Non-fungible tokens, also known as NFTs, have caused tidal waves through numerous markets recently after a series of significant multimillion-dollar sales of digital art and other assets. Art Law co-chair Megan Noh discussed the monumental impact the newly popular cryptocurrency might have on artists. According to Law360:
People could also mint and upload NFTs that point to an artwork that the person doesn't have a right to, said Megan Noh, a partner at Pryor Cashman LLP and co-chair of the art law group.
"It's easy to imagine that unscrupulous platform users could tie NFTs to images of works not actually created or owned by them," Noh said.
Some marketplaces are trying to head off any such activity by asking creators to affirm that any images they're uploading don't infringe on others' intellectual property rights, Noh said. And under existing copyright law, the Digital Millennium Copyright Act, marketplaces are also providing a way for users to request that allegedly infringing content be taken down, she said.
But the recent explosion of interest in the NFT space could make it very difficult for artists to monitor for potential infringement, Noh said.
"The speed at which this marketplace is expanding is dizzying, and begs the question of how artists are going to effectively monitor for infringements," she said.
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