What IP rights does the buyer get when they buy an NFT?
When you purchase an NFT, the intellectual property (IP) rights you receive can sometimes be complicated. They hinge on the terms set by the original creator or seller. These terms can vary widely depending on the platform and the nature of the digital content. On many platforms, even after buying the NFT, the original creator might still hold significant rights over the digital content's usage, reproduction, and distribution. Often, buyers only get the right to display the content for personal use, with limitations on commercial activities or modifications.
At IOGINALITY, we've streamlined this process to ensure clarity for all parties involved:
- Basic Rights License: NFT is for personal use only. The bought piece of art may be used on personal devices for personal use and social media, in public places for free and in exhibitions and events on a free entrance basis. But buyers can resell NFT on IOGINALITY marketplace.
- Limited Rights License: This goes a step further. Buyers can sell products using the NFT artwork but cannot give away or sell copies of the artwork itself. Redistribution is generally not allowed under a limited license. For example, buyers cannot change the work, meaning use it in commercial ads. However, in addition to the Basic Rights, buyers can copy the artwork, display it publicly, and use it on media channels for profit.
- Full Rights License: This is the most comprehensive license. Buyers get complete control over the artwork, including the freedom to print, merchandise, and even license it to big brands for sale. In essence, with this license, buyers acquire all intellectual property rights, making them independent of the NFT's original terms. Buyers can sell, share, or give away the artwork in any format, including physical products or digital copies. In addition to the Basic Rights and Limited Rights, redistribution is allowed with full rights. Buyers can also modify the artwork and redistribute the modified versions. Moreover, buyers are not obliged to mention the author’s name with the work.
By offering these clear-cut license options, IOGINALITY ensures that every transaction is transparent and buyers always know the extent of the rights they're acquiring.
