified This means that NFT holders have the right to fully commercialize apes.
As business insider I got it,
The Bored Ape NFT Yacht Club collection is copyrighted by Enthusiastic buying frenzy among celebrities in January, owned by its creator, Yuga Labs. The purchaser of the NFT has the right to license and distribute it, but this agreement did not apply to his stolen NFT. green is confident He retained the right to distribute stolen monkeys, he said.
In other words, NFTs can embody two forms of intangible property: the NFT itself (not IP) and the artwork depicted on the NFT (which may be protected by copyright). Ownership of one thing does not necessarily convey ownership of the related. This is comparable to the legal distinction between a painting and the image depicted in that painting.As minnesota arts attorney When an artist creates a painting, the artist owns both the copyright of the artwork and the physical artwork. Copyright ownership is an intellectual property right. Ownership of physical artwork is personal property. Selling physical artwork does not transfer copyright in the artwork. Similarly, transferring copyright does not necessarily transfer personal ownership of the physical artwork.
.
