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The intellectual rights of artists to copyright over their works is fundamental to their livelihoods. But those rights are constantly under assault as new technological developments undermine and blur the lines of ownership.
Two unusual copyright issues have recently emerged that intellectual property lawyers would never have had to consider a few years back.
The first story deals with non-fungible tokens (NFTs) which are, of course, all the rage. The term “non-fungible” means not easily interchangeable, and the NFT is a form of cryptocurrency that utilises blockchain technology. What this means is that a new block is created with each transaction, which apparently makes it tamper-proof.
It has seemingly become de rigueur for artists and musicians to use NFTs for selling art and music. Through NFTs, works can be tokenised to create a digital certificate of ownership that can be bought or sold. When it comes to music, articles sold by musicians include concert tickets (virtual and physical), previews of unreleased songs, album downloads, physical copies of limited-edition albums and digital artwork. It’s the rarity of the NFT that creates the value.
One of the perceived benefits of NFTs is that they create alternative revenue streams for artists, revenue streams…
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