Non-fungible tokens (NFTs) offer significant opportunities to bring new services and change business models. As NFTs evolve, however, they pose an array of challenges with critical legal implications – for the businesses using NFTs to implement a solution, for the other members of their ecosystem, and for their customers. NFTs also provide the opportunity to develop a new class of digital assets, ranging from certificates of authenticity for physical or intangible goods to “access passes” for live or virtual events to works of digital art.
NFTs can bring significant opportunities, but they raise new issues under existing legal regimes that vary from country to country. DLA Piper’s Blockchain and Digital Assets group offers strategic advice to companies on developing and implementing their NFTs. We combine a global network of attorneys with a wide range of relevant practices (among them intellectual property licensing, entertainment transactions, copyright, trademark, securities and privacy) to help companies take advantage of these new opportunities and attain their strategic goals through the use of NFTs.
DLA Piper has a long history of pioneering legal infrastructure to assist companies in making new technologies successful. During the 1990s, the firm developed the first domain dispute resolution system for Network Solutions, Inc.; during the 2000s, the firm assisted companies in developing strategies for using open source software and cloud computing; and in 2010 the firm worked with companies in raising capital using tokens. The firm started its Blockchain and Digital Asset group in 2017. We have deep experience in the relevant legal fields an industries, such as entertainment, software (particularly open source software) and cloud computing.