4 Legal Considerations When Buying or Selling an NFT

Certain legal considerations are involved when buying or selling NFTs. This article will provide you with important information regarding these considerations to make your NFT buying and selling procedure legally secure.

Ownership Rights

This is a standard legal agreement. There are two types of ownership rights – physical and digital. Digital ownership rights can be transferred online or by email, but physical ownership rights can only be transferred in person or via mail.

Tort Of Conversion

The tort of conversion is a legal cause of action that is used to recover damages for conversion or theft. It is usually used by the plaintiff in cases where property has been taken from them without their consent. The original owner can sue the current owner in case of stolen goods or fraud possession. 

Copyright

Copyright is a legal protection for the creator of an original work. This means that the creator has exclusive rights to sell, transfer or destroy their work. If someone tries to copy the original work, buy an image of the actual product, or tries to profit by commercializing a copied NFT will breach the copyright rules. 

Royalties

Royalties are payments made by the owner of an intellectual property to its owner, usually in exchange for use of that property. There are two types of royalties that can be earned from the sale of an NFT – a fixed royalty and a variable royalty.

Fixed royalties are paid at a set rate for each unit of the NFT. Variable royalties are paid based on how many units have been sold of the product.

22,410 thoughts on “4 Legal Considerations When Buying or Selling an NFT

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