Recently, some folks in the NFT industry, including Galaxy Digital in a report published on August 19, 2022, have called into question the ownership rights a collector gets when they buy an NFT, even going so far as to suggest that some creators have misled NFT purchasers. These critics got it wrong because they misunderstand two fundamental concepts of IP law:
1/ What it means to own digital art; and
2/ What it means to own intellectual property rights in digital art.
The purpose of this post is to alleviate some of the FUD (fear, uncertainty, doubt) over ownership and IP that has unnecessarily been injected into the NFT ecosystem. Hopefully, this post will clear up once and for all what a buyer gets, and doesn’t get, when they buy an NFT.