The rapid rise in popularity of non-fungible tokens has spurred the creation of entirely new business models, and along with them, a myriad of legal and regulatory questions and gray areas where existing laws haven’t kept pace with the technology or its uses.
In an article published in Legaltech News and Law.com, IP litigation partner Matt Rizzolo (Washington, D.C.) and IP transactions partner Regina Sam Penti (Boston) examine a variety of business models using NFTs and the related legal considerations for companies considering entering these markets.
The authors explain that as NFTs are deployed in ever-growing segments of both the digital and physical world, we can expect the legal gray zones to grow, and with them, the risk for disputes. For companies seeking to embrace the new possibilities created by NFTs, an internalized, systematic, and proactive framework for assessing risks and related mitigations is key to successful and compliant deployment of these new opportunities.
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