Our lawyers, many of whom also lecture at various universities, have fielded a lot of questions about NFTs in their university courses, which were also discussed at Schoenherr's regular ip & technology practice group meeting. The popularity of NFTs is not only rising in the virtual world, but also in the legal sphere. Read more about the various legal aspects we examined during our self-experiment-journey in our legal insight ' Let the NFT Self-Experiment begin'. an artwork to an owner in the blockchain that can be freely transferred.

your pet is 'non-fungible'.В Same with NFTs: An NFT is a unique assignment of e.g. However, if you give someone your pet because you are going away for the weekend, you expect that after the weekend they will not give you back just any pet, but exactly yours, because it is not easily exchangeable, i.e. Of course, you do not expect to get back the same banknote that you gave away when lending the money. If you lend someone EUR 10, it is sufficient if he or she gives you back any EUR 10 banknote (or the money otherwise in equivalent banknotes and/or coins). To understand the concept of NFTs and what 'non-fungible' stands for, think about a EUR 10 banknote. NFTs give creators and investors the ability to sell and buy exclusively digital objects that range fromВ paintings and gifs to songs and everything in between.В But before youВ quit your day job toВ becomeВ an NFT artist, you have to know how NFTs work. Still, uncertainty surroundsВ various legal aspects. NFTs are an especially hot topic in the industry, and NFT artworks are being sold for millions. This brings new opportunities and challenges, but also raises many question marks. The art industry is changing and is even moving into the digital sphere.

Non fungible tokens art