NFTs and Rights Clearance: Due Diligence, Transfer of Rights, NIL, Terms of Service

Recording of a 90-minute premium CLE video webinar with Q&A

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Conducted on Tuesday, April 19, 2022

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Course Materials

This CLE course will guide counsel on clearing rights associated with nonfungible tokens (NFTs). The panel will discuss the key considerations related to rights clearance and NFTs, including the rights in the underlying asset, transfer of rights, name, image and likeness (NIL), and terms of service. The panel will offer best practices for rights clearance.

Description

Everything is being tokenized and NFTs have exploded in popularity. More and more industries are recognizing the benefits of NFTs. Almost $41 billion was reportedly spent on NFTs in 2021 and that number is growing. While NFTs have presented opportunities for IP owners, they have also resulted in potential problems.

Rights clearance is an essential step when considering licensing. It is important to have the right to create an NFT associated with the underlying asset. If there is no right, the right must be obtained before creating, licensing, or selling the NFT.

Among the key considerations when clearing rights is a thorough due diligence to verify what rights to the content exist and what steps need to be taken to get the necessary permissions to gain the rights. Further, if the NFT depicts a NIL, it is important to understand the various governing laws and policies in order to assure compliance.

Listen as our authoritative panel of IP attorneys examines the key considerations related to rights clearance and NFTs, including the rights in the underlying asset, transfer of rights, NIL, and terms of service. The panel will offer best practices for rights clearance.

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Outline

  1. NFTs
  2. Rights clearance: key considerations
    1. Due diligence
    2. Transfer of rights
    3. NIL
    4. Terms of service
  3. Best practices

Benefits

The panel will review these and other key issues:

  • What factors should be considered when determining whether to create an NFT? What steps should counsel take to ensure the creator or seller of the NFT has rights in the underlying asset?
  • What rights need to be cleared to sell an NFT?
  • If a creator does not have the right to mint an NFT, what action should be taken to obtain the rights needed to create and sell the NFT?

Faculty

Barsky, Daniel
Daniel J. Barsky

Partner
Holland & Knight

Mr. Barsky regularly represents clients in intellectual property, information technology, and data-related licensing...  |  Read More

Lee, Andrew L.
Andrew L. Lee

Of Counsel
Foley & Lardner

Mr. Lee has more than 20 years of experience in the sports, media, and entertainment industries, both in-house and as...  |  Read More

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