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Non-Fungible Token: A Self-Experiment

Our ip & technology practice group advises on various projects involving new technologies. For Non-Fungible Tokens (NFTs), they decided not only to advise but to participate in the whole process, from creating a token to selling it (*spoiler alert*) to a museum.

The project team - Guido Kucsko, Anna Katharina Tipotsch, Alexander Pabst and Dominik Tyrybon - will document their NFT self-experiment continuously and comment on the complex legal issues that arise. 

Follow the whole story below and learn more about the legal perspective in our weekly legal insights:  

 

The NFT hype 

The art industry is changing and is even moving into the digital sphere. This brings new opportunities and challenges, but also raises many question marks. NFTs are an especially hot topic in the industry, and NFT artworks are being sold for millions. Still, uncertainty surrounds various legal aspects. 

NFTs give creators and investors the ability to sell and buy exclusively digital objects that range from paintings and gifs to songs and everything in between. But before you quit your day job to become an NFT artist, you have to know how NFTs work. 

  

What is an NFT? 

To understand the concept of NFTs and what "non-fungible" stands for, think about a EUR 10 banknote. If you lend someone EUR 10, it is sufficient if he or she gives you back any EUR 10 banknote (or the money otherwise in equivalent banknotes and/or coins). Of course, you do not expect to get back the same banknote that you gave away when lending the money. So the value of  EUR 10 is fungible. However, if you give someone your pet because you are going away for the weekend, you expect that after the weekend they will not give you back just any pet, but exactly yours, because it is not easily exchangeable, i.e. your pet is "non-fungible".

Read more about the various legal aspects we examined during our self-experiment-journey in our legal insight "Let the NFT Self-Experiment begin".

shall we dare a nft self-experiment?

dare we start a self-experiment?

Dare we start an NFT self-experiment? 

The popularity of NFTs is not only rising in the virtual world, but also in the legal sphere. Our lawyers, many of whom also lecture at various universities, have fielded a lot of questions about NFTs in their university courses, which were also discussed at Schoenherr's regular ip & technology practice group meeting. The topic was explored and the idea to conduct an experiment came into being. Guido Kucsko, who headed the ip practice group for several years (and is also a conceptual artist), Anna Katharina Tipotsch, who has a focus on art law, Alexander Pabst, an expert in technology law, and Dominik Tyrybon, specialised in transactions, decided to start an NFT self-experiment. We will take you step-by-step through our self-experiment and examine the legal issues that arise at each stage on a weekly basis.

Want to stay up-to-date? Register for our newsletter and be sure to pick the legal area ip & unfair competition, or the industry technology & digitalisation to get our weekly NFT self-experiment update in your mailbox.

 

 

meet the core nft-experiment team:

Guido Kucsko

Anna Katharina Tipotsch

Alexander Pabst

Dominik Tyrybon