Lawyers for NFTs/Digital Asset IP
Experienced NFTs and Digital Asset IP Team
Do you need legal assistance on NFTs or digital asset IP issues? Do you need to know what rights an NFT entitles you to or how to protect your digital asset IP? If so, then you need the advice of an experienced NFT/digital asset attorney.
NFTs are taking the world by storm. Owning a genuine piece of something unique or memorable is a special phenomenon—one that many people are seeking to be a part of.
Similarly, as more and more transactions are transferred to the blockchain, dealing with IP issues for digital assets presents many additional questions.
At Oberheiden, P.C., we have a team of attorneys and consultants who are experienced with the latest developments involving NFTs as well as digital asset IP.
Our team can advise you on NFT ownership, the purchase process, and the benefits you can receive. We can also advise you on steps to take to protect your digital assets.
NFTs and digital asset IP issues are complex. We can simplify the process for you.
Put Oberheiden, P.C. on your side today to guide you through this uncharted territory and help you advance with this new technology.
What are NFTs?
Non-fungible tokens (NFTs) are pieces of a digital asset transferred to and stored on the blockchain. Unlike Bitcoin, NFTs are not fungible—one NFT cannot be exchanged for another. Each NFT is unique and represents a unique ownership of something.
Again, one NFT is not interchangeable with anything else. Scarcity is thus automatically created with each and every NFT. And this scarcity creates value.
The NFT market attracted massive attention after an NFT collage called “Everydays: The First 5000 Days” created by digital artist Beeple sold for a $69 million.
Practically anything can be tokenized and sold as an NFT—such as artwork, GIFs, tweets, virtual trading cards, images, video clips, virtual real estate, collectibles, and so on.
The purchase of an NFT comes with a certificate of authenticity to prove your genuine ownership of the one-of-a-kind digital asset.
NFTs are digital ownerships interests in something unique. They hold value just as traditional, physical assets hold value.
Proving your ownership is like proving you have Ethereum in your digital wallet. It is easy and simple to do.
The private and public keys also function much like cryptocurrency transactions. For instance, your private key is your ownership proof of an original NFT, and the public key is the certificate of authenticity for that NFT.
A copy of your ownership of your NFT is stored on the blockchain and cannot be altered. Thus, holding the NFT already proves that you own an original.
The creator of the NFT can sometimes earn royalty fees if the purchaser (who becomes the owner) decides to resell it in the future.
Creators can easily prove they are the creators of the NFT. They can also sell their NFT on other product or market them with peer-to-peer trading.
Ethereum and NFTs
NFTs use smart contracts and run on the Ethereum blockchain. The Ethereum blockchain is very useful for NFTs since Ethereum allows for advanced as well as multiple applications to run on its network.
The Ethereum blockchain is decentralized. It operates without having to rely on third-party intermediaries to facilitate the transaction.
Further, because third parties are not used, there is no need to worry about paying a transaction fee or other compensation to those third parties.
Because NFTs use blockchain technology, once a transaction is confirmed, it is next to impossible to change it or manipulate the data. In other words, someone else cannot steal your ownership to the NFT or counterfeit the data.
When using the Ethereum network for buying NFTs, you can be assured that you can then trade or sell it on another product. This is because the Ethereum blockchain allows for all products on its network to work with one another.
Also, transaction history is publicly verifiable—meaning anyone can prove the ownership details of the NFT.
Creating an NFT
NFTs can be created by anyone. Why? Because anyone can create a piece of art online and transform it into an NFT by a process called “minting.” Similar to crypto mining, “minting” is the process of making your NFT a part of the Ethereum blockchain.
The process is simple. First, the individual would get an online crypto exchange account and buy Ethereum. Then, they would create a crypto wallet and transfer Ethereum to that wallet.
Once the NFT is created by the individual from “minting,” it is completed on the blockchain. It is put up for sale on the marketplace of the individual creator’s choice. The creator can also include a description of the NFT as well as a suggested price.
NFTs are hosted on smarts contracts. The costs of this project are significant. Sites charge what is called a “gas” fee for every sale—which represents the price for the amount of energy needed to complete each transaction.
Other costs to be wary of include buying and selling fees, conversion fees, and fees to account for the fluctuations in price.
Therefore, it is sometimes more expensive to create the NFT than it is to buy one. But technically anyone can create one.
NFT Digital Chart IP Attorney
What is Digital Asset IP?
Digital assets refer to anything that you or your company owns or has rights over and that can be stored in digital format.
Simply put, digital asset IP is intellectual property rights, obligations, and protection of digital assets.
Digital asset IP is used by businesses in many ways today. Audios, videos, images, digital documents, computer software, electronic databases, website graphics, drawings, and so on are all examples of digital asset IP.
Individuals and companies can create digital assets in many ways—including via computers, audio systems, voice recorders, smart phones, and digital cameras. The NFT process was explained above and is an example of digital asset creation.
These digital assets are stored on computers, network servers, hard drives, tapes, USB drives, and internet servers, as some examples.
Digital Asset IP Examples
Broadly, intellectual property that can be legally protected include patents, trademarks, copyright, and trade secrets.
Each category has its characteristics and requirements to be protected. They also each have their own costs to secure protection.
Important digital assets for companies include their website, social media accounts, logos, customer details, and client lists.
It is important to be aware of the scope of intellectual property and what it extends to. Many businesses do not even know how much of their IP can be protected under the law.
Because of this, securing the legal advice of an IP attorney experienced in digital assets is an excellent first step to protecting your business’ interests.
Key Issues with Protecting Your Digital Asset IP
Because these digital assets are valuable and essential to the proper functioning of business operations, sales, and marketing strategies, they should be protected.
Copyright is automatically given to the first owner or creator of a piece of original work. The same applies for digital assets.
To protect your digital assets, many individuals and companies use encoding and encryption.
This is important because some digital assets are more susceptible to copyright infringement such as by making illegal copies or hacking encrypted data.
Any unauthorized use of someone else’s IP can lead to fines, investigations, and, sometimes, criminal charges and prosecution.
Need Advice with NFTs or Digital Asset IP?
NFTs are evolving into one of the most popular uses of blockchain technology. They allow for individuals to buy a one-of-a-kind piece of something unique and be the sole owner of something genuine.
Digital asset IP is also an important area and involves the protection of individual and company assets stored in digital format. This is vital in today’s world where hacking, theft, and fraud are very common.
To get the advice and protection you need for NFTs and digital asset IP, you need the assistance of an attorney experienced in these matters.
At Oberheiden, P.C., we can guide you through these novel areas to better prepare you for the future and protect yourself from unauthorized use.
Call or contact us today for a free consultation to resolve your NFT/digital asset IP issues.