The legal vagueness that weighs on NFT sales contracts

Never sign a contract without reading it. This golden rule also applies to new digital objects, NFT (Non-Fungible Tokens). A study conducted by the company Galaxy reveals that acquirers of NFT do not always get what they expect. Their teams reviewed the terms of purchase drafted by the top 25 NFT sellers. They were particularly interested in Yuga Labsthe creator of the famous Bored Apes, monkey icons sold for hundreds of thousands of dollars.

The findings of this investigation are clear: “the vast majority of NFTs do not convey any intellectual property rights”. Many vendors including Yuga Labs “seem to have misled NFT buyers” on the extent of their rights. What customers therefore think of as a purchase, ultimately turns out to be a simple license agreement. “Talking about a license induces reduced rights”analyzes Alexandra Mendoza-Caminade, teacher-researcher in intellectual property law