Never sign a contract without reading it.
This golden rule also applies to new digital objects, NFTs (Non-Fungible Tokens).
A study conducted by the company Galaxy reveals that NFT acquirers do not always get what they expect.
Their teams reviewed the terms of purchase drafted by the top 25 NFT sellers.
They were particularly interested in Yuga Labs, the creator of the famous Bored Apes, monkey icons sold for several hundred thousand dollars.
The findings of this survey are clear:
“the vast majority of NFTs do not convey any intellectual property rights”
.
Many sellers including Yuga Labs
"appear to have misled NFT buyers"
about the extent of their rights.
What customers therefore think of as a purchase, ultimately turns out to be a simple license agreement.
“Talking about licensing leads to reduced rights”
, analyzes Alexandra Mendoza-Caminade, teacher-researcher in intellectual property law
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