A topic at the edge of intellectual property (IP) law is the ambiguous relationship between non-fungible tokens (NFTs) and copyright law. NFTs have been put under the spotlight this year, as several sales of NFTs recorded purchase prices exceeding a million dollars. Astoundingly, an NFT of a digital artwork, ‘Everydays: The First 5000 Days’ by Beeple, was sold by the famous auction house Christie’s for USD69.3 million in March 2021.
It is unclear at this stage whether the popularity of NFTs is merely a ‘hype’ that will fade away or whether NFTs are a genuinely revolutionary product of blockchain technology that could permanently transform businesses, like cryptocurrencies have done.
To read about the relationship between NFTs and Australian copyright law, see the full article here.