Category Archives: NFTs

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Tokenization and the Law: Legal Issues with NFTs

Photo of James GattoPhoto of Yasamin ParsafarPhoto of Gabriel KhouryPhoto of Pouneh AlmasiBy James Gatto, Yasamin Parsafar, Gabriel Khoury and Pouneh Almasi on Posted in NFTs
As the world economy increasingly goes digital, innovators and existing market participants are finding new ways to tokenize assets and expand upon their uses, particularly with non-fungible tokens (NFTs).  NFTs have commonly been used to represent digital art, photos, videos, audio files, collectibles, game items, tickets, and other digital assets, but can also represent virtually … Continue Reading

SEC Targets NFTs

Photo of James GattoBy James Gatto on Posted in Blockchain, NFTs, SEC
For some time now we have cautioned companies to seek legal advice for certain business models relating to NFTs. According to a recent report, the SEC is now targeting certain NFT uses. According to the report, the SEC is probing whether NFTs are being utilized to raise money like traditional securities. The SEC has reportedly … Continue Reading

Money Laundering and High-Value Art: Treasury’s Study Discusses Financial Crimes and NFTs

Photo of Gabriel KhouryPhoto of Fatema MerchantPhoto of Sarah AbergPhoto of Reid WhittenPhoto of Yunlai ZhaPhoto of Mario TorricoBy Gabriel Khoury, Fatema Merchant, Sarah Aberg, Reid Whitten, Yunlai Zha and Mario Torrico on Posted in Art, Blockchain, NFTs
With the advent of blockchain technology, vendors are increasingly accepting payments of goods, including artwork, with digital currency. The decentralized nature of digital currency makes it attractive for a lot of reasons, but it also makes legal oversight a challenge. Add to that the emerging (or already emerged) high-value market for digital art. For example, … Continue Reading

Are You Ready for Web3.0 and the Legal Issues it Will Bring?

Photo of James GattoPhoto of Gabriel KhouryPhoto of Townsend BourneBy James Gatto, Gabriel Khoury and Townsend Bourne on Posted in Blockchain, Metaverse, NFTs
The next evolution of the internet is quickly taking the world by storm. Web3.0 technologies, including NFTs and metaverses, will see increasing adoption by businesses, governments, and all types of users. For companies or other entities becoming involved in the space, it is important to understand the array of legal issues that can arise. This … Continue Reading

Blockchain Technology Is Changing The Real Estate Industry

Photo of Gabriel KhouryPhoto of Jared WachtlerBy Gabriel Khoury and Jared Wachtler on Posted in Blockchain, NFTs
On February 10, 2022, the first NFT-based property was bought through an auction on Propy, a blockchain-focused real estate company. The Florida home was sold for $653,163 worth of Ether, and the home’s property rights were minted as an NFT on the blockchain as a digital representation of ownership over the physical real estate. (See … Continue Reading

OFAC Enforcement Impacts NFTs: As Crypto Enforcement Ramps Up to Combat Ransomware, Robust Compliance is Key

Photo of Fatema MerchantPhoto of James GattoPhoto of Mario TorricoBy Fatema Merchant, James Gatto and Mario Torrico on Posted in NFTs
The Treasury Department’s Office of Foreign Assets Control (OFAC) took action last Monday, November 8, 2021, and sanctioned a Latvia-based exchange, Chatex, its associated support network, and two ransomware operators for facilitating financial transactions for ransomware actors. In total, OFAC designated Chatex and 57 cryptocurrency addresses (associated with digital wallets) as Specially Designated Nationals (SDNs). … Continue Reading

NFT License Breakdown: Exploring Different Marketplaces and Associated License Issues

Photo of James GattoBy James Gatto and Molly Tomer* on Posted in NFTs
At least three different types of marketplaces facilitate the sale and/or resale of NFTs. These include open marketplaces, curated marketplaces and proprietary marketplaces. Other variations do exist, however, and it is likely that other alternatives will be developed. In the attached article, we examine some of the differences between these types of marketplaces and business … Continue Reading

The Legal Considerations of Esports NFTs

Photo of James GattoBy James Gatto on Posted in Esports, NFTs
This was originally published by Esports Insider on June 4, 2021 Within the blockchain space, one of the fastest-growing areas is NFTs. Within the games space, esports is growing rapidly. So naturally the combination of NFTs and esports should have tremendous potential. This article will explore some opportunities at the intersection of these trends and … Continue Reading

NFTs and Intellectual Property: What IP Owners and NFT Creators Need to Know

Photo of James GattoPhoto of Laura ChapmanPhoto of Yasamin ParsafarBy James Gatto, Laura Chapman and Yasamin Parsafar on Posted in Art, Intellectual Property, NFTs
Everything is being tokenized these days, including art, games, collectibles and much more. The record prices being fetched have created an NFT frenzy. This distribution model has created a new channel for monetization of creative IP. Given some of the unique aspects of NFTs, IP owners need to rethink their IP protection and licensing strategies. … Continue Reading
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