Meaning
NFT is a special form of cryptographic asset on a blockchain with unique identification codes and metadata that distinguish them from each other. Because of its unique properties, NFT neither replaces nor interchanges with any other material or object. It is an irrevocable certificate of ownership and authenticity for physical and digital assets.
NFT and IPR
NFTs are unique digital tokens that can represent ownership of digital items like artwork or music. They’re special because each one is different and can’t be copied. However, owning an NFT doesn’t automatically mean you own the copyright or other intellectual property rights of the item it represents. The blockchain technology behind NFTs helps track who owns what and makes it harder for people to steal or copy digital creations without permission. This can help creators protect their work. NFTs can also use special computer programs (smart contracts) to automatically pay creators when their work is sold or used. This makes it easier for artists and musicians to get paid for their work. However, because NFTs are so new, there are still many legal questions about how they work with existing copyright laws, especially when it comes to international sales or disputes. As NFTs become more common, governments and lawyers will likely create new rules to address these issues and clarify how NFTs fit into the world of intellectual property rights.
Examples of creating NFTs are Open Sea and Mintable, where the artist uploads their digital file and creates a smart contract associated with it.
If the NFTs are virtual, where could you store them?
Generally, we need wallets to store things. In this NFT, digital wallets help us store things and even trade them.
AUTHOR:
Thirisha S, 4th-year student of B.A., LL.B. (Hons.) from School Of Excellence in Law.