The tremendous advancement in Information Technology has given rise to a lot of emerging digital assets such as Non – Fungible Tokens (NFTs), Cryptocurrency and many more. These assets are completely intangible as they exist only in the virtual or digital world. As their popularity is significantly increasing day by day, a lot of legal issues are also increasing along with it. This article looks at Non – Fungible Tokens through an IP perspective so as to get an idea of the rights that are conferred after the sale and purchase of Non – Fungible Tokens.
As Non – Fungible Tokens raise a lot of questions with respect to copyrights such as licensing and ownership, the same has been dealt with according to the Indian Copyright Act along with a real-life example. Further, the relation between trademark infringement and Non – Fungible Tokens are also highlighted with a suitable illustration. Lastly, the latest American case involving NFTs is summarised with brief facts, issues and arguments along with its comparison with the Indian legal scenario. The case deals with various statutes and remedies pertaining to both the American as well as Indian laws. As Non – Fungible Tokens are going to grow at a rapid pace in the coming future, so would be the legal fraternity for tackling the issues arising out of these new technologies.