In recent years, the scope of Non-Fungible Token (NFT)-related business in Korea is also expanding into games, entertainment, artworks trading, and metaverses, and such trend is expected to continue. For example, NFT attracted general public attention when the NFT for the work of a digital artist Beeple was sold at a price much higher than expected. Since then, more NFTs are issued and traded for tangible works as well as digital works.
When issuing and trading of NFTs, a variety of copyright-related issues arise inevitably, in fact, issues regarding the rights between the NFT and its original work are highlighted through news media.
In this newsletter, we looked at the key issues and circumstances surrounding copyrights of NFTs. In particular, in connection with the issuance of NFTs, the reproduction or communication of copyrighted works would normally take place. Accordingly, we reviewed the legal implications of such reproduction or communication, whether the trading of NFTs constitutes an assignment of copyrighted works or their copyrights, and the legal issues relating to NFTs issued by an unauthorized person. Please refer to the attachment for further details.
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